On Wednesday, Kechuang board company Fujian Forecam Optics Co.Ltd(688010) (688010) released the plan of “zero yuan purchase” of employee stock ownership. On Thursday, the company received the supervision letter from Shanghai Stock Exchange, and on Friday, the company adjusted the transfer price to 10 yuan / share.
the first example of “zero cost + Zero assessment”
On February 16, Fujian Forecam Optics Co.Ltd(688010) issued announcements such as the No. 1 shareholding plan of the light chaser and the summary of the restricted stock incentive plan (Draft) in 2022.
The announcement shows that the shares of the shareholding plan are obtained by the transfer of the shares repurchased by the company at the price of zero yuan without capital contribution. The duration of this shareholding plan is 36 months.
According to the Fujian Forecam Optics Co.Ltd(688010) announcement, the total number of employees participating in the stock ownership plan shall not exceed 81, which are directors (excluding independent directors), senior managers, supervisors and key personnel approved by the board of directors. The shareholding plan obtains the shares repurchased in the company’s special account for repurchase by means of laws and regulations, with a scale of no more than 120000 shares, accounting for 0.08% of the total share capital of the company. The source of shares is 1153023 shares of the company’s repurchase special account, and the average repurchase price is about 26.01 yuan / share.
It is noteworthy that behind the “zero cost”, these core employees do not need to participate in the performance appraisal at the company’s operation level. This also means that this employee stock ownership plan is “zero cost + Zero assessment”, which has become the first example of employee stock ownership plan of listed companies on the science and innovation board.
In this regard, The explanation given by Fujian Forecam Optics Co.Ltd(688010) is “The personnel participating in this stock ownership plan are the core management team and key personnel of the company, which have an important impact on the business development and strategic realization of the company. Combined with the actual situation of the company, based on the affirmation and return of the past work and contribution of the above employees, in order to prevent talent loss, enhance the stability of talent team and enable them to continue to develop together with the company for a long time, through appropriate measures Lowering the performance threshold can fully mobilize the enthusiasm and creativity of employees. “
bad taste incentive can’t hide the decline in performance
For the employee stock ownership plan of Fujian Forecam Optics Co.Ltd(688010) “zero cost + Zero assessment”, the Shanghai Stock Exchange issued a supervision letter on February 17. The company is required to supplement the main considerations of the employee stock ownership plan to acquire the repurchased shares at zero consideration; The company is required to supplement the main considerations that the employee stock ownership plan does not set performance evaluation indicators at the company level.
After being subjected to regulatory pressure, on Friday, Fujian Forecam Optics Co.Ltd(688010) announced amendments to the core terms of the shareholding plan.
The company said that in order to further enhance market confidence, further protect the interests of shareholders, especially small and medium-sized shareholders, and reflect the confidence of the company and employees in performance objectives, it plans to revise the No. 1 shareholding plan (Draft), adjust the transfer price of shares in the shareholding plan from 0 yuan / share to 10 yuan / share, and increase the overall performance assessment objectives at the company level.
Such adjustment has not been recognized by the market. According to public information, Fujian Forecam Optics Co.Ltd(688010) was listed on the science and Innovation Board on July 22, 2019. Its main business is specialized in special and civil optical lenses, photoelectric systems, optical components and other products.
In 2018 before listing, the company’s operating revenue and net profit deducted from non parent company decreased slightly compared with 2017. In 2019 in the year of listing, the company’s year-on-year revenue increased slightly, but the net profit deducted from non parent company decreased slightly; In 2020, the year after listing, the company’s revenue increased slightly year-on-year, but the net profit deducted from non parent company decreased significantly by 50.02%; From January to September 2021, when the company’s operating revenue increased by 30.71% year-on-year, the net profit deducted from non parent company continued to decline by 3.04% year-on-year.
From the data point of view, from 2017 to 2020, the company’s operating revenue almost stagnated, and the deduction of non net profit continued to decline, from 76.2176 million yuan in 2019 to 38.0956 million yuan in 2020.
Some market participants pointed out that, “Equity incentives and employee stock ownership like this have changed. Whether it is equity incentives that originally wanted to motivate executives to help shareholders obtain more value, or employee stock ownership with a more inclusive nature, they have finally become tools to subsidize executives. The win-win of shareholders and executives has become shareholders’ subsidy to executives, and the win-win of employees and shareholders has become executives’ invasion in the name of employees Harm shareholders, the identity of executives in listed companies has been too superior. “
On the 18th, when the reporter called Fujian Forecam Optics Co.Ltd(688010) as an investor to inquire about the performance, a woman from the securities affairs department said: “we will issue a performance express at the end of February. Please pay attention to it at that time.”
