Celestica Fund employees shareholding path exposure

Wang Rui by reporter from Beijing

Ali holding Tianhong Fund finalized in May, the full holdings of Celestica fund also recently released.

Daily Economic News reporter found in the national corporate credit system, Celestica equity incentive employees covering more than 200 people, and its current number of employees roughly the same. According to "Beijing Times" reported that Guo Shuqiang, general manager of which became the largest beneficiary of this equity incentive, a total investment of more than 4200 million yuan, accounting for 2.42%, the highest proportion of internal staff in the Celestica Fund.

Celestica Fund employees shareholding list was disclosed by the media, the industry has caused a wave of commotion, while drawing the envy of other fund companies. The industry is expected in the future there will be more and more fund companies to introduce equity incentive mechanism.

208 natural person shares

Previously Inner Mongolia Junzheng (601216, closing price 10.4 yuan) announcement, Celestica shareholders have four limited partnership equity investment enterprises, a total of 11% stake, respectively, Xinjiang Tianrui Bo Feng equity investment partnership (hereinafter referred to as days Ruibo), Xinjiang Tianhui Xinmeng Equity Investment Partnership (hereinafter referred to as Tianhui Xinmei), Xinjiang Tianfu Henderson Equity Investment Partnership (hereinafter referred to as Tianfu Henderson) and Xinjiang Tianju Chenxing Equity Investment Partnership Referred to Tianju Chen Xing), respectively 3.5%, 2%, 2% and 3.5%.

The reporter in the national corporate credit system inquiries, behind the four companies behind, there are also hidden two companies - Xinjiang Tianjing double and equity investment partnership (hereinafter referred to Sky King Shuanghe), Xinjiang Tianzheng Yuxing equity investment Partnership (hereinafter referred to as Tianzheng Yuxing). In other words, the actual total of six companies as Tianhong equity incentive stock ownership platform.

Specifically, Tianfu Henderson is funded by 4 people including Guo Shuqiang. There are 33 Tianrui BoFo partners, including 32 natural persons and Tianjing Shuanghe (50 natural persons); Tianju Chenxing partner is 33 natural persons , And Tianzheng Yuxing (50 natural persons); Tianhui New Alliance partner is 40 people. A total of 208 natural person shareholders of the above six partnerships, Celestica employees a total investment of 183 million yuan.

Specific to individuals, Guo Shuqiang actual holding Tianhong Fund shares accounted for about 2.42% of the total shares of Celestica, accounting for 22% of the total equity incentives; followed by Zhou Xiaoming, invested 22 million, holding 1.75 %; The other three vice president Chen Gang, Ning Chen, Zhang Lei, respectively, 1.16%, 0.232% and 0.28%, Inspector Tong Jianlin holding 0.2874%.

Open raised full shares precedent

"At the beginning of last year, when two colleagues in our company went to Tianhong, we went to Tianhong for over a year and took more than 200,000 yuan of shares. Now we are envious of envy and hate." A Shanghai fund Company personage to "Daily Economic News" reporter said.

In recent years, there has been a serious brain drain in the fund industry, frequent changes in management, and how to retain outstanding employees, all of which have become problems common to the entire industry.

Equity incentives have been mentioned for a long time in the fund industry, but due to the restriction of laws and regulations, executives of fund managers who want to realize equity incentive can only indirectly hold shares by other means. Since many large fund companies and old fund companies are subordinate to central SOEs, especially some of the larger fund companies have higher valuations, equity incentive directly at the level of raised funds is more difficult. Therefore, it is the main choice for the fund company to adopt the curve of the fund-holding subsidiary or to implement the equity incentive in disguise. Reporters noted that in the 67 approved special subsidiaries have been approved, equity incentive arrangements have reached 10.

The new "Fund Law", which was implemented in June last year, allows professionals to hold the equity of fund companies. Meanwhile, regulators release the approval of changes in equity of fund companies below 5%. This means that the door to the policy of equity incentive fund companies has been opened.

In this context, the Central European Fund has opened the public offering fund employees hold the precedent. Dou Yu-ming, chairman of the Central European Fund, once said that foreign shareholders and other shareholders in the future will continue to transfer their shares to the core team. According to the development needs of the company, continue to promote employee ownership, so that a larger level of core staff through the form of personal investment company shares.

However, Celestica Fund launched a full coverage of all shareholders, all employees can participate in equity incentives, which will be the equity industry equity incentive to take a big step forward.

"Since there have been one or two fund companies have implemented equity incentives, I believe other companies will follow suit," said a fund company in Shanghai said.

Shanghai, a fund company executives believe that the reform of the equity system is the best long-term development of the company protection, Celestica Fund's full ownership incentive is actually a system of benefits, employees become shareholders, the company will be more responsible and pay more attention The company's development, the company's long-term development will be protected; If young employees into the company's core structure, the company's long-term development in the Internet environment may be better.

Some people ridicule this way, "the implementation of full ownership incentive is the better I get, the executive incentive is the best I did for you (you get the top executives), equity incentive is dry So no matter how good it is. "

Valuation imagination huge space

Celestica Fund With the sudden emergence of treasure in Alipay, under the control of Ali, the future development should not be underestimated.

"Fund companies can be listed on the vision, once the conditions are ripe, especially as Tianhong this fast-growing company, the future valuation of imagination is a great space," said a fund company business people.

A fund company marketing department believes that the best exit mechanism for equity is the market, the market will give the company a premium valuation, and now get the shares of Celestica Fund, the future value of a few times is also entirely possible.

"Even a regular dividend is good for employees," said the fund company's e-commerce activist.

Celestica staff equity incentive implementation, so that many fund companies shouting "Guiqiu join." However, "Daily Economic News" reporter noted that Celestica in employment has raised the threshold. "Now the threshold of recruit students is also a lot higher, such as the school and education have strict requirements," Celestica fund stakeholders said.

Prior to this, when CITIC Securities transferred 51% equity interest in Huaxia Fund in 2011, the premium was as high as 494.22%. However, the past two years, the equity transfer of fund companies point of view, the market does not seem optimistic.

Internet finance has skyrocketed since last year, especially after the birth of Yu Bao, various kinds of balance products have mushroomed. To attract customers, the fund companies staking their horses, and strive to cooperate with all types of e-commerce platform.

Today, Internet finance has finally calmed down and seems to have entered a low tide.

An e-commerce activist said that now the hot spot sought by the fund companies is to work with the three major carriers. However, in fact, the fund companies have been losing their streak to the present and the marginal utility has dropped significantly.

Product innovation has also become a fund company to develop Internet finance around the hurdle.

"Internet finance has entered a bottleneck period, the first is the product breakthrough barriers; Second, due to industry regulation, there are many investment areas can not get involved," a fund company responsible for the electricity supplier said that in the first round of staking, Get a large number of client fund companies, then have to consider what products and services should be introduced to retain customers. For Celestica, how to get rid of excessive reliance on Yu'ebao and introduce more explosive products has become an important issue for its future development.