如果这几个月的blog能让他们收敛一些，为他们的员工去做些适当的改变，我想我的目的也许算达到了。如果不能顺带合法的踩他们一下，那也就只能这样了。 兄弟们，以后找公司和老板，找一些愿意为他们自己的利益fight，也愿意为他们下属的利益fight的老板吧。 大家自己无论在那，还是保持一点商业和伦理的底线吧，中国这社会就缺这个了。祝大家好运。

我撤了，除了最初的那篇blog留给Tiak和海辉做个纪念外，我也会把其他blog撤了。

PS, 刚刚大概看了一下海辉Q2报告，无言，以每ADS而言，该升的没升，该降的没降，虽然VIT, CIS也不咋地，但Tiak，你还能玩多久？等公司股票跌倒5USD，期权上咱们也就平等了：），零的多少倍都是零。现在看来，后脑勺后悔得最发绿的恐怕是孙振耀，他上贼船的感觉应该比我当年的强，人家那级别，好歹也要找个电商或互联网公司玩玩吧。

当海辉2010年六月IPO之后，绝大部分海辉员工就意识到或者在疑惑两件事：1）他们的期权几乎是废纸 2）CEO卢哲群是否拿得太多股票。

Well, there is one more example here you can see how Tiak and his financial advisors are doing with hiSoft stock incentive plan to increase hiSoft share holder values by sacrificing his employees. Heck, this is nothing to feel surprised anyway. hiSoft management team always spend more time to squeeze their own employees than get more business from clients because employees are only things they can play with.

不过这里还有另外一个例子你可以看到卢哲群和他的财务参谋们是怎样在期权激励计划中通过牺牲员工利益来增加股东利益的。妈的，其实这也没啥可惊讶的。海辉管理层通常都在压榨员工身上花的时间远远多于从客户那里拉生意，因为员工是他们唯一可以操纵的。

Ok, first of all, you can find all the infirmation and numbers in SEC public website. so do your own math if you want to have some fun. I only try to compile the information together. Correct me if there is anything wrong.

首先，你可以在SEC公开网站上找到这篇博客里看到的信息和数据。如果你想找点乐趣，你可以自己算算。我只是尽量把数据编辑在一起。如发现错误请指出。

The following tables are all information I can find publicly for all the options issued by hiSoft before IPO.

如下是我能在SEC报告中找到的所有海辉在IPO之前发的期权的信息。

Common sense tells you if your option price is less than market values (fair value here before IPO), you option is more valuable. So From Aug1, 2009 to April 1. 2010, the Option Price/Fair Value is best (all close or less than 100%), let called it Green Zone. Now my common sense tell me that based on hiSoft management team credibility,most of their shares should be offered in that Green Zone. Of course it is not a surprise again:

常识是如果期权价比市场价（在IPO之前是公司估值）越低，你的期权越值钱。我们把期权价/公司估值比值接近100%的期权定义为绿区。我的海辉经验告诉我，觉得部分的海辉高管们的期权大概都应该在绿区里，当然这又不意外：

Almost half of their shares are offered in good values, while more than 85% of employee options are under water or close when it went to IPO (common share stock price =$10(ADS)/19 =0.526). Now all of you know who this incentive plan is for?

计划高管计划一半的期权在绿区里，而普通员工的85%都在绿区意外（意味着在公司IPO时几乎是废纸，因为普通股每股=0.526美元）。现在你知道海辉的期权激励计划是在激励谁了吧？

Other sick parts of this incentive plan are:

这个计划还包含其他一些病态的部分：

1. How can they offer option price that is 385% of fair values (May 31, 2007)? is that even legal? can some experts tell me? There is no share offered to executive team this time. It should be interesting to see what are the total shares offered to employees this time.

他们怎么可以发行期权价/估值=385%的期权呢（2007年5月31日那期）？这合法吗？能有哪位专家给我答案吗？非常有意思的是那期里没有给任何一位高管发期权。如果能知道这期总共发了多少期权，那一定是很有意思的数据。

2. Common sense is the closer to IPO, less risk the option is. That also means the option issued earlier should have higher return due to higher risk. HiSoft is doing exactly opposite. I am sure the Board members are happy with this since Tiak and his teams are cutting cost for them. But should mgmt team give some explaination to their own employees about this?  The only explanation that I can find could be that they were lowering option price for their own executive team benefits (see that 44.37% number above). Maybe Tiak can make up with better reasons since that is what this executive team is good at anyway.

常识是越接近IPO，期权的风险就越小。这也意味着越早发的期权通常应该回报率越高（因为风险越高）。海辉所做的恰恰相反。我相信董事会应该是很开心因为卢哲群和他的高管们在为他们节约成本。但这个管理层难道不应该欠他们的员工一个解释吗？我自己能找到的解释就是他们在通过这种方式给自己创造最大利益。也许卢哲群能找个更好的借口，她可是最擅长这个。

But regardless, now you know who the hiSoft stock option incentive plan is for. The least thing they care about is their own employees. This is just another example. Numbers never lie. Now you know why most of hiSoft loyal employees left or is leaving hiSoft after IPO since they are hurt most.

但不管怎样，现在你知道海辉的期权激励计划到底是在激励谁。他们最不关心的就是他们自己的员工。这只是另外一个例子而已。数字是不会说谎的。你大概知道为什么在IPO之后绝大多数的海辉老员工都离职了或正在离职。

PS, just found that from Page 132 of the same SEC doc, the share price as of June 2006 is 0.25USD (Series B preferred stock price), that make June 2006 offer into Green Zone as we defined. So executive shares in Green Zone now is adjusted to (10,100,000+10,050,000)/22,650,000=89%. Now comparing that with corresponding employee numbers this just make me think Tiak and his hiSoft executive team are just a bunch of selfish corporate ass-hole.

后记，刚从SEC报告132也发现2006年6月那时公司的估值是0.25美元（B轮优先股的价格），这样2006年6月那期也可以划到绿区里，那样高管们在绿区得期权比例变成了89%。现在比较一下员工期权在绿区得比例（14%多点），这些只能让我说卢哲群和她的那帮高管就是一群自私的企业操蛋。

PS 2, give you another number how much money they pull out of regular employee pocket because this stock option: 64,436,409 (total non-executive option common share) * 85% (percentage of non-executive shares that are not in green zone) * 0.2 (USD, assuming the average option cost that hiSoft should pay more if they use common standard of OptionPrice=FairValue to issue options) = 10.9 Million USD!!!!!!!! That is almost the net earning for the full year in 2010. Now you have even better idea how much money they have taken from regular employees Tom and Mike by this option plan.

后记2，这是另外一个数据可以说明他们在不合理的期权计划里欠普通员工的钱：64,436,409 (总的普通员工的期权数) * 85% (普通员工期权不在绿区的比例) * 0.2 (美元，如果用期权价/公司股价=100%作为标准发期权的话，海辉应该补给每股期权的平均差价) = 一千零九十万美元！！！！那几乎是海辉2010全年的近利润。 现在你对她们在这个期权计划里从普通员工那里拿出的钱有个更好的了吧。