After refusing to pay the former employee's performance award of 890000 yuan, Galaxy Securities lost again: it said that the historical problems would be solved
Surging journalist Lin Qian
The second trial judgment of labor dispute between Galaxy Securities and former employee Zheng Zhili was announced.
On August 4, a copy of the Galaxy China Civil judgment of the second instance of labor dispute between Securities Co., Ltd. (hereinafter referred to as Galaxy Securities, 601881) and former employee Zheng Zhili. According to the judgment of the second instance of the Beijing Second Intermediate People's Court, Galaxy Securities should pay a total of 896000 yuan of performance bonus to the former employee Zheng Zhili, and bear 10 yuan of case acceptance fee of the second instance.
Screenshot of judgment document
On August 9, the relevant personnel of the Office of the Secretary of the Board of Directors of Galaxy Securities told Pengpai News: "The company will deal with this matter in accordance with the law and regulations. In the future, it will also try to improve the system. With the reform of the system, these historical problems will be solved."
The person said that the reform of Galaxy Securities Investment Bank has also been carried out. On the one hand, it has standardized management to comply with relevant regulations, and on the other hand, it has encouraged employees to mobilize their enthusiasm and work more for more, but the basic principles have not changed.
Galaxy Securities was founded in 2007 and listed on the Shanghai Stock Exchange in 2017. Its registered place is in Beijing. Central Huijin Investment Co., Ltd. is the actual controller of Galaxy Securities. Galaxy Securities was rated AA according to the latest classified rating results of securities companies released by the CSRC. In the 2017 ranking of securities dealers' net assets released by the Securities Industry Association, Galaxy Securities ranked seventh with a net asset of 63.404 billion yuan.
On July 1, 2007, Zheng Zhili joined Galaxy Securities. On August 25, 2015, Zheng Zhili resigned from Galaxy Securities.
During his tenure, Zheng Zhili participated“ Guotai Jun'an The initial public offering (IPO) project of Securities Co., Ltd. (hereinafter referred to as "Guotai Jun'an Project") was approved for issuance on June 9, 2015.
According to the prospectus of Cathay Pacific Ju'an, the sponsors are Galaxy Securities and Huarong Securities, and the lead underwriters include Galaxy Securities, Ping An Securities, Huarong Securities, Huatai United Securities and Southwest Securities 。 Guotai Junan made an estimate in the prospectus, and the recommendation and underwriting expenses were 375 million yuan.
Guotai Jun'an Prospectus.
The Financial Statement of Project Closure submitted by Zheng Zhili to the court shows that the income received from Guotai Jun'an project is 172 million yuan. Galaxy Securities Company recognized the authenticity of the evidence, but claimed that the income received was accounts receivable rather than the actual income received.
Galaxy Securities said that because Galaxy Securities and Guotai Jun'an were mutual sponsors during the listing process, the two companies offset the expenses. After the offset, Guotai Jun'an actually paid project funds of 24.516 million yuan to Galaxy Securities.
How much Galaxy Securities earns from Guotai Jun'an project is one of the focuses of dispute between the two parties in this lawsuit.
According to the Measures for the Administration of Performance Distribution of the Investment Bank Headquarters of Galaxy Securities, the investment bank headquarters can make appropriate adjustments to the amount of awards for underwriting projects according to the difficulty of undertaking projects, project scale, project implementation cycle and other factors. If the net income of the project is more than 100 million yuan (including 100 million yuan), the amount of award commitment (retroactive probation period) is 5 million yuan, and the amount of award commitment (after January 1, 2011) is 8 million yuan. It is also clearly listed in the above provisions that "project net income=project income - consulting agreement expenditure (if any) - business agreement expenditure (if any) - project direct costs - expected costs incurred during the continuous supervision of the project".
According to the judgment documents, both parties agree that Zheng Zhili's contribution to Guotai Jun'an project is 11.2%.
According to the above calculation method, if the income received from the underwriting project of Galaxy Securities is 172 million yuan, and the net income of the project still exceeds 100 million yuan after deducting the actual expenditure of the project of 40.0903 million yuan, then Zheng Quanquan will receive a performance bonus of "8 million yuan * 11.2%" from the project, totaling 896000 yuan; If Galaxy Securities obtained an income of 24.516 million yuan and a project expenditure of 40.0903 million yuan from the underwriting project, the net income is negative, and it does not meet the conditions for distribution.
According to the judgment document, in September 2017, Galaxy Securities paid performance bonus to the in-service employees. Galaxy Securities said that the bonus was the settlement of the performance bonus owed from 2012 to 2015 and the performance bonus payable in 2016, which was paid according to the overall contribution of the in-service employees, and also included the bonus of Guotai Jun'an project. But only for in-service employees.
In this regard, Zheng Zhili said in the judgment document: "Galaxy Securities did not pay me the bonus because I left the company, not because of project losses, and its company has paid bonuses to other employees, and treated me differently."
In 2017, Zheng Zhili applied to Beijing Xicheng District Labor and Personnel Dispute Arbitration Commission for labor arbitration, requiring Galaxy Securities to pay Guotai Jun'an project performance bonus of 896000 yuan. In this labor arbitration, Galaxy Securities paid Zheng Zhili a performance bonus of 896000 yuan. Galaxy Securities Company refused and filed a lawsuit to the People's Court of Xicheng District, Beijing.
The verdict of the first instance was that the People's Court of Xicheng District, Beijing, considered that the opinion of Galaxy Securities that did not meet the conditions for distribution had no factual and legal basis, and the court refused to accept it, and requested Galaxy Securities to pay Zheng Zhili a performance bonus of 896000 yuan for the "Guotai Jun'an Initial Public Offering Project".
Galaxy Securities refused to accept the verdict of the first instance and appealed to the Beijing Second Intermediate People's Court again, and filed the case on July 2, 2018. However, the judgment of the second instance was that Galaxy Securities was rejected and the original judgment was upheld, and this judgment was final.
This is not the first time that Galaxy Securities has been involved in similar disputes.
According to Tianyan's data, Galaxy Securities has been involved in five other labor disputes since the beginning of 2018. In July 2017, Galaxy Securities was also exposed by the media that investment bank employees collectively "asked for salary", and Galaxy Securities defaulted on the payment of bonuses for five consecutive years from 2012 to 2017.
According to the semi annual performance report of 2018 disclosed by Galaxy China, the operating revenue in the first half of the year was 4.312 billion yuan, down 23.92% year on year; The net profit was 1.326 billion yuan, down 37.22% year on year.
Editor in charge: Wei Yu
