Certain A Shares of Zhejiang SSAW Boutique Hotels Co.,Ltd are subject to a Lock-Up Agreement Ending on 22-SEP-2023.
September 21, 2023
Share
Certain A Shares of Zhejiang SSAW Boutique Hotels Co.,Ltd are subject to a Lock-Up Agreement Ending on 22-SEP-2023. These A Shares will be under lockup for 730 days starting from 22-SEP-2021 to 22-SEP-2023.
Details:
The Company?s actual controller Wu Qiyuan committed to not transfer or entrust to a third party the Company?s shares they hold directly or indirectly before the issuance, or allow the company to repurchase those shares within 36 months from the listing date. If within 6 months after the listing, the closing price of the shares is lower than the issuance price for 20 consecutive trading days or if the trading price is lower than the issuance price 6 months after listing, the lock-up period will be automatically extended for another 6 months. After the lock-up has expired, while holding office, Wu Qiyuan committed to not transfer more than 25% of shares held each year.
The Company?s directors and senior management who are shareholders Cong Bo, Gan Shenghong, Shi Chenning, and Zhang Yong committed to not transfer or entrust to a third party the Company?s shares they hold directly or indirectly before the issuance, or allow the company to repurchase those shares within 12 months from the listing date. If within 6 months after the listing, the closing price of the shares is lower than the issuance price for 20 consecutive trading days or if the trading price is lower than the issuance price 6 months after listing, the lock-up period will be automatically extended for another 6 months. After the lock-up has expired, while holding office, they committed to not transfer more than 25% of shares held each year.
The Company?s other shareholders Shanghai Zhongcheng Yonglve Investment Center (Limited Partnership), Shanghai Zhongcheng Yongyi Investment Center (Limited Partnership), Wu Haihao, Xu Hanjie, Shen Wei, and Bao Limin committed to not transfer or entrust to a third party the Company?s shares they hold directly or indirectly before the issuance, or allow the company to repurchase those shares within 12 months from the listing date.
SSAW Hotels & Resorts Group Co Ltd, formerly Zhejiang SSAW Boutique Hotels Co Ltd, is a company engaged in the operation and management of medium and high-end selected service chain hotels. The Company's main business includes hotel operation and hotel management. The hotel operation businesses mainly include room accommodation services, catering services and other supporting services, such as meetings, banquets and hotel property rental. The hotel management businesses mainly include the provision of hotel design and decoration consulting, the appointment of hotel management personnel, and the authorization to use the trademark and management and service system of Junting hotel and others.