Great Wall Motor Company Limited (Stock codes: 02333 HKD Counter, 82333 RMB Counter) has announced a proposed 2025 Employee Stock Ownership Plan (ESOP), subject to shareholders’ approval at the Extraordinary General Meeting scheduled for 23 December 2025. According to the announcement dated 3 December 2025, the plan aims to enhance the company’s corporate governance structure, attract and retain core talent, and tie key personnel more closely to the company’s longer-term value.
Under the proposal, the ESOP will last for 36 months starting from the date of approval, with a total fund size not exceeding RMB80 million. The shares will be sourced from the company’s special securities repurchase account and/or purchases in the secondary market, with no new share issuance involved. The plan includes a 12-month lock-up period from the date when the final tranche of shares is acquired, and the unlocking will occur in two tranches (50% each) after 12 and 24 months, subject to performance targets.
Performance indicators focus on sales volume and net profit targets for 2026 and 2027. For 2026, the company aims for at least 1.8 million units in sales and net profits of no less than RMB10 billion. For 2027, the plan sets 2.16 million units in sales and net profits of no less than RMB15 billion. The ESOP will adjust the unlocking proportion based on meeting these collective targets and individual performance assessments. Should performance conditions remain unmet or if participant conditions change, the relevant shares may be recovered by the management committee according to specified rules.
The announcement also confirms the plan falls under Chapter 17 of the Hong Kong Listing Rules yet does not constitute an issuance of new shares. Certain directors and senior management are included as participants, resulting in a fully exempt connected transaction by virtue of the ratio thresholds under the Listing Rules.
Further details of the ESOP and related documents have been dispatched to shareholders. Those materials outline fund sources, subscription methods, governance policies, and mechanisms for handling participants’ rights under various conditions. Any amendments required by regulators before the upcoming general meeting may be incorporated accordingly.
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