[Source: Gaogong LED's "LED Research Review" magazine February issue Reporter / Zhao Hui] Recently, Alto Electronics (SZ.002587) board of directors reviewed and approved "about <Stock Option and Restricted Stock Incentive Plan (Draft)> and The bill of the abstract, the company intends to grant a total of 3.3 million shares to the company's directors, senior management, middle management, core backbone and other 108 people, accounting for 3.02% of the company's total share capital of 109.2 million shares.
Prior to this, Liard (SZ.300296) announced that it had completed the registration of the first 2.7 million options.
It is understood that LED listed companies already include Qinshang Optoelectronics, Dehao Runda, Ruifeng Optoelectronics, Moso Power and other companies have launched their own equity incentive plan, and some companies have completed the first phase of equity grant.
According to industry insiders, the equity incentive plan can fully mobilize the enthusiasm of the core technical personnel and management personnel of the enterprise, and at the same time combine the interests of shareholders, enterprises and individuals to ensure the stability of the core personnel of the enterprise to a certain extent and resist the talents. Loss.
Frequent talent flow
"Now people are not good to stay. Last year, we went two backbones, one is to jump to another company, and one is said to do it ourselves." A person in charge of a packaging company with an annual output value of over 100 million told Gao Gong LED" reporter.
Since 2009, the LED industry has been favored by various capitals, and a large amount of funds have poured in, and LED companies have sprung up. With the development of the industry, talent has become a top priority for every company. However, many companies simply can't train their own talents, and key technical and management talents can only be obtained through digging.
“Many newly established companies have funds, but they don’t know LEDs and have no customer resources. At this time, digging people has become the most convenient method. Although the cost is a bit big, it is quick and has little risk. Like engineers and sales directors. People are the most common object of excavation," said a person in charge of the company who has worked for many years.
It is understood that many companies now offer a salary that is about three times that of the current one in order to dig people. At the same time, they will promise to give favorable conditions for housing and duties. Faced with these "sugar-coated shells", many people can't help but secretly change their minds. Therefore, frequent job-hopping has become a choice for many people.
“The flow of talents is in every industry. The rapid development of LED in recent years has intensified the flow of talents.†Deng Shoutie, deputy general manager and director of Hongli Optoelectronics, believes that the excavation between enterprises is only a temporary phenomenon.
In addition to the flow of talent between different companies, executives who have mastered core technologies and customer resources have also begun to stand on their own.
Listed companies come up with "golden handcuffs"
According to incomplete statistics, one-third of the LED companies currently listed have launched equity incentive plans, and some companies are also in the process of formulating plans for equity incentives.
In March 2011, Dehao Runda announced that it would grant 13.5 million stock options to incentive targets, accounting for 2.79% of the current company's total share capital. In July 2012, Qinshang Optoelectronics announced that it intends to grant 4.558 million stock options to incentive targets, involving 119 people, including senior management team and core business (technical) team.
In October 2012, Moso Power and Liard also launched the equity incentive plan.
"Equity incentives can maintain the stability of the core talents of the company to a large extent. Through the equity incentive plan, the core team can closely tie the personal interests and the development of the company to ensure the realization of the company's business objectives." Deng Shoutie believes that at present Equity incentives can help companies retain the most core talents during periods of frequent industry turnover.
Take Hongli Optoelectronics as an example. Since the company has granted equity to more than 80 employees of the company's core before the listing, the core team has remained stable after the IPO of the company.
"At this stage, we are more stable from the salary and corporate culture to stabilize the company's backbone team, but also began to consider the feasibility of equity incentives, employees will have the company as their own business and future." Zhang Hong, general manager of Zhejiang Intelli Optoelectronics, said.
Equity incentives for miscarriage
As the performance of listed companies continued to decline last year, some companies were forced to terminate equity incentives because their performance failed to meet the conditions of the equity incentive plan. In addition, because the stock price plummeted, the stock price and the exercise price were reversed, and the equity incentive became a castle in the air.
On December 28, 2012, Dongguan Qinshang Optoelectronics Co., Ltd. (hereinafter referred to as “Qin Shang Optoelectronicsâ€) passed the “Proposal on Terminating the Implementation of the Company’s First Stock Option Incentive Plan (Revised Draft)> and “About Termination†The implementation of the company's "Preliminary Stock Option Incentive Plan Implementation Assessment Method (Revised Draft)>", unanimously agreed to terminate the implementation of the company's first stock option incentive plan, and canceled 91.16 million shares of the stock options granted.
The reason for Qinshang Optoelectronics to terminate the equity incentive is mainly due to weak performance growth and the stock price is lower than the exercise price.
"The purpose of equity incentives is to fully mobilize the enthusiasm of the core backbone employees and promote the company's sustained and healthy development." Wei Li, deputy general manager and director of the company, said that 13 people left the company on the original incentive list. Incentives are an important reason.
Some insiders pointed out that last year, many listed companies' equity incentive plans were terminated due to performance reasons, and the main reasons for the excessive performance requirements of the exercise conditions were.
"This is contrary to the original intention of the company to retain core talent through equity incentives." An industry insider admitted.
Difficult to stop brain drain
Equity incentives are commonly referred to as “golden handcuffs†in the capital market. Retaining talents through equity incentives is recognized as the biggest bargaining chip for listed companies. However, it is this golden glittering and tempting "golden handcuffs" that is hard to resist the frequent loss of LED enterprise talents.
Since the date of the award, Qinshang Optoelectronics has 13 employees who have left their posts for personal reasons. The resignees involved the general manager's office, product center, development center and other departments. Zhang Wenliang is the assistant to the chairman and the brand director. Wang Weiwei Director of Information Management.
Other listed companies also have a large loss of executives and core personnel after the launch of equity incentives. During the equity incentive period, it seems unbelievable to abandon the equity and insist on leaving the company. In fact, there is another article behind it. It is understood that the general equity incentives require more than 3-5 years of exercise, and it is not as easy as the imaginary to enjoy the granted equity.
At the same time, the threshold for the exercise or unlocking conditions of equity incentive schemes formulated by many listed companies is also unattainable. Taking the latest launch of the equity incentive plan, Alto Electronics, the main exercise/unlock conditions are: compared with 2011, the net profit growth rate of each year in 2013-2015 is not less than 95%, 135%, 190%, respectively. And the weighted average return on equity of the year in each year is not less than 10%, 10.5%, and 11%, respectively.
According to the latest 2012 performance report issued by Alto Electronics, the company's operating income during the reporting period was 305 million yuan, an increase of 32% over the same period of last year; the net profit attributable to shareholders of listed companies was 51.45 million yuan, an increase of 53% over the same period of the previous year.
Longer exercise periods and unreasonable exercise conditions have become important factors hindering the role of equity incentives. “Equity incentives definitely have a great effect on retaining talents, but the rationality of the equity incentive plan is particularly important. When the company launches the equity incentive plan, the setting of the exercise conditions should be accurate and objective, otherwise the conditions will be too high. Or too low to lose the original incentive effect." Deng Shoutie stressed.
“Equity incentives may be more practical for executives and core personnel, and less attractive to employees at the grassroots level.†Luo Jing, vice president of marketing for Zhejiang Zhongzhou Optoelectronics, believes that the scope of equity incentives is relatively limited, mainly concentrated in executives. In the middle of the team and the core, there are still some problems waiting for improvement in the equity incentive plan.
“The frequent turnover of LED industry personnel is mainly caused by the shortage of talents brought about by the rapid development of the industry. Equity incentives are a way to retain talents, but they are not panacea. Enterprises can cultivate through various methods such as self-cultivation, industry-university-research cooperation and so on. "The team of talents, and through various ways to ensure the stability of the team." Zhang Hong said.
Prior to this, Liard (SZ.300296) announced that it had completed the registration of the first 2.7 million options.
It is understood that LED listed companies already include Qinshang Optoelectronics, Dehao Runda, Ruifeng Optoelectronics, Moso Power and other companies have launched their own equity incentive plan, and some companies have completed the first phase of equity grant.
According to industry insiders, the equity incentive plan can fully mobilize the enthusiasm of the core technical personnel and management personnel of the enterprise, and at the same time combine the interests of shareholders, enterprises and individuals to ensure the stability of the core personnel of the enterprise to a certain extent and resist the talents. Loss.
Frequent talent flow
"Now people are not good to stay. Last year, we went two backbones, one is to jump to another company, and one is said to do it ourselves." A person in charge of a packaging company with an annual output value of over 100 million told Gao Gong LED" reporter.
Since 2009, the LED industry has been favored by various capitals, and a large amount of funds have poured in, and LED companies have sprung up. With the development of the industry, talent has become a top priority for every company. However, many companies simply can't train their own talents, and key technical and management talents can only be obtained through digging.
“Many newly established companies have funds, but they don’t know LEDs and have no customer resources. At this time, digging people has become the most convenient method. Although the cost is a bit big, it is quick and has little risk. Like engineers and sales directors. People are the most common object of excavation," said a person in charge of the company who has worked for many years.
It is understood that many companies now offer a salary that is about three times that of the current one in order to dig people. At the same time, they will promise to give favorable conditions for housing and duties. Faced with these "sugar-coated shells", many people can't help but secretly change their minds. Therefore, frequent job-hopping has become a choice for many people.
“The flow of talents is in every industry. The rapid development of LED in recent years has intensified the flow of talents.†Deng Shoutie, deputy general manager and director of Hongli Optoelectronics, believes that the excavation between enterprises is only a temporary phenomenon.
In addition to the flow of talent between different companies, executives who have mastered core technologies and customer resources have also begun to stand on their own.
Listed companies come up with "golden handcuffs"
According to incomplete statistics, one-third of the LED companies currently listed have launched equity incentive plans, and some companies are also in the process of formulating plans for equity incentives.
In March 2011, Dehao Runda announced that it would grant 13.5 million stock options to incentive targets, accounting for 2.79% of the current company's total share capital. In July 2012, Qinshang Optoelectronics announced that it intends to grant 4.558 million stock options to incentive targets, involving 119 people, including senior management team and core business (technical) team.
In October 2012, Moso Power and Liard also launched the equity incentive plan.
"Equity incentives can maintain the stability of the core talents of the company to a large extent. Through the equity incentive plan, the core team can closely tie the personal interests and the development of the company to ensure the realization of the company's business objectives." Deng Shoutie believes that at present Equity incentives can help companies retain the most core talents during periods of frequent industry turnover.
Take Hongli Optoelectronics as an example. Since the company has granted equity to more than 80 employees of the company's core before the listing, the core team has remained stable after the IPO of the company.
"At this stage, we are more stable from the salary and corporate culture to stabilize the company's backbone team, but also began to consider the feasibility of equity incentives, employees will have the company as their own business and future." Zhang Hong, general manager of Zhejiang Intelli Optoelectronics, said.
Equity incentives for miscarriage
As the performance of listed companies continued to decline last year, some companies were forced to terminate equity incentives because their performance failed to meet the conditions of the equity incentive plan. In addition, because the stock price plummeted, the stock price and the exercise price were reversed, and the equity incentive became a castle in the air.
On December 28, 2012, Dongguan Qinshang Optoelectronics Co., Ltd. (hereinafter referred to as “Qin Shang Optoelectronicsâ€) passed the “Proposal on Terminating the Implementation of the Company’s First Stock Option Incentive Plan (Revised Draft)> and “About Termination†The implementation of the company's "Preliminary Stock Option Incentive Plan Implementation Assessment Method (Revised Draft)>", unanimously agreed to terminate the implementation of the company's first stock option incentive plan, and canceled 91.16 million shares of the stock options granted.
The reason for Qinshang Optoelectronics to terminate the equity incentive is mainly due to weak performance growth and the stock price is lower than the exercise price.
"The purpose of equity incentives is to fully mobilize the enthusiasm of the core backbone employees and promote the company's sustained and healthy development." Wei Li, deputy general manager and director of the company, said that 13 people left the company on the original incentive list. Incentives are an important reason.
Some insiders pointed out that last year, many listed companies' equity incentive plans were terminated due to performance reasons, and the main reasons for the excessive performance requirements of the exercise conditions were.
"This is contrary to the original intention of the company to retain core talent through equity incentives." An industry insider admitted.
Difficult to stop brain drain
Equity incentives are commonly referred to as “golden handcuffs†in the capital market. Retaining talents through equity incentives is recognized as the biggest bargaining chip for listed companies. However, it is this golden glittering and tempting "golden handcuffs" that is hard to resist the frequent loss of LED enterprise talents.
Since the date of the award, Qinshang Optoelectronics has 13 employees who have left their posts for personal reasons. The resignees involved the general manager's office, product center, development center and other departments. Zhang Wenliang is the assistant to the chairman and the brand director. Wang Weiwei Director of Information Management.
Other listed companies also have a large loss of executives and core personnel after the launch of equity incentives. During the equity incentive period, it seems unbelievable to abandon the equity and insist on leaving the company. In fact, there is another article behind it. It is understood that the general equity incentives require more than 3-5 years of exercise, and it is not as easy as the imaginary to enjoy the granted equity.
At the same time, the threshold for the exercise or unlocking conditions of equity incentive schemes formulated by many listed companies is also unattainable. Taking the latest launch of the equity incentive plan, Alto Electronics, the main exercise/unlock conditions are: compared with 2011, the net profit growth rate of each year in 2013-2015 is not less than 95%, 135%, 190%, respectively. And the weighted average return on equity of the year in each year is not less than 10%, 10.5%, and 11%, respectively.
According to the latest 2012 performance report issued by Alto Electronics, the company's operating income during the reporting period was 305 million yuan, an increase of 32% over the same period of last year; the net profit attributable to shareholders of listed companies was 51.45 million yuan, an increase of 53% over the same period of the previous year.
Longer exercise periods and unreasonable exercise conditions have become important factors hindering the role of equity incentives. “Equity incentives definitely have a great effect on retaining talents, but the rationality of the equity incentive plan is particularly important. When the company launches the equity incentive plan, the setting of the exercise conditions should be accurate and objective, otherwise the conditions will be too high. Or too low to lose the original incentive effect." Deng Shoutie stressed.
“Equity incentives may be more practical for executives and core personnel, and less attractive to employees at the grassroots level.†Luo Jing, vice president of marketing for Zhejiang Zhongzhou Optoelectronics, believes that the scope of equity incentives is relatively limited, mainly concentrated in executives. In the middle of the team and the core, there are still some problems waiting for improvement in the equity incentive plan.
“The frequent turnover of LED industry personnel is mainly caused by the shortage of talents brought about by the rapid development of the industry. Equity incentives are a way to retain talents, but they are not panacea. Enterprises can cultivate through various methods such as self-cultivation, industry-university-research cooperation and so on. "The team of talents, and through various ways to ensure the stability of the team." Zhang Hong said.
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