Author: Zhang Han Jingtian is sincere
(1) Overview of equity incentives of A-share listed companies
Equity incentives in a broad sense include equity incentive plans of listed companies and employee stock ownership plans of listed companies. On December 31, 2005, the China Securities Regulatory Commission promulgated the Administrative Measures for Equity Incentives of Listed Companies (for Trial Implementation), which came into force on January 1, 2006, and made clear provisions on the conditions, methods, procedures and information disclosure of listed companies to implement equity incentives. In the same year, the Ministry of Finance and the State-owned Assets Supervision and Administration Commission jointly issued the Trial Measures for the Implementation of Equity Incentives by State-Controlled Listed Companies (Overseas) and the Trial Measures for the Implementation of Equity Incentives by State-Controlled Listed Companies (Domestic). As a result, a large number of listed companies began to implement equity incentive plans. The employee stock ownership plan of listed companies mainly follows the "Announcement 2014 No. 33 of the China ** Regulatory Commission - Guiding Opinions on the Pilot Implementation of Employee Stock Ownership Plans by Listed Companies". (2) Different incentive methods
Equity incentives in the narrow sense are restricted and options, and restricted are divided into the first type of restricted and the second type of restrictive. Prior to the launch of the STAR Market pilot in 2019 and the ChiNext reform in 2020, the mainstream incentive tools for listed companies were restrictive**, options and employee stock ownership plans. After the liberalization of the registration system, the second type of restrictive incentive tools have been introduced when the listed companies on the Science and Technology Innovation Board and the Growth Enterprise Market implement equity incentives, which integrate the advantages of the first type of restrictive tools and options, and have become the mainstream incentive tool choice for the innovation and innovation sector after its launch. 1. The first type of restrictive**: the transfer and other parts obtained by the incentive object in accordance with the conditions stipulated in the equity incentive planRights are restrictedof the company**. Only when the incentive object completes the pre-set assessment conditions, the incentive object can be **restrictive** and benefit from it. 2. The second type of restrictive**: the incentive objects that meet the conditions for the grant of the equity incentive plan, after meeting the corresponding vesting conditionsObtained in installmentsand registered in our company's **. 3. **Option: refers to the right granted by the listed company to the incentive object to purchase a certain number of shares of the company under predetermined conditions within a certain period of time in the future. The incentive recipient has the right to choose to exercise or waive the right, but it shall not be used to transfer, pledge or repay debts. 4. Value-added rights: refers to the right granted by listed companies to the incentive object in a certain period of time and under certain conditions to obtain the income brought by the increase in the specified amount, and the equity incentive object does not have the ownership of these **, nor does it have the right to vote and allocate rights to shareholders. It is more commonly used to motivate foreign employees. 5. Employee stock ownership plan: refers to the institutional arrangement of the listed company according to the wishes of the employees, through legal means to enable employees to obtain the company's ** and hold it for a long time, and the shares and interests are distributed to employees according to the agreement. 
(1) Main regulatory rules:
(2) Regulatory requirements
According to the above rules, the regulatory requirements for equity incentive employee stock ownership plans of A-share listed companies are summarized as follows: