Yan Palace (01497.HK) announced on December 4th, 2024 that, under the H-share incentive plan, the board of directors resolved to grant 6.5575 million shares of H shares in trust to 73 eligible individuals, representing approximately 1.41% of the company's issued share capital as of the date of this announcement. The number of H shares involved in the trust beneficiaries granted to related parties is 2,460,500 shares of H shares, equivalent to approximately 0.53% of the company's issued share capital as of the date of this announcement. All relevant H shares are purchased in the secondary market by the trustee in accordance with the terms of the H-share incentive plan. The company hereby clarifies that it will not issue or distribute additional new shares, so the granting will not have any dilutive impact on the ownership of existing shareholders.
The grant aims to: i. promote the group to achieve long-term sustainable development and performance goals; ii. closely link the incentive recipients with the interests of shareholders, investors, and the company, enhance group cohesion, and maximize group value; and iii. improve the group's incentive mechanism, attract, motivate, and retain directors, supervisors, senior management, key employees, and service providers who make outstanding contributions to the group's continuous operation, development, and long-term growth.