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Shanghai Mellin Equity Incentive Policy Has Been Questioned.

2013/12/22 19:26:00 193

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the same as the listed company of Guangming Food Group, Shanghai Meilin's action is also considered to be the successful experience of replica Guangming dairy industry, and it has a sample significance at the launch of the new round of reform of state assets.

however, for Shanghai Mellin's equity incentive plan, the capital market chose to vote with feet.

In the face of loose conditions of exercise, the agencies expressed their dissatisfaction with the way of smashing the plate. In December 16th, the Shanghai Merlin fell to a limit on the resumption date.

Securities analysts worry that Shanghai Meilin's low exercise rights and limited incentives for corporate performance.

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December 16th, Shanghai Meilin announced that it intends to launch a stock incentive plan for 114 employees including senior executives, accounting for 1.39% of the total number of employees in the company, and 7 million 254 thousand restricted shares to be encouraged, accounting for 0.88% of the total share capital of the company.

in Shanghai Merlin's list of equity incentive objects, directors, presidents and party secretaries were awarded the 280 thousand shares, accounting for 3.85% of the number of restricted shares that the incentive plan intends to grant.

In addition, Xu Rongjun, director and vice president of the company, was awarded 160 thousand shares.

The list of the candidates for equity incentive shows that 12 directors, executives and some party and government members, including Guoqiang and Xu Rongjun, were awarded 1 million 880 thousand, accounting for 25.92%.

announcement shows that the award price of the < a href= "http://www.91se91.com/news/index_c.asp" > equity incentive < /a > is 5.46 yuan per share, which is 50% of the average price of the company's underlying stock in the first 20 trading days before the draft announcement.

The closing price of Shanghai Merlin in December 12th was 10.62 yuan / share. The share price of the company was 77 million 40 thousand yuan, while executives only paid 39 million 610 thousand yuan.

reporter understands, as early as the beginning of this year, Shanghai Meilin's equity incentive plan has been put on the agenda.

the same as the listed company of Guangming Food Group, Guangming dairy first took the lead in implementing the equity incentive plan in Shanghai's state-owned enterprises in 2010, and became the first single Shanghai equity incentive pilot reform.

after the equity incentive program was launched, Guangming dairy industry changed its previous performance downturn.

Operating income and net profit have achieved rapid growth.

In 2010~2012, Guangming dairy industry achieved < a href= "http://www.91se91.com/news/index_f.asp" > operating income < /a > 9 billion 572 million yuan, 11 billion 789 million yuan and 13 billion 775 million yuan respectively; net profit of the same period was 194 million yuan, 238 million yuan and 311 million yuan respectively.

the Shanghai SASAC website has issued the press release of Guangming Food Group to conscientiously implement the spirit of the state owned enterprise working conference.

According to the news, after the successful implementation of Guangming dairy's equity incentive, the sales revenue target of dairy industry in 2013 has reached 16 billion yuan, an increase of 17.2% over the previous year.

The news also said that Meilin group of Guangming group is also actively promoting equity incentive.

from the case of Meilin in Shanghai, the merger and acquisition of AI, PU and Su have made the strategic positioning change, from the old canned business to a comprehensive food company with chilled pork and meat products as the core and other leisure food businesses to develop in a diversified way.

Guangming Food Group has identified the brand food plate as a pillar plate, among which leisure food business and meat business are the main components of the brand food sector.

According to the business development mode and management structure of Guangming Food Group "a main industry, a platform", Shanghai Meilin will be built as a platform for the development of group leisure food industry in the future.

the exercise condition is too low ( ).

in view of the nature of < a href= "http://fz.sjfzxm.com/" > State-owned Enterprise < /a >, equity incentive is often regarded as a "golden necklace" rather than a gold handcuff linked to performance.

The Shanghai Meilin equity incentive plan has also attracted similar queries.

Some investors believe that the equity incentive of Shanghai Meilin is "half sold and half delivered".

in the face of loose conditions of exercise, the organization expressed its dissatisfaction with the way of smashing the disk. On December 16th, the stock volume of the company was down.

According to the data released by the Shenzhen Stock Exchange, 4 of the top 5 seats in the top 4 seats have been sold for 173 million yuan and become the main force of selling. Although there are 4 institutional seats, the total figure is only 43 million 582 thousand and 400 yuan, which is less than 54 million 271 thousand and 800 yuan sold by a seller's seat.

Huang Fusheng, a researcher with CITIC construction and investment, believes that the conditions for exercising rights are relatively loose.

The significance of equity incentive is greater than the incentive plan itself.

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, however, Li Mingyu, an expert in equity incentive research, said, "it is not reasonable to judge whether a plan is reasonable or not. The most important thing is to look at its performance appraisal conditions. The ultimate goal of equity incentive is to promote the achievement of the company's performance through equity incentive targets."

the exercise price of Shanghai Meilin is the same level as that of the bright dairy industry 3 years ago, which is 50% of the average price of the company's underlying stock in the first 20 trading days.

"In fact, this discount is also in line with the minimum requirements of the SFC, and there is no violation."

Li Mingyu said.

according to Article 1 of the memorandum on equity incentives issued by the SFC, if the source of < a href= "http://pop.sjfzxm.com/popimg/fz/index.aspx" > stock > /a > is incremental, that is, the acquisition of shares through the way of private placement is actually a targeted issue, and the issuing price is not less than 50% of the average stock price of the company's 20 stock days before the benchmark price.

for the performance requirements of the market, Shanghai Meilin said in the plan that the weighted average return on net assets in 2013 (after deducting non recurring gains and losses) is no less than 5.5%, and not less than the average level of the same period. The operating income of 2013 is not less than 20%, and is not lower than that of the same period. The net profit of 2013 (after deducting non recurring gains and losses) is not less than 106 million yuan; the share of the meat and meat products sold in the 2013 year is not less than 53%.

data show that Shanghai Meilin achieved operating income of 7 billion 852 million yuan in 2012, and net profit after deducting non profit was 87 million 523 thousand and 200 yuan, which is very close to the 106 million yuan award standard.

2013 three quarterly report shows that Shanghai Meilin weighted average return on net assets 5.31%, revenue growth of nearly 50% to 7 billion 426 million yuan, net profit of 88 million yuan.

On this basis, there is almost no pressure to complete the 2013 performance requirement.

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"Meilin is expected to become the next Bright Dairy industry."

Haitong Securities analyst Zhao Yong believes that the improvement of internal governance structure can bring about the rapid growth of performance and market value.

In addition to meeting the performance requirements of 2013, the equity incentive of Shanghai Meilin can be divided into three unlocking phases. The following conditions are required to unlock the performance: first, the conditions of unlocking are: the average net asset yield after deducting non recurring gains and losses in 2015 is not less than 6.5%, while the 2012 annual revenue is the base. The compound annual growth rate of revenue from 2013 to 2015 in the three year is not less than 20%. The net profit of 2015 years is not less than 145 million yuan, and the income of meat and meat products accounts for no less than 55%.

The performance conditions of the second, third unlock are mainly: the net profit after deducting the net profit in 2016 is not less than 166 million yuan, and the net profit after 2017 is not less than 188 million yuan.

Compared with Guangming dairy's equity incentive plan, the equity incentive price of the two companies is the same as that of P, and Shanghai Meilin's revenue growth is similar to that of Guangming dairy in terms of grant conditions and unlocking conditions, but the net profit growth rate is obviously lower than that of Guangming dairy industry.

If Shanghai Meilin achieves the net profit requirement of 106 million yuan in 2013, then it means that the company will only increase its net profit by 80 million yuan by 2017.

the above mentioned condition is roughly the same as that before the Shanghai Meilin released < a href= "http://www.91se91.com/news/index_x.asp" > strategic plan < /a > (2013~2015).

According to the plan, the annual compound growth of Shanghai Meilin business revenue and main business profit will reach about 20% in the past three years, and strive to double the business income and main business profit in 2015 on 2012, and strive to achieve more than 16 billion yuan in 2015. The meat business will break through the scale of 10 billion yuan business income and form a number of product categories of 1 billion yuan business scale.

in this round of reform of state-owned assets in Shanghai, equity incentive will become an important incentive.

In December 17th, the opinions on further deepening the reform of state owned assets in Shanghai and promoting the development of enterprises clearly put forward that we should establish and improve the long-term incentive and restraint mechanism of the core backbone of enterprises, and gradually achieve the integration of income distribution with the market level.

The state-owned holding listed companies that meet the statutory requirements, have clear development objectives and have the ability to refinance can implement equity incentive or incentive fund schemes.

a senior executive of Shanghai SASAC told reporters that at present, one of the defects of the state-owned enterprise mechanism is the lack of evaluation and incentive for operators.

"After the operation of the market, if the incentive mechanism is not marketization, it will be distorted and unsustainable."

The above pointed out that in accordance with the new classification of Shanghai state owned assets reform, Shanghai Meilin is a competitive state-owned enterprise. The implementation of market-based means including equity incentive will help enterprises improve their operational efficiency and enhance their performance.

"previously, the equity incentive of Guangming dairy industry has achieved the expected goal. In this round of reform of state-owned assets, it is likely to become a sample of Shanghai's state-owned enterprises."

The above state owned sources said.