Wuxi AppTec (02359) announced two key developments regarding its 2025 H-Share Award and Trust Scheme:
1. Source of Award Shares The company has decided to fund all awards exclusively with existing H shares repurchased on-market by the scheme trustee using company funds. The option to issue treasury H shares has been abandoned, rendering earlier draft amendments to the scheme rules unnecessary.
2. Grant of Awards • Total award shares: 31.67 million H shares, equal to 6.20% of the issued H-share capital and 1.06% of the company’s total share capital. • Participants: 3,381 employees, including 13 connected persons (senior executives and directors) who together received 6.13 million shares (1.20% of H shares; 0.21% of total capital). • Key individual allocations: – Dr. Ge Li (Chairman & CEO): 2.13 million shares (0.42% of H shares) – Dr. Minzhang Chen (Co-CEO): 1.11 million shares – Dr. Steve Qing Yang (Co-CEO): 0.91 million shares • Remaining 3,368 independent participants: 25.53 million shares (5.00% of H shares).
Because the awards are fully sourced from existing shares, the grant will not dilute current shareholder holdings.
3. Performance Condition Met Both revenue thresholds set by the Remuneration and Appraisal Committee for 2025 have been achieved: • Basic condition: revenue ≥ RMB 42 billion • Additional condition: revenue ≥ RMB 43 billion With the additional condition satisfied, up to the full scheme limit became available for this grant.
4. Vesting Schedule • Standard tranche (31.45 million shares): 25% vest each year on 8 December from 2026 to 2029. • Special hires (0.07 million shares): 0%, 25%, 25%, 50% vesting across the second to fourth anniversaries of employment contracts. • Immediate vesting (0.15 million shares): vests at grant date for designated participants. All awards remain subject to individual performance criteria.
5. Listing Rules Implications • As awards are funded by existing shares, the grant is exempt from Listing Rules 17.06A–C disclosure. • Grants to connected persons fall within remuneration or de minimis exemptions under Chapter 14A, requiring no additional shareholder approval.
The board states that the award terms are on normal commercial conditions and align with shareholder interests.