Scholar Education Group (HKG:1769) resolved to cancel a little over 25 million certain unvested old options held by employees and re-grant them with over 22.2 million new options, a Thursday Hong Kong bourse filing said.

Each new option will allow the grantee to subscribe for one share in the education company at an exercise price of HK$2.33 per share.

The move comes about in order to retain and further incentivize the grantees to contribute to the company's development.