100 yuan stock "zero" yuan offer?"Lithium King" receiving customs letter

Source: Securities Times

Soon after the employee holding plan was released in 2022, the "Lithium King" received a letter of attention from the exchange.

On September 9, the exchange issued a letter of attention to the lithium industry, asking the company to supplement the pricing method, basis and rationality of the employee holding plan, and whether it harms the interests of listed companies and small and medium shareholders. Whether the performance assessment indicators meet the company's current business development and performance improvement requirements.

This year, many A -share listed companies have released the "zero" yuan equity incentive plan, including BYD, Coron Pharmaceutical, Fuguang, and Century Huatong.

In this regard, Dong Dengxin, director of the Institute of Finance and Securities of Wuhan University of Science and Technology, told the Securities Times reporter that if the threshold for equity incentives is too low, it will affect the equity of shareholders to a certain extent. Need reasonable.

"Lithium King" received a letter of attention

The employee holding plan released by Tianqi Lithium on August 31 this year has attracted the attention of the exchange. On September 9, Tianqi Lithium announced that the company received a letter of attention from the exchange.

On August 31, 2022, the company disclosed the "2022 employee holding plan (draft)" and "Announcement on the company's shares in concentrated bidding transactions". The company's stock repurchase of listed company stocks, the company's board of directors passed the average company stock transaction price of the company's stock on the first 30 trading days of the company.

The price of the employee shareholding plan is 0 yuan/share, and the performance assessment indicator at the company level is "as of the end of 2024, the company's lithium chemical product production capacity has reached 90,000 tons of lithium carbonate (equivalent)."

The Shenzhen Stock Exchange requires the company to explain that the employee holding plan company level performance assessment index only includes the main consideration of production capacity indicators, and no other income and net profit performance assessment indicators can reach the "establishment and sound core of the" establishment and improvement of the draft "in the" Draft ". Backbone employees, companies, and shareholders 'risk sharing, interest sharing' mechanisms, encourage core employees and backbone employees to have the same destiny 'with the company's "breathing and common destiny', thereby enhancing the cohesion of core employees and backbone employees and the company's overall value of the company's overall value "The goal is to meet the company's current business development and performance improvement requirements, and how the company intends to ensure that the employee holding plan will effectively produce incentives.

It is worth noting that the price of the shareholding plan for the employee shareholding plan is 0 yuan/share. Whether it is conducive to establishing and improving the interest sharing mechanism of employees and companies, whether the "guidance opinion on the pilot of the implementation of the employee holding plan of the listed company" is in the basic principles of "profit and loss, self -risk", and whether it is conducive to improving the company's competitiveness Whether to harm the interests of listed companies and small and medium shareholders.

Net profit in the first half of the year exceeds 100 billion yuan

Benefiting from the rise in lithium resources, Tianqi Lithium Industry achieved revenue of 14.296 billion yuan in the first half of the year, and realized net profit of 10.328 billion yuan in mother -in -law. While released the semi -annual report, the company also released the 2022 employee shareholding plan. It is planned to repurchase the A -share ordinary shares for employee holding plan. The price of the purchase shares does not exceed 150 yuan/share. The total number of companies participating in the employee's shareholding plan does not exceed 240 (excluding the number of reserved persons), of which a total of 9 people and supervisors of the company. The price of the company's repurchase of stocks in this plan is 0 yuan/share, and it has set up a 36 -month lock -up schedule. The company's performance assessment is that as of 2024, the company's lithium chemical product production capacity reached 90,000 tons of LCE.

At present, the company has three production bases in China, with a total of about 44,800 tons of lithium salt capacity. In addition, the first phase of the Australian Qunana project has an annual output of 24,000 tons of battery -level lithium hydroxide production lines in the trial production stage; Suining Anju's annual output of 20,000 tons of battery -grade lithium carbonate production line is under construction.

In addition, the company also holds 21.90%of SQM. SQM has an annual output of 120,000 tons of lithium carbonate production capacity. It is expected that lithium carbonate production capacity will increase to 180,000 tons in the second half of this year. SQM 2021 lithium carbonate sales are about 101,100 tons. This year's annual sales are expected to increase from the original 140,000 tons of LCE to 145,000 tons of LCE.

Regarding the trend of lithium salt in the future, Li Guo, vice president of Tianqi Lithium, stated at the performance briefing, "From the perspective of the supply and demand end of the current mastery, the overall situation is still in the landscape. Considering the supply and demand relationship, it is expected that the future is expected Within 18 months, the product is still in short supply. Although the supply and demand tensions will be improved with the launch of production capacity. "

Guoxin Securities believes that the company has the world's best pyroxyl and lithium salt lake resources, and the resources end have strong potential to expand production, which provides solid raw materials for the expansion of the energy expansion of the midstream lithium salt production. Performance elasticity.

Expert: Equity incentive needs reasonableness

In fact, this year, many companies have issued the "zero" yuan equity incentive plan. In some companies' equity incentive plans, there are clear performance assessment goals, but some companies do not set up performance assessment indicators. Welfare delivery of employees.

The employee holding plan announced in late April this year shows that the company plans to repurchase shares for 1.8 billion to 185 billion yuan, and the repurchase price will not exceed 300 yuan/share. The company has currently issued 0.206%of the total share capital, and the repurchase shares will be used to implement the company's employee holding plan. The company plans to launch an employee shareholding plan, with a total number of participants not exceeding 12,000. Participants include the company's employee representative supervisors, senior managers, and middle management personnel and core backbone employees. The employee shareholding plan will be transferred to the company's shares that the company plans to repurchase through non -trading transfer, and the transfer price is 0 yuan/share.

In the equity incentive plan, BYD also formulated corresponding performance assessment indicators. The employee holding plan is planned to be evaluated by the three accounting years from 2022-2024, and each accounting year is assessment. The performance assessment indicators of the 3 unlocking period are that the revenue growth rate is not less than 30%, 30%, and 20%.

Coron Pharmaceutical, Fuguang Co., Ltd., Century Huatong, etc. have also released the "zero" yuan equity incentive plan this year. Among them, the source of the employee holding plan announced by Fuguang shares is the company's A -share ordinary shares for the company's special account. No more than 120,000 shares, accounting for 0.08%of the company's current total share capital, but there is no requirements for performance assessment. Subsequently, the company received the supervision letter of the Shanghai Stock Exchange. The company adjusted the shareholding plan to the transfer price of 10 yuan/share, and increased the company's overall performance assessment goal.

Dong Dengxin believes that the essence of equity incentives is still the enthusiasm of mobilizing the company's management and key technical personnel. The key is to depend on the difficulty of setting the performance goals. If the performance goal itself is difficult to achieve, it is understandable to give the necessary rewards. The inspiration threshold itself is low, and the distribution of this as employee benefits will more or less affect the rights and interests of shareholders. The company's management should make more explanations, and equity incentives need to be reasonable.

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