Discussion on the concrete way of Tsingtao beer stock right Incentive plan

-Our correspondent Chen Muhong June 16, Qingdao Beer (600600) 2008 annual shareholder meeting held in Qingdao, the company chairman Jinzhiguo presided over the meeting. Because Tsingtao has a high degree of concern, the meeting attracted more than 30 brokers, funds and individual shareholders at home and abroad, as well as some organizations interested in the company and media reporters.　　The company's management has responded to questions of interest to shareholders. The beer market is becoming more and more competitive Jinzhiguo the chairman, replying to shareholders about the current situation in China's beer market, said, "Under the influence of international beer giants, the Chinese beer market has increased competition, and now the top three of China's market share of 40%, the top 10 have reached more than 60%, a single look no more than 10%, So the future market share will also focus on good business. "Jinzhiguo went on to preach:" In the context of the global financial crisis, the Chinese beer market competition is more and more fierce, and unfair melee competition of small and medium-sized enterprises are regulated, so that the entire industry to accelerate the promotion. From the current situation, the entire beer industry can not have a high average profit margins, but increasingly concentrated in the first few beer giants here. And the market share is high, the product quality is good, the expense control is more powerful, the cost is lower the enterprise will prevail. From horizontal expansion to its own vertical integration is an effective way to improve profits, horizontal integration will increase sales, but without vertical integration will not improve profits. "The specific mode of equity incentive is still in the discussion of investors on the company's equity incentive more concerned about, Jinzhiguo said:" Equity incentive companies are also in progress, but there is no specific system, because in accordance with existing policies and regulations on the current equity incentive has a certain degree of constraint, Sasac stipulates that the level of incentive can not exceed 1% of the share,　　Of course, this is related to the size of the plate, there is no case in the policy can be referred to, according to the proportion of incentives to do little, the company is exploring whether there are other favorable ways, the company's performance growth and shareholder returns better way, including the Executive director pay adjustment. "Do not understand" the domestic market development there are investors asked chairman Jinzhiguo to predict the Chinese beer market integration to the final results may be what kind of, Jinzhiguo replied: "We now appear to be dominant three (refers to Tsingtao beer, China Resources Snowflake, yanjing Beer), Belgian English beer is also very competitive in the country." But the recessive is not easy to say, like the United States Budweiser, a few years ago is the world's eldest brother, now also disappeared, InBev came up, the Chinese beer market plate operation will be like this, this test the wisdom of the management of the enterprise.　　The Chinese market will come back to the rational competition, so as to avoid the loss of disorderly competition to investors, on the development of domestic market forecasts, Jinzhiguo said, now still do not understand, can only say that the U.S. market is the future model of the Chinese market. However, the shareholders ' meeting did not give reporters a chance to ask questions, a reporter shouted to ask questions, Jinzhiguo hesitated for a long time or did not answer, seems to give people a senseFeel Jinzhiguo than before the media talk less calm and self-confidence, which also left a little regret to this shareholder meeting.