New trends in the development of Chinese private enterprises to allow employees to hold shares
Although Alibaba's myth of getting rich for all employees is difficult to replicate, it reflects the importance and appeal of equity incentives. Right now, the employee stock ownership plans of A-share listed companies have also begun to enter the speed-up channel.
According to statistics from reporters, since the China Securities Regulatory Commission issued the "Guiding Opinions on the Pilot Implementation of Employee Stock Ownership Plans by Listed Companies" (the "Guiding Opinions") in June this year, a total of 6 listed companies have launched employee stock ownership plans.
On September 9, Langzi shares and Meike Home Furnishing released the employee stock ownership plan, which became the latest case.
"Since September, the speed of issuing employee stock ownership plans by listed companies has accelerated significantly," said a market source. Specific statistics show that there were 9 listed companies that issued employee stock ownership plans in July, 7 in August, and 2 in September.
The "Guiding Opinions" stipulate that the employee stock ownership plan can solve the problem of the source of funds through the legal compensation of employees, other methods permitted by laws and administrative regulations, etc., and five channels are listed for the source of the employee stock ownership plan. Including: listed companies repurchase the company's shares, secondary market purchases, subscription of non-public shares, shareholder voluntary gift, and other methods permitted by laws and administrative regulations.
Judging from the existing cases, in addition to the widespread adoption of the “legal salary” channel for employees, borrowing has also become one of the sources. Take Longzi shares as an example. Its funding sources include employee self-raised funds and loan support provided by controlling shareholders. Specifically, the employees’ self-raised funds do not exceed RMB 2799 million, and the controlling shareholder provides interest-free loan support for the employees’ self-raised funds for a period of time until March 2015, 3; at the same time, the controlling shareholder intends to provide employees with their own funds The shareholding plan provides interest-free loan support. The part of the loan is the remaining funds required to purchase the underlying stocks other than the employees' self-raised funds. The loan period is the duration of the employee shareholding plan.
Suning Yunshang, which announced its employee stock ownership plan on September 9, also has a loan from its source of funds: the actual total capital of the employee stock ownership plan is 5 million yuan (including self-raised funds, borrowings and bank interest), of which employee borrowing funds Part of it comes from controlling shareholder Zhang Jindong using his 5.28 million shares of the company to obtain funds from Essence Securities for stock pledge repurchase business, and to provide loan support for employee stock ownership plans.
In addition to borrowing channels, there are also companies that "bring their own ammunition," such as Longjing Environmental's employee stock ownership plan. The source of funds is a special "incentive fund" set up by the company: the company's 2013 net profit is used as the base to draw 10 % Reward fund, as the fund of the first employee stock ownership plan; after each fiscal year, based on the company's net profit in the previous fiscal year, 10% of the reward fund is withdrawn into the employee stock ownership plan fund account. This incentive fund is planned to be drawn for 10 years, from 2014 to 2023.
In contrast, Dabeinong's employee stock ownership plan is somewhat "maverick." According to the announcement, Shao Genhuo, the controlling shareholder of the company, will give 9848 million shares of Dabeinong shares to the employee stock ownership plan free of charge, accounting for approximately 6% of the company's total share capital. If calculated based on the closing price of 8 yuan per share on the day when the trading was suspended on August 26, the market value of the donated shares would be about 13.69 billion yuan.
According to the original intent of the system design, the employee stock ownership plan is a performance design that enables the company's important core employees to obtain long-term incentives. "When an Alibaba goes public, how many employees get rich," an IT practitioner said with a smile to reporters. "Don't the current employees just count on this?"
A manager of a listed company told reporters, "The future trend should be to gradually expand the incentive meeting and extend the incentive time. Employees who have important contributions to the company and have long-term training value should get such opportunities."
A review of recent company announcements shows that such a trend has already emerged. For example, Triad has lowered the shareholding threshold to employees who have worked for a full year; Dabeinong's employee shareholding plan has a period of up to 5 years; and Longjing Environmental Protection's employee shareholding plan has a period of 10 years.
"Whether the employee stock ownership plan can achieve the original purpose of the designer is not certain. It needs to be carefully designed in terms of time and specific methods." An analyst told reporters.
Take Suning Yunshang as an example, its employee stock ownership plan buys company stock through the secondary market. According to the company’s latest announcement on October 10th, as of September 9, the average purchase price of the company’s employee stock ownership plan was 9 yuan per share, while the closing price of the stock on October 30 was 8.63 yuan per share. deficit.
"Currently, the 14 listed companies that have issued employee stock ownership plans are all private enterprises." A market participant said, "If various policies can be promoted, as the mixed ownership reform is further deepened, there will be more room for imagination in the future."
Shanghai Securities News