AI Eye Fine Adjustment Equity Incentive &Nbsp; Inverted Price For Market Price.

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Compared with the draft incentive announced in November 1, 2010, the amendment changed the original 800 thousand reserved options directly to this part of the executive and core personnel. The biggest point is that when the market price is nearly 20% against the exercise price, the company unexpectedly increased the top management as an incentive object and awarded a large share. Among them, 1 million new chief executives Li Li, 800 thousand vice president Guo Hongwei, and Dong Han Zhong from the original 200 thousand to 520 thousand and 800.

Another major change is the adjustment of exercise rights.

The exercise of the amendment is based on the net profit in 2010. From 2011 to 2016, the net profit growth rate is not less than 20%, 40%, 65%, 90%, 110% and 140% respectively compared with 2010. The net asset return rate from 2011 to 2013 and 2014 to 2016 is no less than 9.6% and 10% respectively.

The original plan is based on the net profit in 2009, and the net profit growth rate from 2011 to 2016 is no less than 25%, 50%, 75%, 100%, 130% and 160% respectively.

In November 1, 2010, the eye drafts announced by the eye department released the company's stock at the opening of 41.99 yuan on the same day, the highest price to 45.7 yuan, closing at 44.03 yuan. In December 22, 2010, the stock price went up to 47.75 yuan, followed by a mediocre performance and the lowest share price fell to 33.97 yuan.

From the draft amendment of equity incentive, the threshold of equity incentive for ER eye is low. Will it cause investors to worry about the slowdown of their future growth?

According to Han Zhong, the company's secretaries, according to the accounting standards for Enterprises No. eleventh, the implementation of equity incentive is a cost, which will increase the book pressure of the company's profit statement. According to preliminary estimates, if the company's share price is 38 yuan in the first half of this year, the total cost of the option may be as high as 80 million to 90 million yuan. In 2011 alone, the cost of the option can be amortized about 26 million to 30 million yuan, equivalent to 21% to 25% of the company's net profit in 2010.

However, the company is in a period of rapid growth, so equity incentive does not affect the actual value of the company.

In the face of the market once questioned whether the company has the intention to encourage the object to distribute red packets, Han Zhong stressed that the eye rights index of the ophthalmology department does not mean that the company lacks the foundation. The company believes that the equity incentive should play a positive role in encouraging the company to become a catalyst for the growth of the company, rather than making a big cake that everyone can not afford, and will not benefit the rich executives.

In view of the upside down phenomenon of market price and exercise price, Han Zhong said that in the long run, as long as the equity incentive function can be fully released, the achievement of the company's performance indicators will become a probability event.