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九阳股份“伪市值管理”疑云:5名高管以1元“骨折价”分走员工持股计划四成份额

Core Viewpoint - The article discusses the issue of "pseudo market value management" in A-share listed companies, particularly focusing on Honghe Technology and Zhichun Technology, where stockholder reductions during stock incentive periods and high executive salaries despite underperformance raise concerns about improper benefits distribution [1][2]. Group 1: Regulatory Context - The China Securities Regulatory Commission (CSRC) released guidelines encouraging long-term incentive mechanisms for listed companies, emphasizing the need for alignment between management, employees, and the company's long-term interests [1]. - The CSRC has previously warned against using market value management as a guise for market manipulation and insider trading, which undermines market fairness and investor rights [1]. Group 2: Case Study - Joyoung Co., Ltd. - Joyoung Co., Ltd. launched a stock option incentive plan in April 2021, with performance targets based on revenue and net profit growth from 2021 to 2023 [2][3]. - The company's performance declined over the three years, with revenue dropping from 10.54 billion yuan to 9.613 billion yuan and net profit falling from 701 million yuan to 391 million yuan, failing to meet any performance targets [5]. - Following the failure of the stock option plan, Joyoung shifted to an employee stock ownership plan, which lacked performance requirements, raising concerns about potential benefits to management [2][5]. Group 3: Employee Stock Ownership Plan - Joyoung's employee stock ownership plan allowed management to purchase shares at a significantly reduced price of 1 yuan per share, compared to the repurchase price of approximately 17 yuan per share [10]. - The plan's structure, which included high management participation, has been criticized as a means for management to liquidate shares without stringent oversight [10][11]. - The CSRC has indicated the need for stricter regulations on stock incentive pricing and performance conditions to prevent potential conflicts of interest and protect minority investors [10][12].