Huayi Tencent Entertainment (00419.HK) announced that on May 18th, 2022, the company will grant a total of 77.5 million award shares to 15 grantees under the share incentive scheme.

The Board resolved to allot and issue 77.5 million new shares credited as fully paid up to the trustee under the 2021 General mandate to grant the above award to the grantee under the share incentive Scheme. Upon approval by the Stock Exchange for the listing and trading of the new shares, all new shares will be vested in, issued and allotted to the trustee and transferred to the grantee upon expiry of each stage of the lock-up period.

The company will use internal resources to pay for the subscription of the new shares, and the issuance of new shares will not raise any funds. The allotment and issue of new shares do not require the approval of shareholders.