If this company issue the employee stock warrant whose price is than the stock closing price, it should be approved by the shareholder meeting which represents 1/2 of all stock shares and there should be 2/3 shareholders attended approved.
If this company would transfer employees the stock which was bought from the market with the price less than actual average procurement price, it should be approved by the latest shareholder meeting which represents 1/2 of all stock shares and there should be 2/3 shareholders attended approved.
The stock is named (not anonymous) that should be sealed or signed by three or above directors and be validated by authority concerned before issuance. We’re not required to print out the paper stock that it’s registered and collected in security exchange authority.
#### Shareholder meeting
The shareholder meeting covers two major types- regular and temporary. The regular meeting should be annually held within six months after the FY end. As for the temporary meeting, it can be held once required in accordance with local regulation.
#### Dividend policy
The company is currently in the growth stage of its life cycle. After considering its future business prospects, capital requirements and impact on shareholders, the company shall distribute no less than 10% of its current dividends in cash.
Any after-tax profit at final accounting shall be used to compensate cumulative losses (including adjusted undistributed earnings) while 10% of after-tax profit shall be allocated as statutory reserve according to the law, except when the cumulative statutory reserve has reached the company's paid-in capital. The balance shall then be used to allocate or reverse the special reserve according to the law or regulatory requirements. The board of directors will prepare an earnings distribution proposal for any remaining balance, combined with the undistributed earnings at the beginning of the period (including adjusted undistributed earnings). The proposal will be submitted for the approval of the shareholders meeting before dividends and bonuses can be distributed.
The dividends distributed by the company in the last five years have not been below 70% of the after-tax profit in the respective year, which is a relatively high distribution ratio. In particular, cash dividends have not been below 95% of the dividends to shareholders in the respective years. Details of dividend distribution are published on the company's website under the Investor Relations section.