The new lake in the treasure to push the equity incentive Shenwan that the right standard is low

2007, the new lake in the Treasure (600208, closing price 6.72 yuan) has launched the first equity incentive plan; three years later, a new round of equity incentives in new lakes was broken again yesterday (December 21).　　However, the daily economic news reporter after combing a number of securities research reports found that Wanguo pointed out that, and the last equity incentive to the right conditions compared to the performance growth rate is significantly lower. New lake in the treasure to push the new lake treasure yesterday issued a notice, the company intends to give the incentive to the total amount of 299.85 million stock options. The total number of the incentive target of 851 people, the incentive plan is valid for 4 years from the date of the stock option grant, the incentive object to the authorized shares in three phase of the right.　　During the period of three, the feasible right part is 30%, 40% and 30% of the total authorized stock options respectively, and the right price is 6.25 yuan. In accordance with the draft equity incentive, the performance standard of the successful line is 2011 years ~2013 the net profit before the Non-recurrent profit is not less than 1.56 billion yuan, 2.3 billion yuan and 3.5 billion yuan, the net assets yield is not less than 12%, the net profit after the Non-recurrent profit and loss is not less than 1.1 billion yuan, 1.8 billion yuan and 2.7 billion yuan,　　The return on net assets is no less than 10%. It is doubtful that the draft equity incentive bill in the new lake has not immediately received enthusiastic market response. Yesterday morning, the new lake in the treasure trend flat, the stock price briefly soared immediately after the fall, the increase has shrunk to less than 1%.　　Until the afternoon by the real estate sector overall strength of the drive, the share price began to rise, the final closed to 6.72 yuan, up 7.52%.　　Market participants pointed out that, from the trend of the new lake yesterday, the strength of the stock price, more by the real estate sector as a whole, it seems that the market for the company launched the equity incentive is not as enthusiastic as expected. Shenwan: The condition is easy to reach the probability big in fact, as early as December 2007, the company has launched an equity incentive, at that time for the performance of the right to meet the growth rate of the requirements are 45%, 50%, 66%.　　And in the 2007 ~2009 years, the new lake in the business scale and operating performance steadily increased year in, net profit annual composite growth rate of up to 66%, total assets and net asset composite growth rate of 45.8% and 29.6% respectively.　　And for the equity incentive, the major brokerages yesterday also issued a research report.　　Citic Securities believes that under the current conditions of the right to do so, the company is expected to continue to ensure the performance of the next three years of robust growth. Wanguo that the right to a more relaxed conditions, to achieve greater probability. In accordance with the company announced the right to profit indicators, means that the 2011, 2012, 2013 net profit growth rate of 4%, 47%, 52%, composite growth of 30%; the index relative to the 2007 incentive implied in 45%, 50%, 66% growth is significantly lower.