China South car send "golden handcuffs" 328 people share 36.74 million options

A year after the launch of the company's stock appreciation Rights program, China Southern Car (601766, closing 5.43 yuan) eventually abandoned the plan, and further launched the "upgraded version" of the equity incentive scheme. The company adopted the stock options plan (draft) at its board meeting on September 27.　　At this point, China's southern car has been brewing a long time of the equity incentive scheme finally broke the cocoon. Equity incentive plan released today (September 28), China Southern Car said in a notice disclosed, in order to mobilize the company's senior management and key staff enthusiasm, to create higher value for the company and shareholders, the company intended to award 328 people a total of 36.74 million shares (the total share capital of 0.31%) stock options, Each stock option can buy a share of China Southern car for 5.43 yuan during the right period. Among them, the company chairman Zhao Xiaogang and vice chairman, President Zheng respectively were awarded 200,000 shares of options.　　According to the equity incentive scheme, the incentive object can exercise one-third of the option every year for 7 years after the expiration of two years from the date of grant. Notice disclosed, the condition of the equity incentive is the weighted average net asset yield of three years after the previous financial year (2009), and not less than 10%, and not less than the 50-point value level of the same industry benchmarking company; revenue for the previous financial year three-year compound growth rate of not less than 20%, And not less than the same industry benchmarking company 50-point level. The right condition is that the weighted average net asset yield and the annual growth rate of the business income after deducting the non-recurrent profit and loss in the prior year of entry into force are not lower than the performance conditions, and not lower than the 75-point value level of benchmarking companies in the same industry.　　Which, the first, second and third batch of options for the entry into force of the performance conditions, the first, secondly, the last annual weighted average net asset yield is higher than 11%, 11.5% and 12% respectively, at the same time before the commencement of business income growth rate of not less than 25%, and not less than the same industry benchmark companies 75 The original incentive plan was withdrawn. In fact, before the launch of China Southern Car's equity incentive plan, the Board of Directors of the company in December 2008 to consider the adoption of another version of the internal incentive scheme, namely the "Stock appreciation rights plan."　　The incentive model for this value-added program is according to the difference between the price of the line and the two-tier market share price (H-Shares), the value-added income is paid to the incentive by cash, does not involve the new equity or buys the company stock from the level two market, and is obviously different from the equity incentive scheme introduced. It is worth mentioning that, although at that time, including CICC, the major agencies have given a positive evaluation of the plan, that the stock appreciation rights program is conducive to long-term sustainable development of the company, the establishment of the company's management and investors in the interests of sharing, risk-pooling mechanism.　　However, some market participants have expressed doubts about the incentive effect of this method, and pointed out that the listed companies need to bear the cost of incentive and other issues. Comparison of two incentive schemes, previously proposed by the increaseThe value scheme involves only 27.23 million shares, equivalent to 0.23% of total equity, and the new equity incentive scheme, which involves 36.74 million shares and an increase to 328 people, can be said to be an "enhanced version" of the original incentive scheme. Insiders also pointed out that the new round of equity incentive plan will be to attract, stabilize the company's core management personnel and technical personnel have a positive role, and further improve the enthusiasm of the company's core team, conducive to the growth of corporate performance, which is undoubtedly a good news for investors.