8 Companies Create A Board Company Equity Incentive Decoding: Break The Half Off Limit, "Bring Period" Listing Period.

Just seventeenth trading days after the listing, Xiang Sheng medical announced the stock incentive "big red envelope" on Christmas Eve December 25th: it is to grant 600 thousand restricted shares to the incentive object, and the price is 20 yuan / share, accounting for 42.82% of the average transaction price of the first 1 trading days.

So far, 8 companies have launched equity incentive in listed companies. Following the technology of becoming the first listed company to launch the restricted stock incentive plan, Guangfeng technology, LAN Qi technology, aerospace grand plan, Jing Chen share, Pak Chu electronics, Shen Lian biology and other companies have launched an incentive plan.

Generally speaking, the human capital is more intensive and the incentive to implement equity incentive is higher. In addition, a large number of surgical board enterprises are returnees, and they are very familiar with the equity incentive system abroad. Zheng Peimin, chairman of Shanghai Rong Zheng investment consulting Limited by Share Ltd, told the twenty-first Century economic news reporter.

The purpose of the equity incentive plan is to further improve the corporate governance structure, establish and improve the long-term incentive mechanism for the company, attract and retain excellent talents, fully mobilize the enthusiasm, sense of responsibility and mission of the core team, effectively integrate the interests of shareholders, the interests of the company and the interests of the core team, so that all parties can pay close attention to the long-term development of the company. Many companies said in the announcement.

Compared with other plates, there are many innovations in the equity incentive system, and these innovations are also reflected in the plan.

According to the twenty-first Century economic report reporter combing, 8 companies that launched the draft equity incentive plan chose the second type of incentive mode, "more convenient operation", restricted stock. Among them, 7 of the granting prices have exceeded 50% of the price limits, which is much higher than that of other previous sectors.

In addition, ice breaking options with A shares are also available.

The 8 plan is a big competition.

"The biggest bright spot of stock creation is the breakthrough of price. Equity incentive should be effective, and price is the most important point. Especially when the market price is relatively high at the initial stage of listing, if the price space is not enough, the incentive effect will not work. Wang Jiyue, a senior investment bank, pointed out.

According to the "equity incentive management measures of listed companies", the price of restricted stock granted by listed companies to incentive objects must not be less than 50% of the 1 trading days, 20 trading days, 60 trading days or 120 trading days of the stock trading incentive plan before the announcement of the equity incentive plan.

In the Shanghai stock exchange, the rules for the listing of Listed Companies in the stock exchange, the description of the relevant rules has changed to: "the price of restricted stock granted by the listed company to the incentive object is lower than that of the 1 trading days, 20 trading days, 60 trading days or 120 Trading days of the company's stock transaction price before the draft of the equity incentive plan is issued. The price basis and pricing method should be explained."

At present, 7 of the 8 companies offering equity incentive schemes have priced below half off. Among them, the discount of Jing Chen shares and Bai Chu electronics is quite favorable, reaching 77% off.

Jing Chen shares also set different awarding prices for different incentive objects. The first type of incentive target is a total of 302 people who have been in a company for more than two years or are in a tight position. The pricing method of the restricted stock granted by the incentive object is determined by the average value of the two asset valuation of the company in 2018, which is 11 yuan / share, accounting for 21.51% of the average price of the first 20 trading days, and nearly 80 percent off. The second type of incentive object is the company below 2 years, and the total price of the restricted shares is 50%, that is, 19.25 yuan / share.

Of the 8 households, only seventh of the joint ventures were awarded a half off price limit. The granting price of restricted shares was the issue price of the initial public offering of A shares, that is, 8.80 yuan / share, accounting for 51.1% of the average trading price of the first 1 trading days, and 54.9% of the average trading price of the first 20 trading days.

In terms of incentives, the largest number of employees involved is Jing Chen shares. The number of first time granting is as high as 395, accounting for 44.99% of the total number of employees. From the point of view of coverage, LAN Qi technology has the largest coverage of employees, and it can be described as "full redness package", involving a total of 306 incentive subjects, accounting for 96.84% of the total number of employees in 316 people.

Listed options icebreaking

In the view of many respondents, the innovation of the equity incentive system of the listed companies of the science and technology innovation board has been reflected in many companies' plans, and for the listed companies of the science and technology board, major breakthroughs such as options and listing are also available.

The biggest bright spot of the Ke Chuang plate equity incentive system is that the equity incentive plan can be implemented across the IPO, that is, the equity incentive plan can be listed in the prospectus of IPO, and it will be implemented synchronously with IPO. A share stock incentive is implemented after the listing of the company. Gao Guolei, an investment management partner and senior visiting scholar at Columbia University, told the twenty-first Century business reporter.

Listing options abroad is a common incentive method, such as the Hongkong stock exchange and NASDAQ. But in the past, according to the "IPO listing and listing management regulations", stock options were not clear due to unclear ownership. Before the A share board, small and medium board and gem were proposed to be listed companies, they could not take the option of granting their employees before the listing to be successful.

However, in March this year, the Shanghai stock exchange Ke Chuang plate issuing and listing auditing questions and answers clearly stated that the listed companies of the science and technology innovation board could have the option incentive plan formulated by the initial declaration, and be implemented after the listing. That is to say, the listed companies of the science and technology innovation board can take the option incentive IPO.

At present, there are some practical cases in this breakthrough. Zheng Peimin then pointed out to reporters that the Shanghai IPO silicon industry group Limited by Share Ltd, a listed company, had successfully passed the case and waited for registration to take effect. The first case of A shares can be listed on the stock market with options encouraged by IPO.

In addition, according to the question and answer on the issue and listing of Shanghai science and technology board, the issuer can carry out the employee stock ownership plan indirectly through shareholding platforms such as companies, partnerships, asset management plans, and establish and improve the circulation and withdrawal mechanism of shareholding within the platform, as well as the equity management mechanism. Reporters learned that, at present, the company to create a listed company with employee stock ownership plan has not yet appeared in the case.