紅杉中國&靈動未來：2022股權激勵市場實踐研究報告（57頁）.pdf

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32、-3IPO-2IPO-1IPO-025Z-50Z-75Z-wx?DEaZ%&(!;)b-.cfgh()*+z;P3.8%2.5%3.8%5.0%1.4%3.3%6.1%1.8%4.7%1.3%2.8%4.2%IPO-3IPO-2IPO-1IPO-0fgFfklmnopfk36!178=78Q*Y2/SWUQ+SWUQ!#$0fgh()*5;P1.00%1.19%0.85%2.67%3.10%1.92%3.53%5.21%2.70%20192020202125Z-50Z-75Z-*+,2wx?2019-2021!;)1*+,2wx3&2021!)-.P1.92%j*+,fgF3&2021!)l3

33、VCF22021!)XYa7Z2-.XYX3%*+,2fgF?2021!;)11.03%0.51%2.56%2.28%2.25%1.03%2.86%2.73%2.98%1.80%3.09%3.68%fgFR7Z3VCF25Z-50Z-75Z-ABC!1DE,-0QX.3_$#X!.#$0tvwVX37*M%M3Rl61%2*+,wx?12.*+,wx?M52%3&%MU2.VWjM%Ma2.2l=XIPO%Ma2.J2-.XYIPOg!50.8%*+,wx?(M%M311Zrs*+,wx?M%Ma2.2J%0%20%40%60%80%0對價極低行權價總價1元注冊資本金每股凈資產FV評估值普通股

34、價格融資估值上市發行價整體首次授予期權30.8%29.5%33.7%50.8%0%20%40%60%80%100%IPO-3IPO-2IPO-1IPO-025Z-50Z-75Z-!#$fgh()*+NaDbc38*+,7Z2fgF?M%Ma2.2J1%7Z2fgF?(%Ma2.-.TC50%STVCF2fgF?(%M3a2.-.P10%-20%*+,VCF2fgF?M%Ma2.2J%14.0%10.0%26.0%19.3%0%30%60%90%IPO-3IPO-2IPO-1IPO-025Z-50Z-75Z-!#$klmn()*+NaDbc35.0%71.8%49.7%55.1%50.8%0%3

35、0%60%90%IPO-3IPO-2IPO-1IPO-025Z-50Z-75Z-!1RH783RSj9.IPO-NHRS78N.78I939*/+,wx?L;a2.2J%19.4%50.0%22.3%0%30%60%90%IPO-3IPO-2IPO-125Z-50Z-75Z-*/L3Rl61%2*/+,wx?12.*/+,wx?L46%3&L3U2.VWjL;a2.2l=XIPOL;a2.J275Z-.XY-.XY-20%-40%*/+,wx?(L%M31Zrs!8#$fgh()*+deBHaDbc0%20%40%60%80%0對價極低行權價總價1元注冊資本金每股凈資產FV評估值普通股價格融資

36、估值上市發行價整體首次出資入股()*#$CONSUMERGHI#$%&()*41?,-./|*+,2?%MMCu2K60%C40%2?*(KL 9:;|?&CIPO(3!4uLMNOO2?P=XIPO|;P|)-.C1.2%ST;D|*+,?eL;R%M3*/+,?eL2.R%3?-?NO|%MM2KTC60%IPO!;0aL2K&670|40%2*?(8vIPO9P:&670!;)|?(!;)XYTC1%-2%(K)|?(NOK)-.P7.0%a#$O&Q2?(XY(242?NO|*+,?0KM2#$4e0K0a2LNOaL|?(NOaLMNP1.7%O2?(NO75-.P1147;|*+,

37、2?2M%MaL;2TC100%*/+,2?L;a2.2TC50%ST43+,-.F.XYZ%&32_3&MN+oaZ%&78%2?-P2019!m8vIPO50%2%&P*+,Co(-C*/+,2Eo.3&5j&Q2ZloaEnop(RR%IP2+2H(LMq,#ZaZ%&Zrs&Q!Z食品飲料美妝個護服飾 餐飲 潮玩 綜合境外境內食品飲料美妝個護服飾 餐飲 潮玩 綜合大于$50億$10億-$50億$5億-$10億（含）$5億及以下31%13%16%13%6%22%o!1DEFGH78IJK!LM3DE.DNFGH78IJK!LM3DN!2RS78TU8V=RS78SWXYZRS78SWUQ

38、!3-89H-8:;9?HA?IP9CC.DEHF7FG9HIDEJKnLM.NOHFGNO9?PAQRo Mcdefg(/044*+,2?(93%2?0K6ML20%23&K6LCKML23&g57%2?0K%M2M=!NODCK%MM2rsa2019!(8vIPO2?2019!m8vIPO2?M2?P44%a2019!(8vIPO2?#$4L2KS*+,?(0K2NO1!#$()*+,-./0ML 21%L 21%M57%!1_$9BaQbOcQdefSAgBaQbRSghTijk9BaQblmRSUnh-ojk9BaQblmPRSUpqrWsXtHuvwxyzWsX|E9X9WsXpSW

39、-$9BaQb0X9BaQb2019!(8vIPO2*+,?(0K2NO44%80%22%20%33%2019?IPO2019?IPO?(/045*+,?(MPeVW=XIPO,IPO%M2MK40a2LK!#$()*+5,-./0670%20%40%60%80%100%IPO-3IPO-2IPO-1IPO-02021MLL*+,23&j2021!10K2NO!1RHIPO39RT.IPO-NHRS78N.78I9p2021789 12345646jaZ%&l112(%“”IPO%P=(j&Ql2?%&CIPO(4!STb-.c2?%&CIPO(1-2!STH2?%P=(&CIPO(5!b-.

40、c?%“”F2!;DE&Qb.-!c(9:;(8)(6)(4)(2)0R25Z-50Z-75Z-?%“”F2!;DE%&b.-!c(8)(6)(4)(2)0Ro25Z-50Z-75Z-47*+,?(2:0%10%20%30%40%50%0!1!2!3!4!5!6!7!(40%2*+,?(8vIPO9P&6!#$(JK?(3b-!c(3P1!:P4!-P2dk0%20%40%60%80%100%0!1!2!3!(!1_$Qsf9789(:;!178IfU=78IU/78SIUQ.78IUH78I9U.u9Qsf48%&R(LMNOK)-.P5.0%O2019!m8vIPO2?58vIPO2?(K

41、)#$-.XY7.0%&(LMNOK)1?DEaZ%&(LMNOK)DEaZ%&DEaZ%&o1(NOK)5-.-10%ST1(NOK)-.C7%ST1(NOK)-.C3%-4%()*+,-OP2.9%2.9%1.7%5.0%7.0%2.6%9.2%11.4%4.5%R2019!m8vIPO2019!(8vIPO25Z-50Z-75Z-()*+,-OP0STUV2.9%10.3%4.0%9.9%6.7%7.3%0%2%4%6%8%10%12%14%16%o25Z-50Z-75Z-!178IT78IRRSIPO949?DE&Q(LMNOK)DE&QDE&QIP2?(NOK)a5-.P6.8%75

42、Z-.12.9%H2?(NOK)-.P7%Pe2?(NOK)P2.5%DE.XYDE.XY3&.XY5()a5g.XYDE5nop(NOK)D-.C5%STDEDE13&(NOK)6.8%2.5%7.0%0%2%4%6%8%10%12%14%25Z-50Z-75Z-?DE.XY(LMNOK)15.9%4.0%5.0%5.0%0%5%10%15%20%25%$5n,$5n-$10nbc$10n-$50nbc$50n25Z-50Z-75Z-?DE(LMNOK)2.5%4.8%6.9%14.9%0%5%10%15%20%3!bc3!-5!bc5!-7!bcDE7!25Z-50Z-75Z-789(?A

43、;!1*VRTmIPO-NT.IPO-N9mV.RIPO3978I!278=78Q*Y2/SWUQ+SWUQ523&;5=XIPO!;2)41%ST*/+,2?VW=XIPO!;!;)4*+,2?=XIPO!;!;)vTC1%-2%?jIPO!;2!;)1()*+z;P1.2%1.7%1.3%1.2%1.1%0%1%2%3%4%5%IPO-3IPO-2IPO-1IPO-025Z-50Z-75Z-*/*?jIPO!;2!;)b.P-.c0%1%1%2%2%3%3%IPO-3IPO-2IPO-1IPO-0*/*ABC!1DE,-0QX.3_$#X!.#$0tvwVX53*M%M3Rl50%2*+,

44、?(M3L3b.!PL2.231cj(M3aL;2lM3-L;2100%*+,?(M%M311Zrs*+,?M%MaL;2J%!#$()*+NaDbc0%20%40%60%80%0對價極低行權價總價1元注冊資本金每股凈資產FV評估值普通股價格融資估值上市發行價整體首次授予期權102.4%96.2%101.7%45.2%106.9%IPO-3IPO-2IPO-1IPO-025Z-50Z-75Z-54*/L3Rl38%23&L9P3138%23&2.9P31=XIPO2.9P312j(L3a2.2lL3-2.250%ST*/+,?(L%M31Zrs*/+,La2.2J%!8#$()*+NaDbc0

45、%20%40%60%80%0對價極低行權價總價1元注冊資本金每股凈資產FV評估值普通股價格融資估值上市發行價整體首次出資入股50.2%50.5%48.6%62.1%42.8%0%30%60%90%IPO-3IPO-2IPO-1IPO-025Z-50Z-75Z-!#$%&!#$%&#$%&()*+,-./0123456789:;#$%&?AB+SaaSCDEFGHIJKLM4567NOPQRDS,TUVWXIYZ_abcdefghefijklmnOoUbrasBuffXp#$%&qrstuvwxyzAB|d2st&p|2*XIJKS,DABTUDTUABOUT LINGDONGWEILAILIN

46、GDONGWEILAIempowersenterprisestogrowandflourishthroughvariousstages,byunleashing the full potential of stockincentive plan.We specialize in fulllifecycle consulting&SaaS solutionsoncutting-edgestockincentiveservices.OurclientsincludeXiaopeng,LIZHI,Envision,NARWAL,FOSUNPharma,Arctic Vision,Ubras,Buff

47、X,etc.we are committed tosupportcompanieswithindustryleading services.!x!xx“”*),D|2+,&DND,-D,2xSkGD17&2x900w,EF./*D+,About Sequoia ChinaSequoia China helps daring foundersbuildlegendarycompanies.Inpartnering with Sequoia,companiesbenefitfromourunmatchedcommunity and the lessons wevelearned over the

48、years.As“TheEntrepreneursBehindTheEntrepreneurs”,SequoiaChinafocusesonthreesectors:tech,healthcare and consumer.Over thepast 17 years weve had the privilegeofworkingwithmorethan900companies in China.!#$%&()*+,-./0123456)789%&:;?ABCD;EFG%&(HI56JKLMN*+)OPQJRSQT7UVWXYZ=)9%&;()56JKL,*+A_(a)bcYde_f)ghigETjkXYlPF%&(HTmUVnopq%&:)rsO56FItu56)ghYhvTwxyz9$%&;|)H*+569$%&:;=)56TJJJ“”YdeFT0mUV)+F+$%&;()56MN;)y;)ayF%&(Hu9%&(HI-GT8$%&56i)UVJJl9$%&;=)%&H;F%&HAFUVTEMUVHJJ|JJJ JAY$%&:)UV9