On December 27, 2024, Smoore International Holdings Limited (hereinafter referred to as "Smoore" or the "Company") (stock code: 6969.HK) issued an announcement declaring that the company's board of directors had conditionally granted a total of 61,000,000 share options according to the post-initial public offering share option plan to the Chairman and Executive Director of the Board, Mr. Chen Shiping. The announcement stated that providing long-term equity incentives to Mr. Chen as a core member of the management team is appropriate and can align his interests more closely with the long-term interests of shareholders.
According to the announcement, the key contents of this stock purchase include the following parts:
Exercise price: HK$11.26 per share, which is the closing price of the shares on the date of issuance, at a significant premium compared to the average closing price of HK$10.35 per share over the previous five trading days.
Ownership conditions: The shares will be attributed in batches after the company's market value reaches certain milestones.
- For 15 consecutive trading days, the market value reached or exceeded 300 billion Hong Kong dollars, 30% of which will be attributed;
- Reaching 400 billion Hong Kong dollars will result in 60% attribution;
- Reaching 500 billion Hong Kong dollars will result in all stock rights being attributed.
The announcement stated that if the above-mentioned goals are not achieved by December 31, 2030, the related stock options will expire.
On Monday, December 30th, at the opening bell, Smoore International (06969) surged more than 15%. As of the time of writing at 10:30 am on December 30th, the stock had risen by 15.63%, trading at 13.02 Hong Kong dollars.
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