China Communications Construction Company Limited (CHINA COMM CONS, 01800) announced that its board approved the first batch of unlocking for the reserved portion of the 2022 Restricted Share Incentive Scheme after all performance and compliance conditions were satisfied.
The decision, taken at the second meeting of the sixth board session on 18 March 2026, allows 128 middle-management and core employees to unlock 5.29 million A-shares—33.29% of their reserved grant—representing approximately 0.03% of the company’s current total share capital. No directors or senior executives are included in this tranche.
Key 2023 performance indicators underpinning the release surpassed preset thresholds: • Net-profit compound growth rate since 2021 reached 13.40%, exceeding the ≥8% requirement and the industry average of 0.50%. • Weighted average ROE stood at 8.87%, above the ≥7.70% target and notably higher than the industry average of −16.10%. • Economic Value Added (EVA) targets set by SASAC were achieved.
Subsidiary- and individual-level assessments also met or exceeded required appraisal coefficients. Participants from subsidiaries rated “A” or “B” will unlock 100% of eligible shares, while those in “C” units or with “C” individual ratings will unlock 80%, with the balance subject to repurchase and cancellation.
Background of the scheme: • First grant (4 May 2023): 97.95 million shares at RMB 5.33 per share. • Reserved grant (26 January 2024): 16.45 million shares at RMB 5.06 per share; registration completed on 21 February 2024. • Prior to this unlocking, 5.47 million shares were repurchased and cancelled owing to participant departures or performance shortfalls. An additional 0.15 million shares remain pending cancellation.
Guantao Law Firm issued a legal opinion stating that the unlocking complies with the CSRC Administrative Measures and the company’s 2022 Incentive Scheme, and that all participants meet eligibility requirements.
Unlocking procedures will proceed in accordance with the authorised mandates of the 2023 extraordinary general and class meetings and applicable regulatory rules.