Shenzhou Thai Yue Hair "golden handcuffs" 300 employees share 4.5 million options

Gem company China Yue (300002, closing price of 60.31 yuan) in the listing is about to expire on the occasion. Launched a long gestation of equity incentives.　　Yesterday evening (August 4) the company issued the relevant draft. However, unlike other companies, Shenzhou Thai Yue This target limited to the middle of the company and the core technical staff, the company Director of the High Commissioner did not participate.　　The right to the price of August 4 the shares close to 60.31 yuan/share, while the main right conditions for the company in 2010 ~2013 year, the 4 years of the composite growth rate of net profit is not less than 16%. The incentive does not include executives according to the draft equity incentive plan, the company plans to grant about 300 incentives to 4.5 million stock options, accounting for 1.42% of total equity. These 300 people will all be middle management, core technology (business) backbone of the company, and other personnel that the Board deems necessary to motivate.　　Inclusive of a one-year waiting period, the entire scheme is valid for no more than 6 years from the first authorization date. The company's directors, senior managers, independent directors, and supervisors are not within the incentive targets involved in the incentive plan, said the Shenzhou Tai Yue.　　This is also the difference between China and other gem companies, such as the first gem to disclose the incentive plan of the Pathfinder (300005, closing price of 20.70 yuan), the scope of incentives to expand to the executive. "Given that executives have raw stocks, the incentive is to focus on employees," he said. "Yesterday evening, the Shenzhou Thai Yue Dong Huang Song waves this to the daily economic news, said." As of the end of 2009, Shenzhou Thai Yue has a total staff of 2235 people, the 300 participants accounted for the total number of 13%. And the Shenzhou Thai Yue in order to tie up and even attract talent of the hope, also in this draft is revealed. Although the list of specific incentive targets has not yet been determined, 450,000 of the 4.5 million options will be reserved and "new and advanced talents are being introduced and promoted in the coming year". "The price of the line, the draft is determined as August 4, the company close to 60.31 yuan/share; In this calculation, Shenzhou Tai Yue The equity incentive involved in the amount of about 271 million yuan." Although this price is far less than the Oriental garden (002310, close 168.89 yuan) 129.98 yuan A-share sky-high prices, put the whole market is also quite high level.　　Huangsong said the company chose to launch the program at this point in the market and did not consider too much of the stock price factor. The next four years to grow steadily in the outside world of the most concerned about the right to the conditions of the section, the Shenzhou Tai Yue is such a stipulation: the company this grant of stock options will be in the future in four period to unlock, the 2010 ~2013 years in the 4 fiscal year, the annual net assets yield is not less　　And the net profit growth for each year relative to 2009 will be no less than 20%, 25%, 50% and 80%. That is to say, according to this draft, the net profit of the 2013 year of Shenzhou Yue, only need to increase by more than 80% on the basis of 2009. After a rough calculation of the reporter found that this means the Shenzhou Tai YueIn the 4 years since this year, net profits have been matched by only 16% per cent growth.　　And the same as last year's IPO restarted the second-time IPO star of the Oriental Garden, the equity incentive performance target is 5 times times the 5-year performance growth, while the Pathfinder has set the right conditions for itself based on 2009-year performance indicators, but the company's 2011 ~2013 year's net profit growth rate should be no less than 30%, 70% and 120% respectively. Some market participants pointed out that, compared with the above two companies, Thailand Yue sent the performance indicators relatively low; in particular, compared with the Pathfinder, "is the Thai Yue as the backing of China Mobile's science and technology companies, growth is not as much as a retail business to do outdoor products?" Yesterday evening "daily economic news" also asked the company on the draft performance objectives of the view, the Huangsong said: "The company to do now, operating income, net profit and other bases are relatively large, so the future is to seek a sound development." "But in the opinion of industry researchers, 16% of the composite growth rate is in fact in line with the company's development trend." Yesterday evening Huang Song also admits, after flying a letter will enter the smooth operation stage, no more explosive growth. However, the same with China Mobile, the rural credit and communication business, the company issued a project contract announcement on 3rd; Huangsong told reporters that this is the company and China Mobile on the signing of a formal contract, meaning that the business will officially enter the scale of operation.