The income of the employee stock ownership plan is regarded as the income obtained by employees investing in stocks and binding interests with the company. According to the existing policy, stock trading is not taxed;

Therefore, for employees, the employee stock ownership plan is tax avoidance;

2. The employee stock ownership plan has nothing to do with the company's finance, and there is no cost pressure brought by the equity incentive method to the company.

At present, one way in the market is to buy back through the secondary market (capital companies do leverage and asset management plans), and even do not need the approval of the CSRC. For example, Suning Shang Yun, Sanan Optoelectronics, Xinhaiyi, Longjing Environmental Protection, etc. all adopt this method to carry out employee stock ownership plans.

Another common way is non-public offering of shares. What needs to be emphasized here is that the securities can't be leveraged (Kangyuan Pharmaceutical used Huitianfu Fund to leverage 1:2 in the first scheme this year, but it was stopped by the CSRC until it was changed to no leverage). In the middle of the year, the CSRC issued a window opinion on the subscription of non-public offering shares: "First, the executives of listed companies can only participate in the three-year fixed increase in their own names, and it is forbidden to adopt structured products.