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市場誤讀IGG(0799.HK)披露管理層持股數量減少信息,背後的正解何在?

近日,一份IGG的股權信息披露被誤讀成了管理層大幅減持公司股份,而受到市場關注,但事實究竟如何,其實仔細推敲一番便不難得到答案。

首先根據披露信息,2022年4月27日,5位管理層的持股變動涉及約1,203.47萬股,而參考富途證券IGG在4月27日的總成交股份數為158.03萬股,尚不足IGG披露的管理層減少股份的零頭,因此可以排除管理層在二級市場進行主動減持的行為。

那麼管理層股份減少的緣由究竟何在,港交所披露易的公吿給出瞭解釋。去年5月21日IGG發佈了一個為期5年的管理層績效獎勵股份計劃,將股份獎勵的兑現與公司股價表現相掛鈎。從港交所披露易的公吿中可以看到,在通過計劃後,被授予高管按照港交所要求申報了權益增加變動。

但由於2022年公司平均股價在考核時間內不達標(依照公司公吿顯示,考核期是每年年報發佈後的一個月市場股價表現),所以公司披露了第一期績效獎勵股份計劃的結果。即由於股份激勵計劃未達標,第一期的激勵股份失效,並從當時申報的股數中扣除,也就是市場看到的股份減少。同時由於其中幾位管理層是一致行動人,所以在對管理層的持股變動數計算上容易重複計算。相比披露易上的資料,其實從公司披露的證券變動月報表中更能簡要清楚地看到公司第一期績效獎勵股份1,432.71萬股(5位高管為1,203.47萬股)於4月27日失效,公司並無因此產生的股份增發,也沒有因為此績效獎勵計劃對其他股東產生稀釋。

至於公司股價的未達標,筆者認為2021年互聯網行業整體承壓是主要因素。具體來看上面提到的股份激勵計劃,IGG當時設定的股價目標可謂是對股東誠意滿滿,2021年第一期達標股價較當時的基準價格上漲幅度高達8%—35%,也可以看出彼時管理層對於公司前景的積極看好。

奈何這份股份激勵計劃生不逢時,互聯網監管加碼、遊戲版號暫停等外部影響極大衝擊了市場對於互聯網行業及遊戲行業的投資情緒,行業股價整體進入下降趨勢,這也導致了IGG的股價難以達到業績目標。

同時值得強調的是,該份股份激勵計劃長達五年,目前版號解禁也為遊戲行業的回暖提供了外部環境支持,管理層還有機會努力推動公司業績提升從而帶動公司價格上漲以獲得股份獎勵,特別是從上面的管理層持股數量來看,IGG管理層擁有的公司股份不可謂不多,故推動公司股價提升也符合管理層利益。

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