Summary by Moomoo AI
Newborntown Technology Limited ("Newborntown Technology") announced on July 23, 2024 that its board of directors has approved the revision of its restricted stock units incentive plan, increasing the upper limit of shares involved from 3% to 10% of the issued share capital. This is aimed at further motivating the group's directors (excluding independent non-executive directors), senior management, senior employees, and consultants by providing equity opportunities and attracting and retaining skilled and experienced talents to support the group's continued operation and development. The revised incentive plan will not involve the issuance of new shares but will be financed with the company's existing shares. The board of directors stated that the revised incentive plan does not constitute a share plan involving the issuance of new shares as described in Chapter 17 of the Securities Listing Rules of the Hong Kong Stock Exchange. This revision is based on the board of directors' careful consideration and detailed evaluation and will not affect the rights of any existing incentive plan participants.
