On March 28, Fujian Forecam Optics Co.Ltd(688010) issued an announcement on the progress of equity incentive, which showed that the company granted 1149800 restricted shares to 80 incentive objects.
In fact, equity incentive has become one of the important means of internal management of listed companies. According to the data, calculated according to the announcement date, as of March 28, 169 A-share listed companies implemented 175 equity incentives during the year. Among them, 6 companies including Shanghai Golden Bridge Infotech Co.Ltd(603918) and others have implemented it twice, and they all take the form of stock and option incentive at the same time. From the perspective of incentive objects, they are mostly directors, middle and senior managers and core employees of the company.
gem and Sci-tech Innovation Board account for nearly half
From the perspective of the listed sector, of the above 169 companies, 83 are listed on the main board, accounting for 49%; There are 45 listed companies on GEM and 39 listed companies on sci-tech innovation board, accounting for about 50%, accounting for 84 companies in total; The remaining two companies are listed on the Beijing stock exchange.
It can be seen that companies on GEM and sci-tech innovation board have accounted for “half” of equity incentive. In this regard, Wang Weijia, general manager of Beijing Sunshine Tianhong asset management company, said in an interview with the reporter of Securities Daily, “most of the companies listed on GEM and sci-tech innovation board are high-tech enterprises. Under the background of the increasing demand for talents in technology intensive industries, the company can improve the salary of employees through the implementation of equity incentive to stimulate their enthusiasm.”
At the same time, the person in charge of ESOP business of tiger group told the reporter of Securities Daily that on the one hand, among the companies listed on GEM and sci-tech innovation board, technology intensive industries account for a large proportion, and their product R & D and service innovation are strongly eager for talents. Through equity incentive, the motivation of core personnel and technical backbone can be enhanced; On the other hand, enterprises need to rely on equity incentives to boost performance. At the same time, equity incentive helps to stabilize investor confidence.
The reporter further combed and found that most of the above gem and Sci-tech Innovation Board companies included “core technical talents” in the equity incentive list. At the same time, many companies, including Shanghai Haohai Biological Technology Co.Ltd(688366) , Uni-Trend Technology (China) Co.Ltd(688628) , Maxscend Microelectronics Company Limited(300782) etc., have also included foreign talents in the equity incentive list.
For example, Shanghai Haohai Biological Technology Co.Ltd(688366) announcement indicates that the equity incentive objects of the company include some foreign employees, because the talent competition in the biotechnology industry where the company is located is relatively fierce, so attracting and stabilizing international high-end talents is very important for the development of the company; The foreign employees among the incentive objects play an important role in the company’s technology R & D and business development.
In addition, companies listed on the Beijing stock exchange also stand out in equity incentives. Bingyang technology and Anhui phoenix successively announced the implementation of equity incentive. “Equity incentive plays an important role as a ‘catalyst’ in the healthy development and rapid growth of enterprises. It can efficiently attract high-end talents, stabilize entrepreneurial teams, retain core employees, and form a long-term incentive and restraint mechanism.” Zhou Yunnan, founder of Beijing Nanshan investment, told the Securities Daily.
Zhou Yunnan further said that since the opening of the Beijing stock exchange, listed companies are gradually having a better equity incentive basis, and there will be more relevant needs of employees. It is expected that there will be more implementation cases during the year.
mainly concentrated in four industries
From the perspective of the industries of the companies that have implemented equity incentive, they are mainly concentrated in four major industries such as medicine, biology and electronics.
Specifically, among the 169 companies mentioned above, the number of companies from the pharmaceutical and biological industry is the largest, up to 30; The electronics industry takes the second place, with 24; The number of basic chemical and power equipment companies is 17.
Wang Weijia analyzed that the pharmaceutical, biological and electronic industries are typical technology intensive industries, and the industry R & D cycle and profit cashing cycle are long. The implementation of equity incentive can bind the company’s core management and technical personnel with the company for a long time and ensure the stability of the company’s management team and R & D team. In addition, equity incentive can reduce the company’s employment cost pressure and improve the efficiency of capital use to a certain extent.
It should be noted that some companies in the market have launched ultra-low price equity incentive plans such as “1 yuan purchase”. Whether there is benefit transmission in the low grant price has aroused the attention of the market and supervision, but also caused the discussion on the rationality of equity incentive in the market.
Under the current market environment, there are clear policy guidelines for listed companies to implement equity incentive, and enterprises cannot design in violation of relevant policies and regulations. In the process of implementing equity incentive, the company should design the implementation scheme relatively flexibly and according to local conditions from the perspective of initiative. The above-mentioned relevant person in charge of Tiger Group said, “a reasonable equity incentive plan needs to have two core elements: first, it is legal and compliant, and equity incentive should be implemented under the provisions of national policies; second, the incentive plan should be consistent with the current situation and needs of the company’s business.”
In Wang Weijia’s view, a reasonable equity incentive plan should meet three requirements: first, the incentive object should be targeted and should be employees who can effectively promote the rapid development of the company; Secondly, the equity incentive scheme needs to be linked with performance appraisal, and the performance goal can neither be a mere formality nor divorced from reality; Finally, the equity incentive plan should have the thinking of “dynamic incentive”, and timely adjust the scheme in the process of the company’s continuous development, so as to make the incentive objects always maintain the enterprising consciousness.
