Huaxing Optoelectronics intends to implement equity incentives for Dong Jiangao and core technicians

TCL Group announced that Huaxing Optoelectronics intends to implement equity incentives for its directors and core technicians. The incentive targets are directors, supervisors, middle and senior managers, core technology (business) personnel, and core employees introduced in the future.

The incentive object is granted a private placement of 350 million registered capital subscription rights. Huaxing Optoelectronics intends to grant the additional 350 million yuan of registered capital subscription rights to the companies established by TCL Group and the incentive targets ("TCL Establishment Company" and "Incentive Company").

In 2013, the “incentive company” can subscribe for no more than 116 million yuan of registered capital in cash. The “TCL Establishment Company” cash subscription is no less than 234 million registered capital, and the subscription price is 1.06 yuan/1 yuan registered capital (no performance constraint) ). If Huaxing Optoelectronics achieves the exercise conditions in 2013 and 2014, the “incentive company” can subscribe for the corresponding registered capital at RMB 1.10/1 yuan and 1.15 yuan/1 yuan respectively in 2014 and 2015.

The highest performance requirements of TCL Group in 2013-14 are: net profit of not less than RMB 1.2 billion and net cash flow from operating activities of not less than RMB 3 billion.

Haitong Securities said that since the launch of Huaxing Optoelectronics, its profit has continued to exceed expectations. In 2013-14, it contributed more than 50% to the performance of TCL Group. The launch of this equity incentive will effectively guarantee the stability of Huaxing team and its performance. Neutral expectations for 2013-14 years TCL Group can achieve EPS of 0.25, 0.42 yuan, an increase of 169%, 68%. If the loan exemption is considered, the EPS will reach 0.29 yuan and 0.48 yuan, an increase of 210% and 66% year-on-year.

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