After the well-known small household appliance brand Zhejiang Supor Co.Ltd(002032) (002032, SZ) launched the “RMB 1 equity incentive” plan, it attracted the attention of investors. The Shenzhen Stock Exchange also issued a “letter of concern”, asking the company to explain whether there are problems such as interest transmission in the scheme.
On December 22, Zhejiang Supor Co.Ltd(002032) said in the reply announcement on the letter of concern to Shenzhen stock exchange that there was no benefit transfer in the incentive plan, and the grant price of restricted shares was compliant and reasonable.
On the same day, Zhejiang Supor Co.Ltd(002032) announced that the stock repurchase of equity incentive had been completed. In combination with the number of previous repurchases and the price per share, Zhejiang Supor Co.Ltd(002032) repurchased 1209500 shares twice, accounting for 0.150% of the total share capital of the listed company. The total amount of the two repurchases was 76.1508 million yuan, and the average cost was 62.96 yuan / share.
It is understood that the total number of equity incentive objects is 293. According to the number of granted shares disclosed in the announcement, three executives were granted 125000 shares, that is, they were granted shares at the price of 125000 yuan. The remaining 290 people can obtain about 3740 shares. According to the current average cost price, the value of restricted shares granted to three executives should total 7.87 million yuan.
there are 293 incentive objects, and the value of shares granted to three executives exceeds one million
On December 22, Zhejiang Supor Co.Ltd(002032) announced that during the period from December 15, 2021 to December 21, 2021, the company had bought back 120.95 shares of the company’s shares through centralized bidding transaction through the special securities account for repurchase, accounting for 0.150% of the company’s total share capital, of which the highest transaction price was 65.00 yuan / share, the lowest transaction price was 61.38 yuan / share, and the total amount paid was 76.1508 million yuan (excluding transaction costs).
The reporter of the daily economic news calculated that the average cost of the shares repurchased by Zhejiang Supor Co.Ltd(002032) is 62.96 yuan / share. According to the disclosure of the previous equity incentive plan, the total number of “1 yuan equity incentive” is proposed to be 293.
The list of incentive objects disclosed includes three senior executives of listed companies, namely the general manager, the chief financial officer and the board secretary. At the same time, the announcement also discloses the number of restricted shares granted to the three senior executives. According to the current average cost price, the value of the restricted shares granted to the three senior executives can be calculated. Among them, general manager Zhang Guohua was granted 60000 shares, and the share value should be 3.7776 million yuan according to the average price; Chief financial officer Xu Bo was granted 45000 shares, with a value of RMB 2.8332 million, and Secretary Ye Jide was granted 20000 shares, with a value of RMB 1.2592 million. The total value of restricted shares granted to the three executives was 7.87 million yuan. The remaining 290 people were granted 1084500 shares, with a per capita value of 235400 yuan.
According to the 2020 annual report, the annual salary of chief financial officer Xu Bo was 2.5641 million yuan last year, and that of secretary Ye Jide was 963400 yuan last year. The stock value of this equity incentive is not a small income for the two executives of Zhejiang Supor Co.Ltd(002032) .
Zhejiang Supor Co.Ltd(002032) : there is no benefit transfer in equity incentive
After Zhejiang Supor Co.Ltd(002032) threw out the scheme of “1 yuan equity incentive”, Shenzhen Stock Exchange issued a letter of concern, asking Zhejiang Supor Co.Ltd(002032) to explain whether the scheme has the situation of transferring benefits to the encouraged objects, and the rationality of the setting of performance evaluation indicators of equity incentive.
On December 22, Zhejiang Supor Co.Ltd(002032) replied to the letter of concern of Shenzhen stock exchange that the restricted stock incentive plan granted to the incentive object with 1 yuan / share is reasonable and compliant. The listed company said: “according to the closing price of the company’s shares on the date of announcement of the resolution of the board of directors, the per capita incentive value is 261100 yuan. After deducting the consideration paid by each incentive object and the taxes to be paid, the per capita incentive value of the incentive object is small. Moreover, the above shares must be released within 36 months (50% in 24 months and 50% in 36 months) after the grant according to the provisions of this incentive plan The sales restrictions have been lifted one after another, and the annual actual income matches the overall income level of the incentive object. Therefore, there is no benefit transfer in this incentive plan. ”
As for the equity incentive performance evaluation index set in this scheme, the year-on-year growth of net profit attributable to the parent company is not less than 5%, Zhejiang Supor Co.Ltd(002032) said that this setting mainly considers three factors:
First, from the perspective of macro environment, there are many uncertain factors in the current macro-economic environment outside China; Second, from the perspective of industry development, the kitchen small appliances and cookware business where the company’s core business is located belongs to a mature and fully competitive industry, and some long tail categories with functional segmentation are developing rapidly in the market; Third, from the perspective of market competition, covid-19 epidemic has accelerated the development of online channels in all walks of life, while offline channels have been greatly affected. Due to the low threshold of China’s online channels, many small brands’ online channels are developing rapidly, which intensifies the market competition in the industry and will have a far-reaching impact on the future of industry enterprises.
Finally, Zhejiang Supor Co.Ltd(002032) said that from the perspective of the future development plan of the enterprise, the company will continue to adhere to the “differentiation” strategy in products, maintain the growth of traditional advantageous categories through product innovation, expand the development and subdivide long tail categories, and improve the market competitiveness of air outlet categories such as cleaning appliances and integrated stoves.
Zhejiang Supor Co.Ltd(002032) it is expected that through the successful implementation of this restricted stock incentive plan, the core teams and employees of existing advantageous businesses and emerging businesses will be encouraged to make greater contributions to their respective posts and strive to achieve a growth level higher than that of the industry.
the huge restricted shares of the controlling shareholder have been lifted
On December 22, Zhejiang Supor Co.Ltd(002032) closed at 63.62 yuan / share, down 0.14% on the same day. This day is also the day when the ban on the huge restricted shares of Zhejiang Supor Co.Ltd(002032) controlling shareholder SEB international is lifted. The number of shares released from the restriction was 206 million shares, accounting for 25.52% of the total shares of the company.
Although it is a well-known small household electrical appliance enterprise in China, the controlling shareholder of Zhejiang Supor Co.Ltd(002032) is SEB international. It is understood that SEB international, with a history of more than 160 years, is a world-renowned manufacturer of cooking utensils and small household appliances. Its business involves kitchen appliances (for cooking, production and processing) and personal and home care appliances (personal care, clothing care and home care).
In 2007, SEB international took a stake in Zhejiang Supor Co.Ltd(002032) through fixed increase and tender offer. Thereafter, in the acquisition report signed on October 19, 2011, SEB international promised that within ten years from the date of transfer of shares acquired under the agreement, i.e. from December 22, 2011 to December 21, 2021, SEB international would retain at least 25% of Zhejiang Supor Co.Ltd(002032) existing or any future total share capital. SEB international promises that its 158744300 Zhejiang Supor Co.Ltd(002032) shares will continue to be locked until December 21, 2021 after the lock expires on December 25, 2017. The above 158744300 shares were increased to 206367590 shares after the implementation of the 2016 profit distribution plan.
The period of lifting the ban has come. SEB International said that it has no plan to sell shares of 5% or more through the bidding trading system of Shenzhen Stock Exchange within six months after the lifting of the restrictions, and promised that if the company’s restricted tradable shares are sold through the bidding trading system of Shenzhen Stock exchange in the future, and the reduction amount reaches 5% or more within six months from the first reduction, The suggestive announcement of the sale will be disclosed through the listed company within two trading days before the first reduction.
Before the expiration of the ban, the top ten circulating shareholders of Zhejiang Supor Co.Ltd(002032) also changed a lot, which attracted the attention of public opinion. “E fund quality selection” managed by Zhang Kun still held 17.13 million shares of the company at the end of the third quarter, but as of December 13, it had disappeared from the top ten shareholders of Zhejiang Supor Co.Ltd(002032) . Considering that the tenth largest circulating shareholder has only 1.32 million shares, this means that Zhang Kun has reduced his holdings of at least 15.8 million shares in just two months since October, which is more than 90%, and has almost cleared his position.
According to the securities times, starting from the 2016 fund interim report, Zhang Kun began to put Zhejiang Supor Co.Ltd(002032) into the hidden heavy positions of e fund’s high-quality selection fund. From the third quarter of 2016, Zhang Kun began to pay attention to Zhejiang Supor Co.Ltd(002032) and significantly increase the position of the stock. It was also the first time that Zhejiang Supor Co.Ltd(002032) entered the list of top ten heavy positions of funds managed by Zhang Kun. This operation also made e fund’s high-quality selection fund enter the list of top ten shareholders of Zhejiang Supor Co.Ltd(002032) for the first time.
As mentioned in the previous report of the daily economic news, Zhejiang Supor Co.Ltd(002032) the performance in the first three quarters of 2021 has basically returned to the same period in 2019. However, from the perspective of industry data, according to the analysis of ovicloud, in 2021, due to the repeated epidemic situation, the rise of raw material prices and other factors, the online growth of cooking utensils market is also slightly weak. In November 2021, the scale of online retail sales of small household appliances was 4.15 billion yuan, a year-on-year decrease of 27.5%.
The selling of well-known fund managers, the expiration of the huge lifting of the ban by controlling shareholders and the RMB 1 equity incentive plan have aroused the industry’s attention to Zhejiang Supor Co.Ltd(002032) . Can the performance growth and market development of subsequent listed companies dispel the concerns of investors and bring new incremental space?
(Daily Economic News)
