Relevant directors in the Bureau of Property Right of SASAC said on 22nd, SASAC will make a supplement notice of the notice regarding to some issues of state-owned equities management during the equity disposal reform of listed companies, in order to further regulate the approving procedure of supervision authorities of SASAC at all level. In addition, SASAC will not approve contents about option inspiration in the reform scheme, due to the imperfection of relative policies, which is no doubt a blow upon the equity inspiration as a part of the reform.
On Sep. 24th , Luoyang Bearing Science & Technology Co.,Ltd. said in its announcement that, the cause of equity inspiration drafted before the SASAC's notice will be implemented after the finish of reform according to the country's relative management systems and methods.
The 10th point of the guidance advices about the equity disposal reform of listed companies, jointly announced by committees of five ministries on Aug. 23rd , said , "listed companies having finished the equity disposal reform have the privilege to make refinance and is allowed to implement the equity inspiration to management panel."
This is regarded as an important signal of the implementation of the equity inspiration of listed companies. So far, there are many listed companies having proposed their plan of equity inspiration, such as, G CITIC Securities Co., Ltd; G SGIS (SGIS Songshan Co.,Ltd.); G Handsome (Handsome Electronics Co.,Ltd); G KINGFA (Guangzhou Kinfa Sci & Tech Co., Ltd.); G Sinochem; G Agricultural Products (Shenzhen Agricultural Products Co., Ltd.); and Bearing Sci & Tech, etc.
Since the advice about the regulation of the equity inspiration of listed companies is still in brewing, the "false start" behaviors of enterprise referred above are ultimately stopped temporarily by SASAC through the announcing of no longer giving approval to the contents about option inspiration in the reform scheme. Then, will companies with their schemes including option inspiration, who have got the approval from SASAC suspend their equity inspiration?
Yesterday, Liu er, Secretary of President of G SGIS told the journalist of Daily Economic News that, the scheme of the company's reform is drafted out in a rush manner, though got passed. When the cause of equity inspiration as a part of the scheme was handed up to SASAC together with the scheme, SASAC didn't express their idea exclusively towards equity inspiration at that time. At present, the detailed rules of company's equity inspiration haven't been formulated. If there are new policies coming out from SASAC, it is still hard to say how company's equity inspiration will be implemented.
According to the announcement of G SGIS made before this, which said "the scheme of equity inspiration to administers will be implemented 12 months after non-tradable shareholders got the circulation right", SGIS will take 5% of the stake, totally 67.056 million shares, as the stock resources of the plan of equity inspiration to company's senior and top administers. The term of exercising the right is two years since the shares held by SGIS have got the circulation right for a year, and the price of exercising the right is more than or equable to the adjusted EOA per share on Mar. 31st 2005.
Mao Jianong, Secretary of Sinochem International also told journalist from Daily Economic News that, we'll not carry on our scheme of equity inspiration until the advices from the government comes out. Now, all the listed companies planning to carry on equity inspiration are waiting for the advices from SASAC and CSRC (Chinese Security Regulatory Commission)."
According to Zhen Peiming, an expert of the equity inspiration research, supervision authorities of SASAC are inclined to work on the increment in terms of equity inspiration of State-owned enterprises, to let all the shareholders commonly pay for the cost of reform. However, some State-owned enterprises, among the second patch of reform pilots, intend to take inventory equities as inspiration sources and expect shareholders of State-owned shares to unilaterally pay for the cost of reform and inspiration. Their intentions are contrast to that of SASAC. Zhen proposes that, equity inspiration should be given exploration in an open manner after the finish of equity disposal reform according to certain regulations.
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