HONG KONG, Aug. 18, 2015 /PRNewswire/ -- HKBN Ltd. (SEHK: 1310) announced today that in accordance with terms set by its "Co-Ownership Plan II", the company has granted shares to participants of the plan. With this latest development, there are now 276 Co-Owners, representing a majority of qualified supervisors and above HKBN Talents and over one-tenth of its entire workforce. Significantly, this means that at any customer contact point with HKBN, a Co-Owner of the company is likely to be within 1 to 2 layers of reach.
Unlike legacy companies which may give stock options to a very limited group of senior executives, HKBN's Co-Ownership plan is open to all supervisors and above, spanning the company's operations in Hong Kong and Guangzhou. Talents are invited at their own volition to invest their personal savings to purchase HKBN stock at full market price, which is then matched with 3 free shares for every 7 purchased, with the free shares vesting 25%, 25% and 50% respectively over three anniversaries. The investment threshold as a function of total annual salary is the same for all management levels with the minimum commitment set at 2 months and maximum at 6 months. For this round of investment, the 276 Talents invested a total of HK$66 mn at an average purchase price of HK$9.45/share.
"When our Talents from different levels proactively chose to invest their family savings in our HKBN, they are aligning their risks and rewards with our shareholders. By boarding this dragon boat together, our team morale has been truly bolstered as well as our desire to improve and kickass," said William Yeung, CEO and Co-Owner of HKBN.
"Co-Ownership serves as our LUCA (Legal Unfair Competitive Advantage) for sustained long term outperformance. In Hong Kong, whilst having such a large-scale Co-Ownership plan is indeed rare, we hope we can inspire other companies to follow suit to share the fruits of success with their employees, and make our Hong Kong a better place to work," said NiQ Lai, Head of Talent Engagement, CFO and Co-Owner of HKBN.
Herein is a sample of what participants of "Co-Ownership Plan II" personally think about becoming an HKBN Co-Owner:
"The prospects of HKBN, along with its emphasis on and recognition of Talents, gave me the confidence to invest in HKBN," said 22 year-old Becky Au, the youngest Co-Owner who newly joined the company as a Graduate Technical Trainee.
"As a new father, pledging several years of savings to a long-term investment in HKBN was an important family decision. I have full confidence in my fellow Talents to grow our Company," said Jacky Cheung, Assistant Manager - Finance and Co-Owner.
List of HKBN Co-Owners and additional information:
Company announcements about "Co-ownership Plan II":
1) Announcement dated 29 June 2015
2) Announcement dated 18 August 2015
About HKBN Ltd.
HKBN Ltd. (SEHK: 1310), operating through Hong Kong Broadband Network Limited, is the largest provider of residential fibre broadband services (symmetrical 100Mbps and above) in Hong Kong by number of residential subscriptions, with a core purpose to "Make Our Hong Kong a Better Place to Live". HKBN offers an array of world-class enterprise solutions, including broadband and data connectivity, voice communication, managed Wi-Fi solutions, Cloud solutions and IT advisory services, as well as a diversified portfolio of residential broadband and Wi-Fi access, communication and entertainment services. HKBN owns an extensive fibre network in Hong Kong, which covers over 2.1 million residential homes passed, representing approximately 79% of Hong Kong's total residential units, and more than 2,000 commercial buildings. HKBN takes great pride in developing its 2,400 plus Talents into a competitive advantage.
Issued by HKBN Ltd.
Assistant Manager - Corporate Communications
Tel: +852-3999 8251 / +852-9728-9289
SOURCE Hong Kong Broadband Network Limited