Lianxun employee stock ownership
The coverage rate is over 80%
Lianxun Securities recently announced that it will launch an employee stock ownership plan for 1 025 employees within the company, involving a total capital of no more than 83,453,600 yuan and a subscription price of 1.46 yuan/share.
If the plan is finally implemented successfully, Lianxun Securities will become the first securities company in China to promote the equity incentive plan.
Lianxun Securities said that the company's equity incentives are all registered employees of Lianxun Securities, but the total number of participants does not exceed 65,438+0,025. The total subscription share of the company's directors, supervisors and senior management personnel shall not exceed 25.37% of the incentive plan. Among them, Xu Gang, Chairman of Lianxun Securities, personally subscribed for 4.38 million shares, accounting for 5.25% of the shareholding plan.
According to the data of China Securities Association, the total number of securities practitioners in Lianxun Securities is 1262. According to the fact that no more than 65,438+0,025 people participate in this equity incentive calculation, the employee coverage rate of Lianxun Securities can reach 865,438+0.22%.
In terms of funds, the total share of this plan does not exceed 83.4536 million copies, and the total amount of funds does not exceed 83.4536 million yuan. The total number of shares corresponding to all effective employee stock ownership plans does not exceed 65,438+00% of the company's total share capital, while the number of shares corresponding to any shareholder does not exceed 65,438+0% of the company's total share capital.
If the total number of participants does not exceed 65,438+0,025, it means that the average subscription share of a single employee is about 865,438+0.4 million yuan, and the average subscription capital of a single employee is about 865,438+0.4 million yuan.
Employee stock ownership plan refers to the institutional arrangement that an enterprise entrusts part of the cash remuneration payable to employees, such as wages and bonuses, to an asset management institution for management, and purchases shares of the company through capital increase and share expansion or the secondary market and holds them for a long time, and shares rights and interests are distributed to employees as agreed. Huawei and China Ping An are typical examples of China's equity incentive. Employees of the two companies who have worked for a certain number of years can apply to buy shares in the company, but they are directly held by the trade union rather than the employees.
The first case of implementing equity incentives for companies listed on the New Third Board was Ren Hui Bio in June165438+1October last year. Before listing, the company granted 760,000 stock options for the first time, becoming the first listed company in the New Third Board to implement the stock option incentive plan and complete the registration.
New progress has been made in equity incentive of domestic listed companies. As early as 20 12, the CSRC's interim measures for the management of employee stock ownership plans of listed companies (draft for comments) was publicly solicited. With the promotion of "mixed reform" of state-owned enterprises, many listed companies controlled by state-owned enterprises once spread equity incentive plans, including a number of listed brokers, but there was no following.
Loan fund management channel
Avoid legal obstacles
It is understood that the equity incentive plan of securities companies is generally only implemented at the subsidiary level. Some securities companies often face legal and regulatory obstacles even if they have the idea of implementing employee stock ownership plan or pushing partner system.
The Securities Law stipulates that employees of stock exchanges, brokers, securities registration and settlement institutions, etc. shall not hold, buy or sell stocks directly or under a pseudonym or in the name of others, nor shall they accept stocks donated by others during their tenure. Moreover, anyone who becomes the above-mentioned listed person must transfer the shares he already holds according to law.
"Lianxun Securities actually issued an asset management plan for employees this time. The assets purchased by this asset management plan are the company's targeted capital increase products." A brokerage analyst said.
According to the data, Lianxun Securities will entrust CITIC Xincheng Asset Management Co., Ltd. to manage after the establishment of the company's asset management plan, and fully subscribe for the secondary share of "CITIC Xincheng Lianxun Qi Hang 1" established by CITIC Xincheng Asset Management Co., Ltd.
Then, Qi Hang 1 will subscribe for the directional capital increase stock being issued by Lianxun Securities at the price of 1.46 yuan/share, and the lock-up period of the target stock is 12 months, but the employee stock ownership management plan lasts for 24 months. As an asset management plan entrusted by "Qi Hang 1", funds can also be invested in low-risk and high-liquidity cash management tools such as bank deposits and money funds.
It is worth mentioning that due to the establishment of priority funds, the gains and losses of this employee stock ownership plan will also be amplified. The upper limit of Qi Hang 1 is 210.25 billion, and the secondary share and priority share are set according to the ratio of1:10.5. During the duration, Qi Hang 1 Asset Management Plan pays 10.7% of the annual benchmark return income and the management fee and custody fee of the special asset management plan to the priority fund every year.