Research on Motivation and Effect of Continuous Equity Incentive of Jingfeng Mingyuan

Guided by the policy principle that "scientific and technological innovation is the primary productive force," China has introduced new regulatory policies for high-tech enterprises—and launched the STAR Market to facilitate their listing, thereby guiding more innovative companies into the capital market. Since its inception, the number of listed semiconductor companies has mushroomed like bamboo shoots after rain. Under such policy support, how to maintain sustainable operations has become a focal point of public attention. For most tech-driven enterprises, technological capabilities and talent acquisition can enhance market competitiveness, while equity incentive plans serve as crucial tools for attracting and retaining professionals. Therefore, the formulation and implementation of these incentive programs have become particularly vital. This study, grounded in equity incentive theories, examines Jingfeng Mingyuan—a semiconductor company listed on the STAR Market—as a case study to analyze the motivations and effectiveness of its equity incentive program, aiming to provide valuable references for similar enterprises.