Derun electronic executives monopolize the increase of experts that their disguised incentives are not established

On July 28th, Derun Electronics (10.44, 0.26, 2.55%) announced that the company intends to issue 36 million shares of non-public shares at a price of 8.6 yuan/share, and plans to use the raised funds of 310 million yuan to supplement the working capital. . The targets of the fixed issuance are all from the company's top management, including Tiannan Law, Wu Ruzhou, Qi Kegang, Wang Shaohua, Rao Qi, Ren Weifeng and Huang Xiangfei. They will fully subscribe for the company's non-public offering of shares in cash.

On the day of the announcement, Derun Electronics had a “one word” daily limit in less than 10 minutes, and finally closed at 10.18%. The stock price before the suspension of the company is 9.25 yuan / share, 8.6 yuan / share of the fixed price than its existing 7% discount, if you count the daily limit on the 28th, the share price of Derun Electronics has increased by 8.6 yuan / share The price rose by 18.37%, and the floating profit of the seven executives reached 56.837 million yuan.

Allegedly disguised equity incentive <br> <br> According to the "Securities Times" reporter has learned that this year, executives involved in the case of its own shares given by more and more. In addition to Derun Electronics, more than ten companies including Jinzheng, Jingjiu, Property Zhongtuo, Xingsen Technology, Dinghan Technology, Dashi Intelligent, Samsung [Weibo] Electric, Huibopu, etc. announced similar plans. .

In this regard, some insiders pointed out that executives participate in the increase, in addition to meeting the company's own funding needs, another core factor is to solve the management equity incentive problem. However, this disguised equity incentive, once suffered from a sharp fall in stock prices, may cause the management to make some radical investments to cater to market hotspots and abandon the principle of sound operation, thereby bringing risks to the company and harming the interests of minority shareholders.

However, Li Huiyong, managing director and chief macro analyst of Shenyin Wanguo, said in an interview with the Securities Daily that executives are involved in the increase of their own companies, and equity incentives are still two different things. After all, it is necessary to come up with the truth. Gold and silver. It more reflects the management's confidence in the company's future development, and also allows management and the company and small and medium shareholders to form a closer community of interests. And if executives make aggressive investments to raise stock prices, small and medium shareholders will actually enjoy the benefits of rising stock prices.

Executives subscription amount over a hundred times the annual salary <br> <br> statistics, Deren Electronic controlling shareholder winning company, the actual control of Qiu Jianmin, Qiu people (brotherhood), Qiu Jianmin, Qiu people together hold 43.49% stake directly or indirectly. As the two brothers Qiu Jianmin and Qiu Weimin did not participate in this increase, according to the number of 36 million shares issued this time, Qiu Jianmin and Qiu Weimin held 40.02% equity of Derun Electronics directly or indirectly after the issuance, which is still the actual control of the company. people.

It is reported that the 7 persons to be issued this time are all core management personnel of Derun Electronics, among which Tian Nanlu is the current director and president of the company; Wu Ruzhou is the general manager of Mianyang Hongrun Electronics Co., Ltd., a wholly-owned subsidiary; The general manager of Hefei Derun Electronic Devices Co., Ltd.; Wang Shaohua is the company's vice president and secretary of the board; Rao Qi is the company's chief financial officer; Ren Weifeng is the company's human resources director; Huang Xiangfei is the deputy general manager of the LED business unit.

Among the above seven, the highest annual salary is Wang Shaohua, followed by Tian Nanlu, with an annual salary of 362,300 yuan and 362,000 yuan respectively. Based on the 8.2 million shares that Tiannan Law has subscribed to, this requires a total amount of funds. 70.52 million yuan, equivalent to nearly 195 times the individual annual salary of Tiannan Law in 2013.

In this regard, some insiders pointed out that it is expected that the management of the company will borrow the asset management plan to make full use of leverage, but this will also bring tremendous pressure to the above-mentioned executives.

In the announcement of the increase, Derun Electronics stated that at the end of 2011, the end of 2012 and the end of 2013, the asset-liability ratios under the company's consolidated statements were 47.29%, 48.31%, and 53.39%, respectively, showing an upward trend year by year. The main reason is that the company's business scale has expanded rapidly, and the demand for funds has increased rapidly, which has enabled the company to increase its financial leverage and increase its liabilities to meet the needs of business expansion. At the same time, with the continuous development of the company's business, the company's relationship with suppliers is getting closer and closer, and the funds that occupy the suppliers are also increasing. This also makes the asset-liability ratio increase faster and the financial risks gradually accumulate.

After the completion of this non-public offering of shares, according to the financial data of the company as of December 31, 2013, the owner's equity attributable to the parent company will increase by approximately RMB 39.6 million, and the consolidated statement-asset ratio will decrease from 53.39% to 48.30. %, the company's capital structure will be effectively improved.

Previously, the semi-annual performance report released by Derun Electronics showed that the company achieved operating income of 1.202 billion yuan in the first half of the year, a year-on-year increase of 39.41%; net profit of 52.738 million yuan. The year-on-year increase was 0.44%.

In this regard, Derun Electronics said that the company's new products and new markets expanded smoothly in the first half of the year, which led to a large increase in operating income. However, due to increased investment in product research and development and rising labor costs, business performance has not kept pace. .

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