Victory Giant’s 2026 A-share employee stock plan buys 4.78M shares for RMB 695M

The detail worth noting is the pricing: the plan raised essentially its full cap and deployed it at an average of 145.57 yuan, with a 12-month lockup running to late 2027. That structure ties employee capital to the stock well beyond the purchase window, which matters more for alignment signals than the headline share count. Whether the plan's scale reflects confidence or routine compensation design is the open question, and the lockup expiry becomes the next observable date.