INNOVENT BIOLOGICS, INC. Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
信達生物製藥
INNOVENT BIOLOGICS, INC.
(Incorporated in the Cayman Islands with Limited Liability)
(Stock Code: 1801)
GRANT OF SHARE OPTIONS
AND
NON-EXEMPT CONNECTED TRANSACTION - PROPOSED GRANT OF
RESTRICTED SHARES TO DIRECTORS
AND
GRANT OF RESTRICTED SHARES
GRANT OF SHARE OPTIONS
This announcement is made pursuant to Rule 17.06A of the Listing Rules. The Board of the Company announces that on March 30, 2021, the Company granted 11,824,999 Options to 591 Grantees in accordance with the terms of the Post-IPO ESOP (the "Option Grants"), subject to acceptance.
Details of the Option Grants
The details of the Options granted to the Grantees are as follows:
Grant Date:
Number of Grantees:
Total number of new Shares to be subscribed upon exercise of the Options granted:
Consideration for the Option Grants:
Exercise price of the Options granted:
Validity period of the Options:
March 30, 2021
591
11,824,999
HK$1.00 to be paid by each Grantee upon acceptance of the Options granted
HK$78.20 per Share
The validity period of the Options shall be ten years from the Grant Date and the Options shall lapse at the expiry of the validity period.
1
Vesting period: | The Options granted to the Grantees shall vest in the | |
Grantees as follows: | ||
• | 75% shall vest on March 30, 2024; and | |
• | 25% shall vest on March 30, 2025. |
The Option Grants are subject to individual performance result requirements as set out in the grant letters entered into between the Grantees and the Company.
Exercise Price
The exercise price of the Options of HK$78.20 per Share represents the highest of (i) the closing price of the Shares of HK$78.20 as stated in the daily quotation sheet issued by the Stock Exchange on the Grant Date, (ii) the average closing price of the Shares of HK$72.64 per Share as stated in the daily quotation sheets issued by the Stock Exchange for the five business days immediately preceding the Grant Date, or (iii) the nominal value of each Share, which is US$0.00001.
Grants to Directors
Among the Option Grants, 1,378,571 Options were granted to Directors, details of which are as follows:
Number | ||
of Options | ||
Name of Grantee | Position held in the Company | granted |
Dr. Yu | Executive Director, Chairman of the Board | |
and Chief Executive Officer | 1,035,714 | |
Mr. Ede | Executive Director and Chief Financial Officer | 342,857 |
Other employees of the Company | 10,446,428 | |
Total | 11,824,999 | |
Pursuant to Rule 17.04(1) of the Listing Rules, the grant of Options to Dr. Yu and Mr. Ede had been approved by the independent non-executive Directors.
None of the Option Grants will be subject to approval by the Independent Shareholders, and save as disclosed above, none of the Grantees is a Director, chief executive or substantial shareholder of the Company or an associate (as defined in the Listing Rules) of any of them.
2
Reason for and Benefits of the Option Grants
The purposes of the aforesaid Option Grants are to (i) retain, incentivize and reward the Directors and other employees of the Company and (ii) encourage the Directors and other employees to work towards enhancing the value of the Company and its Shares.
PROPOSED GRANT OF RESTRICTED SHARES TO EXECUTIVE DIRECTORS
The Board announces that it has resolved to grant up to a total of 725,000 Restricted Shares to Dr. Yu and 160,000 Restricted Shares to Mr. Ede under the 2020 RS Plan on the Grant Date (respectively the "Proposed RS Grant to Dr. Yu" and "the Proposed RS Grant to Mr. Ede", and together, the "Proposed RS Grants to EDs"), subject to acceptance and the Independent Shareholders' approval at the EGM.
In accordance with the terms of the 2020 RS Plan, the Proposed RS Grants to EDs are made under the following terms:
- each of the Restricted Shares is granted for nil consideration;
- each of the Restricted Shares granted to Dr. Yu and Mr. Ede represents the right to receive one Share on the date it vests (any such date, a "Vesting Date");
- the Restricted Shares shall vest in Dr. Yu and Mr. Ede within four years of the Proposed RS Grants to EDs; and
- The Proposed RS Grants to EDs are subject to individual performance result requirements set out in the award agreement entered into between the Company and each of Dr. Yu and Mr. Ede.
As at the date of this announcement, the total number of issued Shares is 1,455,600,997 Shares. Subject to the Independent Shareholders' approval of the Proposed RS Grants to EDs at the EGM, the maximum number of Shares that may be issued to Dr. Yu and Mr. Ede under the Proposed RS Grants to EDs would be 725,000 and 160,000 respectively, representing approximately 0.05% and 0.01% respectively of the total number of issued Shares of the Company and 0.05% and 0.01% respectively of the enlarged total number of issued Shares of the Company (excluding the Option Grants, the RS Grants and the Proposed RS Grants to INEDs) as at the date of this announcement; and Dr. Yu's and Mr. Ede's total interests in the Shares or underlying Shares of the Company after the Proposed RS Grants to EDs would be 118,430,272 Shares (and 371,747 short position Shares) and 10,107,135 Shares respectively, representing approximately 8.14% (and 0.03% short position) and 0.69% respectively of the total number of issued Shares of the Company and 8.13% (and 0.03% short position) and 0.69% respectively of the enlarged total number of issued Shares of the Company (excluding the Option Grants, the RS Grants and the Proposed RS Grants to INEDs) as at the date of this announcement pursuant to Divisions 7 and 8 of Part XV of the SFO.
3
Market Value
Based on the closing price of HK$78.20 per Share as quoted on the Stock Exchange on the date of this announcement, the market value of the Restricted Shares under the Proposed RS Grant to Dr. Yu amounts to approximately HK$56.70 million, and the market value of the Restricted Shares under the Proposed RS Grant to Mr. Ede amounts to approximately HK$12.51 million.
Reasons for and Benefits of the Proposed RS Grants to EDs
The Proposed RS Grants to EDs are part of the Company's remuneration policy. The purpose of such grants is to closely align the interests and benefits of the Company and its employees in order to maximize the motivation of the executive Directors. The Proposed RS Grants to EDs aim to provide sufficient incentive to retain and motivate Dr. Yu and Mr. Ede to participate in the formulation of strategy and long-term development of the Company and to recognize their contribution to the growth of the Company.
In this regard, the Directors (including independent non-executive Directors but excluding Dr. Yu) and the remuneration committee of the Company consider that the terms of the Proposed RS Grant to Dr. Yu are fair and reasonable and in the best interests of the Company and the Shareholders as a whole, and the Directors (including independent non-executive Directors but excluding Mr. Ede) and the remuneration committee of the Company consider that the terms of the Proposed RS Grant to Mr. Ede are fair and reasonable and in the best interests of the Company and the Shareholders as a whole.
Listing Rules Implications
As Dr. Yu and Mr. Ede are executive Directors, and therefore are connected persons of the Company. The Proposed RS Grants to EDs and transactions contemplated therein constitute non-exempt connected transactions of the Company under Chapter 14A of the Listing Rules and are subject to reporting, announcement and the Independent Shareholders' approval requirements.
Pursuant to Chapter 14A of the Listing Rules, each of Dr. Yu and his associates is required to abstain from voting on the resolutions at the EGM to approve the Proposed RS Grant to Dr. Yu and transactions contemplated therein. To the best of the Directors' knowledge, information and belief:
- each of Dr. Yu and his associates is not interested in any Shares except Dr. Yu's interest in a total of 117,705,272 Shares or underlying Shares (and 371,747 short position Shares), representing approximately 8.09% (and 0.03% short position) of the total number of issued Shares of the Company for the purposes of the SFO; and (ii) there are no other Shareholders having any material interest in the Proposed RS Grant to Dr. Yu and transactions contemplated therein. Accordingly, save for Dr. Yu and Gloria Bingqinzi Yu (as trustee of the Yu Tong Family Irrevocable Trust), no Shareholders are required under the Listing Rules to abstain from voting at the EGM on the resolutions approving the Proposed RS Grant to Dr. Yu and transactions contemplated therein.
Dr. Yu did not vote on the Board resolution approving the Proposed RS Grant to Dr. Yu. No other Director is considered to be interested in this grant and therefore none of them other than Dr. Yu abstained from voting on the relevant Board resolution.
4
Pursuant to Chapter 14A of the Listing Rules, each of Mr. Ede and his associates is required to abstain from voting on the resolutions at the EGM to approve the Proposed RS Grant to Mr. Ede and transactions contemplated therein. To the best of the Directors' knowledge, information and belief: (i) each of Mr. Ede and his associates is not interested in any Shares except Mr. Ede's interest in a total of 9,947,135 Shares or underlying Shares, representing approximately 0.68% of the total number of issued Shares of the Company for the purposes of the SFO; and (ii) there are no other Shareholders having any material interest in the Proposed RS Grant to Mr. Ede and transactions contemplated therein. Accordingly, save for Mr. Ede, no Shareholders are required under the Listing Rules to abstain from voting at the EGM on the resolutions approving the Proposed RS Grant to Mr. Ede and transactions contemplated therein.
Mr. Ede did not vote on the Board resolution approving the Proposed RS Grant to Mr. Ede. No other Director is considered to be interested in this grant and therefore none of them other than Mr. Ede abstained from voting on the relevant Board resolution.
The Company has established the Independent Board Committee to advise the Independent Shareholders in respect of the Proposed RS Grants to EDs and any transactions contemplated thereunder. The Company has appointed the Independent Financial Adviser to advise the Independent Board Committee and the Independent Shareholders in respect of the Proposed RS Grants to EDs and any transactions contemplated thereunder.
PROPOSED GRANT OF RESTRICTED SHARES TO INDEPENDENT NON-EXECUTIVE DIRECTORS
The Board announces that it has resolved to grant Restricted Shares equivalent in value to RMB120,000 to each of Dr. Cooney, Ms. Hsu and Dr. Chen under the 2020 RS Plan on the Grant Date (respectively the "Proposed RS Grant to Dr. Cooney", the "Proposed RS Grant to Ms. Hsu" and "the Proposed RS Grant to Dr. Chen", and together, the "Proposed RS Grants to INEDs"), subject to acceptance and the Independent Shareholders' approval at the EGM.
In accordance with the terms of the 2020 RS Plan, the Proposed RS Grants to INEDs will be made under the following terms:
- each of the Restricted Shares is granted for nil consideration;
- each of the Restricted Shares granted to Dr. Cooney, Ms. Hsu and Dr. Chen represents the right to receive one Share on the date it vests;
- the Restricted Shares shall vest on January 1, 2022 (the "INED RS Vesting Date").
- the number of Restricted Shares to be vested on the INED RS Vesting Date shall be calculated on the trading day immediately preceding the INED RS Vesting Date in accordance with the below, and shall represent the underlying Shares of the Company equivalent in value to RMB120,000 (the "Grant Value").
5
- the number of Restricted Shares to be vested on the INED RS Vesting Date shall be calculated by dividing the Grant Value (after converting the Grant Value to Hong Kong dollars using the arithmetic average of the exchange rates as published by the State Administration of Foreign Exchange for all trading days in the year 2021 from January 4, 2021 up to and including the trading day immediately preceding the INED RS Vesting Date (i.e., December 31, 2021)) by the average closing price of the Shares of the Company on the Stock Exchange, as stated in the daily quotation sheets issued by the Stock Exchange, for all trading days in the year 2021 from January 4, 2021 up to and including the trading day immediately preceding the INED RS Vesting Date (i.e., December 31, 2021).
- notwithstanding the above, the number of Restricted Shares to be vested on the INED RS Vesting Date shall not cause the total number of Shares held legally or beneficially by each of Dr. Cooney, Ms. Hsu and Dr. Chen, together with the total number of Shares which may be issued to each of them or their nominee upon the exercise of any outstanding Share options, convertible securities and other rights (whether contractual or otherwise) to call for the issue of Shares, to exceed 1% of the total number of issued Shares as at the INED RS Vesting Date after their vesting and issuance (the "1% threshold").
- if the number of Restricted Shares to be vested calculated in accordance with above paragraph (e) would cause the total number of Shares held legally or beneficially by each of Dr. Cooney, Ms. Hsu or Dr. Chen, together with the total number of Shares which may be issued to each of them or their nominee upon the exercise of any outstanding Share options, convertible securities and other rights (whether contractual or otherwise) to call for the issue of Shares, to exceed the 1% threshold, the final number of Restricted Shares to be vested on the INED RS Vesting Date shall be the maximum number of Shares that may be issued to the relevant grantee while keeping their respective shareholding below the 1% threshold.
Subject to the Independent Shareholders' approval of the Proposed RS Grants to INEDs at the EGM, and using (i) the exchange rate published by the State Administration of Foreign Exchange on the date of this announcement (ie. HK$100 to RMB84.437) and (ii) the closing price of the Shares on the Stock Exchange as stated in the daily quotation sheets issued by the Stock Exchange for the date of this announcement, for indicative purposes, the maximum number of Shares that may be issued to each of Dr. Cooney, Ms. Hsu and Dr Chen under the Proposed RS Grants to INEDs would be 1,817 (the "indicative number of INED RS"), representing approximately 0.00% of the total number of issued Shares and 0.00% of the enlarged total issued Shares (excluding the Option Grants, the RS Grants and the Proposed RS Grants to EDs) as at the date of this announcement; and Dr. Cooney, Ms. Hsu and Dr. Chen's total interests in the Shares or underlying Shares after the Proposed RS Grants to INEDs would be 43,764, 4,674 and 4,674 Shares respectively, representing approximately 0.00%, 0.00% and 0.00% respectively of the total issued Shares, and 0.00%, 0.00% and 0.00% respectively of the enlarged total issued Shares (excluding the Option Grants, the RS Grants and the Proposed RS Grants to EDs) as at the date of this announcement pursuant to Divisions 7 and 8 of Part XV of the SFO.
6
Market Value
Based on the indicative number of INED RS and the closing price of HK$78.20 per Share as quoted on the Stock Exchange on the date of this announcement, for indicative purposes, the market value of the Restricted Shares under each of the Proposed RS Grants to INEDs amounts to approximately HK$142,089.
Reasons for and Benefits of the Proposed RS Grants to INEDs
The Proposed RS Grants to INEDs form part of the remuneration to the independent non-executive Directors and has been approved by the remuneration committee of the Company. The Proposed RS Grants to INEDs are granted in light of the continued progress and performance of the Company and aims to retain and motivate the independent non-executive Directors to continue to provide their independent opinion and judgment to the Board in building the strategy and long-term development of the Company.
In this regard, (i) the Directors (including independent non-executive Directors but excluding Dr. Cooney) consider that the terms of the Proposed RS Grant to Dr. Cooney are fair and reasonable and in the best interests of the Company and the Shareholders as a whole; (ii) the Directors (including independent non-executive Directors but excluding Ms. Hsu) consider that the terms of the Proposed RS Grant to Ms. Hsu are fair and reasonable and in the best interests of the Company and the Shareholders as a whole; and (iii) the Directors (including independent non-executive Directors but excluding Dr. Chen) consider that the terms of the Proposed RS Grant to Dr. Chen are fair and reasonable and in the best interests of the Company and the Shareholders as a whole.
Listing Rules Implications
As Dr. Cooney, Ms. Hsu and Dr. Chen are independent non-executive Directors, and therefore are connected persons of the Company. The Proposed RS Grants to INEDs and transactions contemplated therein constitute non-exempt connected transactions of the Company under Chapter 14A of the Listing Rules and are subject to reporting, announcement and the Independent Shareholders' approval requirements.
Pursuant to Chapter 14A of the Listing Rules, each of Dr. Cooney and his associates is required to abstain from voting on the resolutions at the EGM to approve the Proposed RS Grant to Dr. Cooney and transactions contemplated therein. To the best of the Directors' knowledge, information and belief: (i) each of Dr. Cooney and his associates is not interested in any Shares except Dr. Cooney's interest in a total of 41,947 Shares or underlying Shares for the purposes of the SFO, representing approximately 0.00% of the total issued Shares; and (ii) there are no other Shareholders having any material interest in the Proposed RS Grant to Dr. Cooney and transactions contemplated therein.
Dr. Cooney did not vote on the Board resolution approving the Proposed RS Grant to Dr. Cooney. No other Director is considered to be interested in this grant and therefore none of them other than Dr. Cooney abstained from voting on the relevant Board resolution.
7
Pursuant to Chapter 14A of the Listing Rules, each of Ms. Hsu and her associates is required to abstain from voting on the resolutions at the EGM to approve the Proposed RS Grant to Ms. Hsu and transactions contemplated therein. To the best of the Directors' knowledge, information and belief: (i) each of Ms. Hsu and her associates is not interested in any Shares or underlying Shares except Ms. Hsu's interest in a total of 2,857 Shares or underlying Shares for the purposes of the SFO, representing approximately 0.00% of the total issued Shares of the Company; and (ii) there are no other Shareholders having any material interest in the Proposed RS Grant to Ms. Hsu and transactions contemplated therein.
Ms. Hsu did not vote on the Board resolution approving the Proposed RS Grant to Ms. Hsu. No other Director is considered to be interested in this grant and therefore none of them other than Ms. Hsu abstained from voting on the relevant Board resolution.
Pursuant to Chapter 14A of the Listing Rules, each of Dr. Chen and his associates is required to abstain from voting on the resolutions at the EGM to approve the Proposed RS Grant to Dr. Chen and transactions contemplated therein. To the best of the Directors' knowledge, information and belief: (i) each of Dr. Chen and his associates is not interested in any Shares or underlying Shares except Mr. Chen's interest in a total of 2,857 Shares or underlying Shares for the purposes of the SFO, representing approximately 0.00% of the total issued Shares of the Company; and (ii) there are no other Shareholders having any material interest in the Proposed RS Grant to Dr. Chen and transactions contemplated therein.
Dr. Chen did not vote on the Board resolution approving the Proposed RS Grant to Dr. Chen. No other Director is considered to be interested in this grant and therefore none of them other than Dr. Chen abstained from voting on the relevant Board resolution.
The Company has established the Independent Board Committees for the Proposed RS Grants to INEDs to advise the Independent Shareholders in respect of the Proposed RS Grants to INEDs and any transactions contemplated thereunder. The Company has appointed the Independent Financial Adviser to advise the Independent Board Committees for the Proposed RS Grants to INEDs and the Independent Shareholders in respect of the Proposed RS Grants to INEDs and any transactions contemplated thereunder.
The Board does not consider that the Proposed RS Grants to INEDs would affect or hinder the independence of each of the independent non-executive Directors pursuant to Rule 3.13(1) of the Listing Rules.
GRANT OF RESTRICTED SHARES
On March 30, 2021, the Company granted 2,342,333 Restricted Shares to 589 Grantees in accordance with the terms of the 2020 RS Plan (the "RS Grants"), subject to acceptance and the satisfaction of performance targets.
None of the RS Grants will be subject to approval by the Shareholders of the Company, and none of the Grantees is a connected person, Director, chief executive or substantial shareholder of the Company or an associate (as defined in the Listing Rules) of any of them.
8
In accordance with the terms of the 2020 RS Plan, the Restricted Shares are granted to the Grantees under the following terms:
- each of the Restricted Shares is granted for nil consideration;
- each of these Restricted Shares to be granted to the Grantees represents the right to receive one Share on the date it vests;
- the Restricted Shares granted shall vest in the Grantees within four years from the Grant Date; and
- the RS Grants are subject to individual performance result requirements set out in the award agreement entered into between the Company and each Grantee.
Market Value
Based on the closing price of HK$78.20 per Share as quoted on the Stock Exchange on the date of this announcement, the market value of the Restricted Shares granted to the Grantees amounts to approximately HK$183.17 million.
Reasons for and Benefits of the RS Grants
The RS Grants are part of the Company's remuneration policy. The purpose of such grants is to closely align the interests and benefits of the Company and its employees in order to maximize the motivation of the employees of the Group. The proposed RS Grants are to (i) encourage and enable the employees of the Group to share the success of the Company and (ii) foster a closer relationship between these employees and the Group with aligned interests, thereby incentivizing their efforts and contribution to the Group's continued success and strengthening their sense of belonging.
ARRANGEMENTS FOR ORDINARY RESOLUTION
Ordinary resolutions will be proposed at the EGM to approve the Proposed RS Grants to EDs and the Proposed RS Grants to INEDs, and any transactions contemplated thereunder (including the allotment and issue of any new Shares thereunder). A circular containing, among other things, details of the Proposed RS Grants to EDs, details of the Proposed RS Grants to INEDs, a letter from the Independent Board Committee, a letter from the Independent Board Committees for the Proposed RS Grants to INEDs and a letter from the Independent Financial Adviser together with the notice convening the EGM will be despatched to the Shareholders in due course.
DEFINITIONS
"associates"has the same meaning ascribed to it under the Listing Rules
"Board" | the board of Directors |
"China" or "PRC" the People's Republic of China
9
"Company"
"connected person"
"Directors"
"Dr. Chen"
"Dr. Cooney"
"Dr. Yu"
"EGM"
Innovent Biologics, Inc. 信達生物製藥, an exempted company with limited liability incorporated under the laws of the Cayman Islands on April 28, 2011, the Shares on which are listed on the main board of the Stock Exchange (stock code: 1801)
has the same meaning ascribed to it under the Listing Rules
the directors of the Company
Dr. Kaixian Chen, an independent non-executive Director
Dr. Charles Leland Cooney, an independent non-executive Director
Dr. De-Chao Michael Yu, an executive Director, Chairman of the Board and Chief Executive Officer of the Company
the extraordinary general meeting of the Company to be held on Thursday, June 24, 2021 (or immediately after the conclusion of the annual general meeting of the Company to be held on the same date)
"Grant Date"
"Grantees"
March 30, 2021
the eligible participants of the Group who were granted Options and/ or Restricted Shares in accordance with the Post-IPO ESOP and/or the 2020 RS Plan respectively on the Grant Date
"Group" | the Company and its subsidiaries |
"HK$" | Hong Kong dollars, the lawful currency of Hong Kong |
"Hong Kong" | the Hong Kong Special Administrative Region of the People's Republic |
of China | |
"Independent Board | an independent committee of the Board comprising all independent |
Committee" | non-executive Directors, established to advise the Independent |
Shareholders in respect of the non-exempt connected transactions | |
relating to the Proposed RS Grants to EDs | |
"Independent Board | independent committees of the Board, including (i) an independent |
Committees for | committee of the Board comprising Ms. Hsu and Dr. Chen, established |
the Proposed | to advise the Independent Shareholders in respect of the non-exempt |
RS Grants to INEDs" | connected transactions relating to the Proposed RS Grant to Dr. |
Cooney; (ii) an independent committee of the Board comprising | |
Dr. Cooney and Dr. Chen, established to advise the Independent | |
Shareholders in respect of the non-exempt connected transactions | |
relating to the Proposed RS Grant to Ms. Hsu; and (iii) an independent | |
committee of the Board comprising Dr. Cooney and Ms. Hsu, | |
established to advise the Independent Shareholders in respect of the | |
non-exempt connected transactions relating to the Proposed RS Grant | |
to Dr. Chen; |
10
"Independent Financial | the independent financial advisor acceptable to the Stock Exchange to |
Advisor" | be appointed by the Company pursuant to Rule 14A.44 of the Listing |
Rules to advise the Independent Board Committee, Independent Board | |
Committees for the Proposed RS Grants to INEDs and the Independent | |
Shareholders on whether the Independent Shareholders should vote | |
in favour of the non-exempt connected transactions relating to the | |
Proposed RS Grants to EDs and the Proposed RS Grants to INEDs | |
"Independent | the Shareholders who are not required under the Listing Rules to |
Shareholders" | abstain from voting at the EGM to approve the non-exempt connected |
transactions relating to the Proposed RS Grants to EDs and the | |
Proposed RS Grants to INEDs | |
"Listing Rules" | Rules Governing the Listing of Securities on The Stock Exchange of |
Hong Kong Limited | |
"Mr. Ede" | Mr. Ronald Hao Xi Ede, an executive Director and Chief Financial |
Officer of the Company | |
"Ms. Hsu" | Ms. Joyce I-yin Hsu, an independent non-executive Director |
"Option(s)" | option(s) to subscribe for or acquire Shares which are granted under the |
Post-IPO ESOP | |
"Option Grants" | the grant of an aggregate of 11,824,999 Options to 591 Grantees in |
accordance with the terms of the Post-IPO ESOP | |
"Post-IPO ESOP" | the post-IPO share option scheme adopted by the Company on June 12, |
2018 | |
"Proposed RS Grant | the proposed grant of Restricted Shares to Dr. Chen under the 2020 RS |
to Dr. Chen" | Plan |
"Proposed RS Grant | the proposed grant of Restricted Shares to Dr. Cooney under the 2020 |
to Dr. Cooney" | RS Plan |
"Proposed RS Grant | the proposed grant of 725,000 Restricted Shares to Dr. Yu under the |
to Dr. Yu" | 2020 RS Plan |
"Proposed RS Grants | the Proposed RS Grant to Dr. Cooney, the Proposed RS Grant to Ms. |
to INEDs" | Hsu and the Proposed RS Grant to Dr. Chen |
"Proposed RS Grant | the proposed grant of 160,000 Restricted Shares to Mr. Ede under the |
to Mr. Ede" | 2020 RS Plan |
"Proposed RS Grant | the proposed grant of Restricted Shares to Ms. Hsu under the 2020 RS |
to Ms. Hsu" | Plan |
11
"Proposed RS Grants to EDs"
"RMB"
"Restricted Share(s)"
"RS Grants"
"SFO"
"Shareholder(s)"
"Shares"
"short position"
"Stock Exchange"
"subsidiary(ies)"
"substantial shareholder"
"2020 RS Plan"
the Proposed RS Grant to Dr. Yu and the Proposed RS Grant to Mr. Ede
Renminbi, the lawful currency of People's Republic of China
restricted share(s), being a contingent right to receive Shares awarded under the 2020 RS Plan
the grant of 2,342,333 Restricted Shares to 589 Grantees in accordance with the 2020 RS Plan
the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong)
holder(s) of Shares in the Company
ordinary shares in the issued capital of the Company with a nominal value of US$0.00001
has the meaning ascribed to it by the SFO
The Stock Exchange of Hong Kong Limited
has the meaning ascribed to it by the Listing Rules
has the meaning ascribed to it by the Listing Rules
the restricted share plan adopted by the Company on June 12, 2020
By Order of the Board
Dr. De-Chao Michael Yu
Chairman and Executive Director
Hong Kong, China, March 30, 2021
As at the date of this announcement, the Board comprises Dr. De-Chao Michael Yu as Chairman and Executive Director and Mr. Ronald Hao Xi Ede as Executive Director, Mr. Shuyun Chen as Non-executive Director, and Dr. Charles Leland Cooney, Ms. Joyce I-Yin Hsu and Dr. Kaixian Chen as Independent Non-executive Directors.
12
Attachments
- Original document
- Permalink
Disclaimer
Innovent Biologics Inc. published this content on 31 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 March 2021 22:49:09 UTC.
