MANYCORE TECH (00068) has announced that the company recently received undertakings from Mr. Huang Xiaohuang, co-founder, chairman and executive director, on behalf of Wintermatch International Limited (Wintermatch); Mr. Chen Hang, co-founder, executive director and chief executive officer, on behalf of Ineffable International Limited (Ineffable); Mr. Zhu Hao, co-founder, executive director and chief technology officer, on behalf of Peekaboo International Limited (Peekaboo); and Mr. Shen Bei, executive director and chief financial officer, regarding the voluntary extension or establishment of lock-up periods on their relevant equity interests in the company (commencing from October 17, 2026).
These include: 238 million shares held by Wintermatch, which is wholly owned by Mr. Huang, representing approximately 13.79% of the company's total issued shares as of the date of this announcement; 170 million shares held by Ineffable, which is wholly owned by Mr. Chen, representing approximately 9.85% of the company's total issued shares as of the date of this announcement; 65 million shares held by Peekaboo, which is wholly owned by Mr. Zhu, representing approximately 3.77% of the company's total issued shares as of the date of this announcement; and 10.2 million shares in which Mr. Shen holds an interest, namely options granted to him under the 2014 pre-IPO equity incentive plan to subscribe for a total of 10.2 million underlying shares, representing approximately 0.59% of the company's total issued shares as of the date of this announcement, which will be settled by shares issued to Wide Future Group Limited.
As of the date of this announcement, the equity interests subject to the extension undertakings comprise 483.2 million shares, representing approximately 27.99% of the company's total issued shares (excluding treasury shares).
Pursuant to the extension undertakings, as the executive directors remain optimistic about the company's long-term value, core competitiveness and future prospects, Wintermatch, Ineffable and Peekaboo have all undertaken to further extend the original lock-up period on their relevant equity interests by an additional 12 months, until October 16, 2027 (inclusive), while Mr. Shen has entered into an undertaking not to dispose of his relevant equity interests during the period ending October 16, 2027 (inclusive). During the extended lock-up period, the executive directors will not directly or indirectly sell or otherwise reduce their equity interests in any manner.
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