BAIC BJEV Pilots ESOP

Shanghai, March 13th, Gasgoo - The year of 2017 is a key year for Beijing municipal state-owned enterprises to transform, and piloting ESOP(Employee Stock Ownership) has become the highlight.

Recently, Zheng Gang, general manager of BAIC BJEV, said, BAIC BJEV plans to complete listing in 2018.

On December 22nd, 2016, State-owned Assets Supervision and Administration Commission of People's Government of Beijing Municipality(Beijing SASAC) formally promulgated measures for the implementation of pilot ESOP in state - owned mixed - ownership enterprises. The measures make clear that employees can buy shares via currency and technological achievements. During the 2017 Beijing two sessions, Yang Xiuling, deputy director of Beijing SASAC, said that Beijing pilot ESOP will only be carried out in competitive state-owned enterprises, and that 6 municipal state-owned enterprises has been finalized, which belong to the industry of new energy, life services, and cultural and creative industry.

"BAIC BJEV will become Beijing's first pilot ESOP state-owned enterprise. State owned capital continues to decrease by nearly 10%, and employee-owned company will be established.  Employee stock ownership will be no more than 1%." Zheng Gang said.

It is understood that BAIC BJEV has experienced share transformation and mixed transformation since its establishment and finally builds up modern enterprise system. At the same time, BAIC BJEV has completed Round A of financing plan, 3 billion yuan, in 1016, and plans to carry out Round B, 8 billion yuan in 2017. It also plans to be listed in 2018. BAIC BJEV is expected to become the first pilot ESOP state-owned enterprise.