High leverage stock ownership plan three high Dong supervisor to join the market value management

Through the establishment of a special asset management plan platform, has become a common practice for the implementation of employee stock ownership plan. The recent introduction of ESOP of Listed Companies in the LED, the most concern for optoelectronics. This kind of employee stock ownership plan by leveraging the high leverage, although can reduce the employee's shareholding investment, but also to enlarge the gains or losses.

An optoelectronic ESOP enabled 1:2 leverage, which means that in addition to legal staff salaries, financing funds as a secondary share, stock funds are also 2/3 priority share. Notice that, if the market is facing decline, the decline in secondary share may be greater than the decline in the market index.

The implementation of the employee stock ownership plan, the company will notice once a month. "On the morning of October 16th, three optical staff told reporters.

High leverage amplification

According to the announcement, an optoelectronic ESOP set up by Hing Securities Asset Management Company Limited, and the establishment of Xin Zhong No. 1 collection plan, the main investment scope is to buy and hold an optoelectronic stock. The duration of the scheme is 36 months, which may be extended.

Xin Zhong 1 collection plan to participate in the total amount of $930 million, according to the proportion of 2:1 to establish a priority plan and share the share of the secondary plan, the par value of $1, the merger of the assets of the two types of shares. Among them, the total amount of funds raised three optical employees 308 million 80 thousand yuan, for the secondary share full subscription Xinzhong No. 1 in the collection plan.

According to Xing Xin Zhong No. 1 information management asset management plan management contract, priority planning to share the reference year annual yield of 7.4%, and revenue priority to meet the priority share reference income, residual income exceeds the reference income allocated to the priority share of subprime share holders, and the income is not enough to pay for priority reference returns. The secondary principal principal (including margin funds) to pay. If the net assets are not sufficient to pay the principal and interest of the principal, the total net assets of the schedule shall be allocated to the priority.

In addition, the congregation plans to set up a number of Xin 1 annual hosting fee rate of 0.1% and an annual management fee of 0.5%, while the securities transaction fees, audit fees and bank settlement and other expenses.

Statistics shows that the share of revenue management fees and priority reference Zhongxin No. 1 set of plans to pay an annual hosting fee, which is more than 51 million 600 thousand yuan, such as 930 million yuan to buy a full three optical stock calculation, there must be higher than the cost of 5.55% of the revenue can Jiancang smooth expenditure.

However, Sanan Optoelectronics in recent years have dividend, such as the 2012 and 2013 every 10 shares to send 1.9 yuan after tax and September Xinzhong No. 1 buying the stock price forecast, can obtain a dividend of about 12 million yuan, in order to offset the expenses.

Announcement shows, Xin Chung No. 1 warning line of 0.95 yuan / share, cover the line of 0.88 yuan / share, if the plan is less than or equal to the share of the net margin line, the secondary holder needs additional funds, plans to make up to the share of the net is greater than or equal to 0.95 yuan / share, if the client does not cover the secondary management, people have the right to open positions the investment of the stock of the first time, and all the secondary share commissioned persons acting in concert.

The contract also agreed, in the investment stock lock up period of 12 months after the release, if the secondary and guarantees the shareholders of Fujian Sanan Sanan optoelectronics group is not in accordance with the contract, additional funds by default, managers will plan to share of the net is equal to or lower than the open line of 0.88 yuan / square warehouse in half, equal to or less than the open line 0.84 yuan / copies will be invested in the stock of all positions.

"If the stock fell, calculated in accordance with the difference between the margin line and the warning line, Sanan optoelectronics employees participate in the employee stock ownership plan would need to cover 65 million 100 thousand yuan, equivalent to the original investment amount of 21.13%, but the stock fell only 7%. "Xiamen, a private person said," if there is the risk of the securities market, the stock fell by more than 30%, the secondary holder will face down the drain off, on the other hand, the underlying stock prices, but also because of the leverage effect brought geometrically as the secondary holder benefits. "

As of October 16th closing, Sanan optoelectronics shares fell 11.53% this year.

Market value management complement each other

High leverage Sanan optoelectronics ESOP, it seems that in the aforementioned private person, listed companies and their employees should have a fairly confident and ready.

"As the first launch of ESOP of listed company, and its major shareholder Sanan optoelectronics is not careful, otherwise it will bring influence to the enterprise image and the enthusiasm of the staff. The above private people think.

Notice that the number of participating in Sanan optoelectronics of the ESOP for a total of 979 people, of which the directors, supervisors and senior management staff of 11 people invested a total amount of 64 million 300 thousand yuan, accounting for 20.87%.

By this calculation, an optoelectronic 11 high Dong supervisor average investment amounted to 5 million 845 thousand and 500 yuan, an average of 968 employees invested 251 thousand and 800 yuan. According to the three optical 2013 annual report, the number of employees a total of 6668 people, means involved in ESOP employees accounted for 14.68% of the total.

The notice said, to Xin Zhong No. 1 collection plan to limit the size of 930 million and August 5th, the closing price of 14.16 yuan calculation, the number can buy the stock limit of about 65 million 680 thousand shares, accounting for 2.74% of the total share capital of an existing company.

As of September 26th, three optical ESOP has been through the Shanghai Stock Exchange trading system to buy