Sany announces 2023 employee stock ownership plan

01 Aug 2023 CW Team

Sany Group has announced the 2023 employee stock ownership plan (ESOP). This is the fourth consecutive year that Sany has launched the ESOP, which gives employees an opportunity to own shares in the company through the setting up of incentive funds. The 2023 ESOP has set up a fund size of around $82 million with a share repurchase price planned at $2.24. The capital will be from the incentive funds accrued following relevant provisions of the group.

Sany has always focused on improving employee benefits and adhering to the principle of "growing together, pursuing common development, and sharing achievements." By establishing a comprehensive incentive and restraining mechanism, it aims to inspire employees' enthusiasm and creativity and align the interests of shareholders, the listed company, and individuals. This encourages all parties to join efforts to boost Sany’s long-term development.

Sany’s annual ESOP aims to share the fruits of the group's achievements with employees. The number of employees awarded with stock ownership incentives is growing annually, and the proportion of mid-level and key position employees is increasing year by year:

2020: Sany awarded 8.31 million shares to 2,264 employees, 71.52 percent were employees in mid-level management, key positions, and core business (technical) positions.

2021: Sany awarded 7.54 million shares to 4,205 employees, 91.33 percent were employees in mid-level management, key positions, and core business (technical) positions.

2022: Sany awarded 20.5 million shares to 6,996 employees, 94.26 percent were employees in mid-level management, key positions, and core business (technical) positions.

2023: Sany is awarding 36.62 million shares to 7,131 employees, 95.69 percent were employees in mid-level management, key positions, and core business (technical) positions.

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