In the face of the rapid rise of new forces in car making and the fierce “crowd grabbing” caused by high salaries, traditional car enterprises have fought back one after another.
On April 22, Byd Company Limited(002594) ( Byd Company Limited(002594) . SZ) announced that the board of directors of the company reviewed and approved the share repurchase plan and planned to repurchase shares with 1.8 billion ~ 1.85 billion yuan. All the shares repurchased will be used to implement the company’s employee stock ownership plan.
Byd Company Limited(002594) the participants of the employee stock ownership plan include the company’s employee representative supervisors, senior managers, middle-level managers and core backbone employees of Byd Company Limited(002594) group. The total number of participants does not exceed 12000, and the transfer price is 0 yuan / share. The participants do not need to contribute.
Calculated by 1.8 billion yuan to buy back shares and 12000 participants, it is equivalent to that each person will receive 150000 yuan worth of shares free of charge.
Byd Company Limited(002594) said that in order to further activate the company’s technological innovation capability, maintain the industry competitive advantage and promote the company’s long-term sustainable development, the company plans to repurchase shares for the employee stock ownership plan, continuously improve the long-term incentive and restraint mechanism of mutual benefit and win-win results, effectively combine the interests of shareholders, the company and the core team and personal interests, and improve the overall value of the company.
Byd Company Limited(002594) the underlying shares held by the employee stock ownership plan are unlocked in three phases. The unlocking time points are 12 months, 24 months and 36 months from the date when the company announces the last transfer of the underlying shares to the name of the employee stock ownership plan. The proportion of the underlying shares unlocked in each phase is 30%, 30% and 40% respectively. The specific unlocking proportion and quantity of each period shall be determined according to the results of the company’s performance assessment and individual performance assessment.
The employee stock ownership plan takes three fiscal years from 2022 to 2024 as the performance evaluation year, and the evaluation is conducted once every fiscal year. In terms of the company’s performance, the performance assessment indicators of the three unlocking periods are that the growth rate of revenue in the audited consolidated financial statements is not less than 30%, 20% and 20%. The announcement clearly mentioned that if the company’s performance appraisal indicators are reached, the underlying stock rights and interests corresponding to each period of the employee stock ownership plan can be unlocked. If the performance evaluation index of the company corresponding to an unlocking period is not reached, the underlying stock rights and interests corresponding to the unlocking period shall not be unlocked and shall be recovered by the company at the price of 0 yuan. According to Byd Company Limited(002594) 2021’s revenue of 216142 billion yuan, the revenue from 2022 to 2024 will sprint 280985 billion yuan, 337182 billion yuan and 404618 billion yuan respectively.
Byd Company Limited(002594) said that the stock ownership plan fully considered the restraint mechanism for employees, set the lock-in period of the employee stock ownership plan, and specifically unlock the indicators of the company’s performance assessment and individual performance assessment required. The setting of the assessment indicators is challenging and can fully convey the company’s vision for future performance growth.
As the champion of Shanxi Guoxin Energy Corporation Limited(600617) automobile sales in China, Byd Company Limited(002594) sold 104900 new energy vehicles in March this year, becoming the first brand selling “100000 +” new energy passenger vehicles in China. The cumulative sales of new energy vehicles in the first quarter of this year was 286300. However, the competition of Xinneng automobile track is becoming increasingly fierce, and Byd Company Limited(002594) faces fierce attacks from many enterprises. In addition to Tesla‘s strong enemy, electric vehicle enterprises such as ai’an and “Wei Xiaoli” are also fierce. In addition, Xiaomi, Baidu, didi and other technology enterprises have also joined the car making camp and set off a new round of talent competition. Xiao Yong, deputy general manager of GAC ea’an, said in an interview with the first finance and economics reporter not long ago: “the talent war is becoming more and more intense, and it is common for car enterprises to dig corners. From time to time, we will receive all kinds of high salary information.”
New car manufacturers have poached many high-end talents from traditional car enterprises and other industries by means of generous salary and equity incentive. This year, the industry once heard that Gu Hongdi, President of Xiaopeng automobile, had an annual salary of 435 million yuan. Although Xiaopeng automobile later refuted the rumor that the value of the shares held by the executive was misinterpreted as the annual salary, and more than 99.5% was the equity incentive accumulated for many years, it can be seen that the equity incentive of the new power enterprise of car making is particularly attractive.
In order to promote key talents such as technology R & D backbone and senior management to form a community of interests with enterprises, automobile enterprises have taken actions one after another. Among them, last month, gac-e’an’s “employee equity” incentive plan was implemented, and 679 employees and 115 scientific and technological personnel of GAC Research Institute jointly held 4.55% equity of gac-e’an by means of non-public agreement capital increase.
Byd Company Limited(002594) this time, 12000 people will enjoy the “0 yuan share option” equity incentive plan. At present, the average salary of Byd Company Limited(002594) employees is far lower than that of Tencent and other technology enterprises, and even has no advantage in independent car enterprises. According to statistics, in the per capita salary of three leading independent brand enterprises Byd Company Limited(002594) , great wall and Geely last year, Byd Company Limited(002594) ranked last, with a per capita salary of only 103300 yuan.
Byd Company Limited(002594) with the rapid growth of sales, while accelerating the expansion of employees, it also increases the talent incentive mechanism. Although Byd Company Limited(002594) per capita salary is not high in the industry, it is still very generous to key executives Byd Company Limited(002594) last year, the salary expenditure of key executives reached 73.09 million yuan, an increase of 2% year-on-year, of which, the annual salary of Byd Company Limited(002594) vice president Li Ke was 7.962 million yuan, the highest in Byd Company Limited(002594) annual salary, and vice president Lian Yubo was 7.541 million yuan, ranking second. In Byd Company Limited(002594) this plan to spend 1.8 billion yuan to buy back the company’s shares for the 12000 employee stock ownership plan, 14 employee representatives, supervisors and senior managers such as Li Ke and Lian Yubo jointly plan to distribute shares accounting for 7%, with an average of 9-9.25 million yuan of shares.
This plan is a great challenge for the employees in the industry, but it is also a great incentive for the employees in the industry.
