Gem Stock Option Incentive Price Collective Inversion

It was once ridiculed as "show" because of the low threshold of exercising power.

Since last May 24th, the Pathfinder has won the first prize, and GEM companies have launched the "golden handcuffs" scheme.

At that time, because most companies set a lower threshold for exercising rights, the equity incentive of gem was questioned as "walking show" and "giving red packets to executives".

However, with the recent sharp adjustment of the market, the share price of the gem has suffered a setback.

A new phenomenon associated with it is that the stock option exercise price set by many GEM companies inadvertently "wins" the market price which is going down day by day, showing the phenomenon of "hang upside down".

According to the Shanghai daily information statistics, as of yesterday, a total of 23 companies launched the equity incentive plan, 9 have been implemented.

From the point of view of incentive type, most companies such as blue water source have adopted stock option; 3 companies such as he Kang frequency converter adopt restricted stock; three dimensional silk stock option incentive scheme has stock option and restricted stock.

Because the granting price of restricted stock is generally 50% of the average stock price of the 20 trading days before the pricing basis, it is not comparable with the market price.

As a result, the 3 companies that implemented restricted stock were eliminated, and 20 of the companies that launched stock options actually had 15 companies' stock price and the right price to "hang upside down", accounting for 75%.

According to the calculation, the largest range of "hang ups" is Ningbo GQY, reaching 34%; the 5 companies of Shenzhou Tai Yue and three dimensional silk are in the range of 20% to 30%; the 3 upgrades of 3 companies such as Eyre and ophthalmology are in the range of 10% to 20%, and the "upside down" amplitude of 6 companies such as hypergraph software is in the number of bits.

In view of the implementation of restricted stock companies, because the price is 50% of the stock price 20 days before the benchmark, the exercise price is still lower than the market price.

However, the latest closing prices of the 4 companies, including three dimensional silk, are all below the average stock price of 20 days before the benchmark.

From this perspective, the profit margins of these companies are also shrinking.

The remaining 5 companies, with the largest market share, have a high proportion of the market value of the right to travel, and the largest spillover rate of Yu diamond is 50%.

A very realistic problem is that if the gem stock price continues to consolidate, the exercise price will still be higher than the market price in 1 years after entering the exercise period, and the incentive object will probably abandon the exercise rights, and equity incentive will become a "castle in the air".

Another big risk is that although most companies do not have a high level of performance index, the performance of the company is still uncertain if the performance growth is frequently seen.

According to the Shanghai Zhengbao information statistics, 209 companies in gem, 32 companies fell in the same period last year, accounting for more than 15%. In the first quarter of this year, net profit fell by more than 20%.

Another phenomenon worthy of attention is that although the equity incentive plan of the gem is "large and extensive", it is still difficult to block the loss of some core talents.

For example, on the eve of the launch of the equity incentive plan, the two core technicians of the company launched their resignations one after another.

In addition, the equity incentive targets of many GEM companies continue to "reduce staff", the reason is part of the staff turnover.

Take Shenzhou taeyue as an example, the revised draft announced by the company in March 17th this year shows that the stock incentive target is 280 people and the total number is 4 million 500 thousand, but in April 13th, the authorized day, Shenzhou Tai Yue actually granted 3 million 854 thousand and 850 options to 262 incentive objects, and 18 of them reduced their departure due to personal reasons.