Dacheng Advises China State Construction Engineering Corporation on Restricted A-shares Incentive Plan

Starting in 2013, China State Construction Engineering Corporation (“CSCEC”) has been implementing its incentive plan by awarding restricted A-shares to its staff, in a bid to stimulate their enthusiasm, creativity and sense of responsibility, improve managing efficiency and secure the sustainable growth of the corporation.
 
Dacheng senior partner Yu Xugang and partner Jian Ying acted as legal advisor for the implementation of CSCEC restricted A-shares incentive plan. Their work concerned review of the incentive plan, filing with relevant agencies, stock repurchase and initial stock grants.
 
CSCEC is a blue-chip corporation controlled by State-owned Assets Supervision and Administration Commission of the State Council. It is engaged primarily in housing construction, international project contracting, property development and investment, infrastructure construction and investment as well as construction design and survey. The corporation was ranked 80th by gross revenue in 2012 on Fortune 500 list published by America’s Fortune Magazine, and came No.1 amongst Fortune 500 global construction and real estate companies.
 
The CSCEC restricted A-shares incentive plan, valid for 10 years, is set in principle to be granted every other year. The initial grants, which involved 1.4678 bn restricted shares, went to 686 people, including company directors, senior executives, key technical staff and management staff that had contributed considerably to the overall performance and sustainable growth of the company.
 
So far, CSCEC has completed register procedures for the stock grants.