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source: china interview network observation

once upon a time, stock equity incentives were seen by workers as a shortcut to wealth freedom after the company went public. however, after sunshine insurance went public, employees who participated in the stock equity plan not only failed to enjoy the wealth feast of the capital market, but also had to worry because their accounts suffered huge floating losses during the lock-up period.

sunshine insurance was listed on the hong kong stock market at the end of 2022, with an issue price of hk$5.83 per share. however, on the first day of listing, sunshine insurance's stock price fell below the issue price, with the lowest price at hk$5.51, a drop of 5.49%. subsequently, sunshine insurance's stock price continued to fall, and as of the closing price on september 3, 2024, it was hk$2.81 per share, and the stock price had been "halved" compared to the issue price.

the continued decline in sunshine insurance’s share price has not only caused heavy losses to investors in the secondary market, but even its own employees have not been spared.

public information shows that sunshine insurance launched an employee stock ownership plan in 2016, allocating 440 million domestic shares to the company's core backbone and key personnel at a subscription price of rmb 4 per share. the shareholding plan also stipulates that the shares held by the employee stock ownership plan will be locked for three years from the date of the company's listing. after the lock-up period expires, the annual reduction ratio shall not exceed 25% of the total shares held by the employee stock ownership plan in principle.