On April 21st, Xinte Energy announced its decision to terminate the Employee Stock Ownership Plan (ESOP). The announcement stated that the implementation of the ESOP was intended to align with the proposed issuance of A-shares. However, due to significant changes in the supply-demand dynamics of the photovoltaic industry chain and fluctuations in the price of polysilicon products, the plan failed to achieve its intended outcomes. The company withdrew its application for the proposed issuance of A-shares in December 2024, leading to the decision to terminate the ESOP.
According to the announcement, a total of 500 employees were involved in the ESOP, with 29.94 million shares granted, representing approximately 2.09% of the company’s total share capital. The grant price was set at 13.73 yuan per share. The board of directors made the decision to terminate the plan on April 20th, 2025, and authorized the management to handle subsequent matters such as share transfers and the dissolution and liquidation of the partnership enterprise. TBEA, the holding company, plans to acquire all the target shares for 417 million yuan. The termination of the ESOP is not expected to have a significant adverse impact on the company’s daily operations and financial situation.
