| Notice by the State-Owned Assets Supervision and Administration Commission of the Issues concerning Further Effectively Completing the Equity Incentives Work of Listed Companies Controlled by Central Enterprises | | 国资委关于进一步做好中央企业控股上市公司股权激励工作有关事项的通知 |
| (No. 102 [2019] of the State-Owned Assets Supervision and Administration Commission) | | （国资发考分规〔2019〕102号） |
| All central enterprises: | | 各中央企业： |
| For the purposes of further implementing Xi Jinping Thought on Socialism with Chinese Characteristics in a New Era and the spirit of the 19th CPC National Congress, diligently implementing the decisions and deployments of the CPC Central Committee and the State Council, actively supporting listed companies controlled by central enterprises in establishing and improving the long-term incentive and restraint mechanisms, fully mobilizing the enthusiasm of core and backbone talents, and promoting the high-quality development of central enterprises, according to the relevant laws and regulations, issues concerning further effectively completing the equity incentives work of listed companies controlled by central enterprises (hereinafter referred to as “listed companies”) are hereby notified as follows: | | 为深入贯彻习近平新时代中国特色社会主义思想和党的十九大精神，认真落实党中央、国务院决策部署，积极支持中央企业控股上市公司建立健全长效激励约束机制，充分调动核心骨干人才的积极性，推动中央企业实现高质量发展，根据有关法律法规规定，现就进一步做好中央企业控股上市公司（以下简称上市公司）股权激励工作的有关事项通知如下： |
| I. Developing equity incentive plans in a scientific way | | 一、科学制定股权激励计划 |
| 1. A central enterprise shall, in consideration with the group's industrial development plan, actively urge listed companies controlled by it to establish sound, effective and scientific equity incentive mechanisms, comprehensively utilize various incentive instruments, and systematically establish a core and backbone talent incentive system. Those subject to equity incentives shall be determined by focusing on the core backbone talent team in consideration of the high-quality development needs of enterprises, the characteristics of industry competition, the duties of key positions, the performance assessment and other factors. Persons in charge of central enterprises under the management of the Central Government or the State-owned Assets Supervision and Administration Commission (“SASAC”) shall not be included in the scope of people subject to equity incentives. | | （一）中央企业应当结合本集团产业发展规划，积极推动所控股上市公司建立规范、有效、科学的股权激励机制，综合运用多种激励工具，系统构建企业核心骨干人才激励体系。股权激励对象应当聚焦核心骨干人才队伍，应当结合企业高质量发展需要、行业竞争特点、关键岗位职责、绩效考核评价等因素综合确定。中央和国资委管理的中央企业负责人不纳入股权激励对象范围。 |
| 2. The equity incentive methods shall be scientifically determined according to the regulatory provisions of the places where the stocks are listed, the business operation law of the industry, the reform and development status of enterprises, etc., and be generally stock options, stock appreciation rights, and restricted stocks, among others. Other incentive methods permitted by the trial laws and administrative regulations may also be explored, in consideration of the progress in the implementation of equity incentives by other companies on the stock trading markets. | | （二）股权激励方式应当按照股票上市交易地监管规定，根据所在行业经营规律、企业改革发展实际等因素科学确定，一般为股票期权、股票增值权、限制性股票等方式，也可以结合股票交易市场其他公司实施股权激励的进展情况，探索试行法律、行政法规允许的其他激励方式。 |
| 3. A listed company shall be encouraged to implement equity incentives by installment grants according to its corporate development plan, and fully reflect the long-term effects of incentives. The amount of incentives granted for each term shall be commensurate with the company's scale of share capital, number of incentive objects, value of incentives granted, etc. For listed companies with small- and medium- market value and new-type technological innovation listed companies, the proportion of incentives sourced from the initial implementation of equity incentive plans to the total capital stock may be increased from 1% to 3% at maximum. The cumulative incentives granted by a listed company within two full years shall, as a general rule, be not more than 3% of the company's total share capital and may be appropriately relaxed to not more than 5% of the total share capital for special needs such as major strategic transformation of the company. | | （三）鼓励上市公司根据企业发展规划，采取分期授予方式实施股权激励，充分体现激励的长期效应。每期授予权益数量应当与公司股本规模、激励对象人数，以及权益授予价值等因素相匹配。中小市值上市公司及科技创新型上市公司，首次实施股权激励计划授予的权益数量占公司股本总额的比重，最高可以由1%上浮至3%。上市公司两个完整年度内累计授予的权益数量一般在公司总股本的3%以内，公司重大战略转型等特殊需要的可以适当放宽至总股本的5%以内。 |
4. A listed company shall determine the fair market price of the granted incentives according to the regulatory provisions and the listing rules of the place where the stocks are listed. The exercise prices of stock options and stock appreciation rights shall be determined on the basis of the fair market price, and the grant price of a restricted stock shall be determined by the standard of not less than 50% of the fair market price. Where the fair market price of a stock is lower than the net asset value per share, the grant price of a restricted stock shall be determined by the standard of not less than 60% of the fair market price, in principle.
．．．．．． | | （四）上市公司应当按照股票上市交易地监管规定和上市规则，确定权益授予的公平市场价格。股票期权、股票增值权的行权价格按照公平市场价格确定，限制性股票的授予价格按照不低于公平市场价格的50％确定。股票公平市场价格低于每股净资产的，限制性股票授予价格原则上按照不低于公平市场价格的60%确定。
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