1.注册制的审核理念下，对于发行人员工的股权激励，形式上也变得多样化起来，除了我们一般所理解的类似于限制性股票的员工持股平台直接持有发行人的股份之外，股票期权以及相关的形式也在一定范围内被允许。

1. Under the audit concept of registration system, the equity incentive for the issuer's employees has also become diversified in form. In addition to the fact that we generally understand that the employee stock ownership platform similar to restricted stocks directly holds the issuer's shares, stock options and related forms are also allowed to a certain extent.

2.在以前的审核理念中，对于IPO的股权激励现在过于严苛的逻辑就是，IPO审核标准要求发行人股权清晰稳定，而股权激励恰恰会导致发行人的股份处于持续变动之中，因而限制。而目前的审核标准，对于股权更加重点关注控股权的清晰以及控制权的稳定，因而股权激励也就不再是障碍。

2. In the previous audit concept, the logic that the equity incentive for IPO is too strict now is that the IPO audit standard requires the issuer's equity to be clear and stable, and the equity incentive will just lead to the continuous change of the issuer's shares, so it is limited. The current audit standards focus more on the clarity of control and the stability of control, so equity incentive is no longer an obstacle.

3.具体到本案例发行人的具体情形，简单来说就是：发行人应该是在IPO的规划中调整了上市主体，本来是荣昌制药作为上市主体，然后荣昌生物是全资子公司，而后来将荣昌生物作为了上市主体，那么荣昌制药层面的股权激励就进行了相应的平移，也转移到了荣昌生物的层面对员工进行激励。除了这个平移之外，那么还有原来的股票期权全部转为限制性股票这种激励方式的变化。

3. specifically to the specific circumstances of the issuer of this case, simply put it: the issuer should adjust the main body of listing in the planning of IPO, originally Rongchang pharmaceutical as the main body of listing, then Rongchang bio is a wholly-owned subsidiary, and later Rongchang biological as the main body of listing, then the equity incentive of Rongchang pharmaceutical level has been translated accordingly. It also transferred to the level of Rongchang biology to motivate employees. In addition to this shift, there is also a change in the incentive method of converting all the original stock options into restricted stocks.

4.关于发行人这种操作，在实践中并不是很常见，不过从规则上当然也没有任何问题，小兵只是借助问询意见，帮大家总结一下主要关注的问题：①关于这种股权激励的平移，服务方式和结算模式有没有变化，激励对象和相关的权益有没有变化，股权激励相关的实施条件是否发生变化等；②相关的会计处理是否符合准则的要求，是否需要重新根据新的股权激励计划进行相关的股份支付的处理；③发行人在股权激励调整的过程中，还存在一些新增激励对象的情形，这些变化是否合理等。

4. This kind of operation of the issuer is not very common in practice, but of course there are no problems in terms of rules. Xiaobing just helps you summarize the main concerns with the help of inquiry opinions: ① is there any change in the translation of equity incentive, service mode and settlement mode, incentive object and related rights and interests, Whether the implementation conditions related to equity incentive have changed; ② Whether the relevant accounting treatment meets the requirements of the standards and whether it is necessary to re process the relevant share based payment according to the new equity incentive plan; ③ In the process of equity incentive adjustment, the issuer still has some new incentive objects, whether these changes are reasonable, etc.