CITIC Securities, China’s largest full-service investment bank, disclosed its employee stock ownership plan late Monday, which will offer employees a total of no more than 10% of the company’s total A shares and H shares, The Paper reported.
While each employee shall not hold more than 0.5% of the company’s total shares, they can still hold an extra amount of shares by purchasing through the secondary market, or obtaining through equity incentive programs.
About 1,000 to 1,500 employees of the parent company will be included in the plan. And they are not allowed to trade the shares within the first two years assigned to them. The plan is valid for 10 years.
As of the close of Monday, CITIC Securities closed at 24.49 yuan per share, up 0.12% from last Friday. The total share capital is 12.1 billion shares, with a total market value of 29.7 billion yuan.