Great Wall Motor Company Limited announced on 3 December 2025 a proposal to adopt the 2025 Employee Stock Ownership Plan (ESOP), subject to approval at its extraordinary general meeting scheduled for 23 December 2025. The plan aims to deepen long-term value alignment with core management and staff while enhancing corporate governance.
Under the draft 2025 ESOP, participation is capped at 50 individuals, including directors, senior management, and other core staff. Participants will collectively acquire up to RMB80 million worth of existing A shares through the company’s special securities repurchase account and/or the secondary market. The plan sets performance metrics for 2026 and 2027, requiring a minimum annual sales volume of 1.8 million units in 2026 with RMB10 billion in net profits, and 2.16 million units in 2027 with RMB15 billion in net profits. The final unlocking proportion for each phase depends on both company-level and individual-level performance assessments.
The ESOP does not issue new shares or grant new share options and thus does not constitute a share scheme involving the issuance of new shares under Chapter 17 of the Hong Kong Listing Rules. Participation by connected persons is fully exempt from further disclosure and approval requirements under Chapter 14A of the Listing Rules, provided their individual participation ratio remains below 0.1%. Should there be any reallocation to other connected persons, Great Wall Motor will comply with the relevant procedures.
This initiative seeks to strengthen employee commitment, foster optimization of organizational performance, and align the long-term interests of stakeholders. Further details are contained in the circular and notice of the extraordinary general meeting, which were dispatched on 3 December 2025.
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