繼國華人(ren)(ren)壽(shou)及天安財險(xian)后,今年來最大的(de)“黑馬”險(xian)企之一——華夏(xia)人(ren)(ren)壽(shou)也被(bei)上市(shi)公司盯上了。
9月(yue)19日(ri),華(hua)(hua)(hua)資實業(ye)(600191,SH)公(gong)告(gao)稱,公(gong)司擬以9.14元/股(gu)的(de)(de)價(jia)格非公(gong)開發(fa)行(xing)不(bu)超(chao)過(guo)(guo)34.7億(yi)股(gu),募資不(bu)超(chao)過(guo)(guo)316.8億(yi)元,扣除發(fa)行(xing)費(fei)用后用于(yu)對華(hua)(hua)(hua)夏(xia)人壽增資。增資完成后,公(gong)司將持有華(hua)(hua)(hua)夏(xia)人壽不(bu)超(chao)過(guo)(guo)51%的(de)(de)股(gu)權,華(hua)(hua)(hua)夏(xia)人壽則成為公(gong)司的(de)(de)控股(gu)子公(gong)司。這也創下(xia)了近年來(lai)A股(gu)上市公(gong)司收(shou)購險企(qi)股(gu)權的(de)(de)新(xin)紀錄。
值(zhi)得注意的(de)是(shi),華夏人(ren)壽部分(fen)高(gao)級管(guan)理人(ren)員(yuan)及核心團隊將參與認(ren)購華資(zi)實(shi)業此(ci)次定增股(gu)份。因此(ci),有(you)業內人(ren)士(shi)認(ren)為(wei)此(ci)舉或涉及險企(qi)員(yuan)工持(chi)股(gu)。不過,也有(you)業內人(ren)士(shi)分(fen)析認(ren)為(wei),因為(wei)保(bao)險公司(si)的(de)員(yuan)工是(shi)持(chi)有(you)上(shang)市(shi)公司(si)股(gu)權,然后(hou)是(shi)上(shang)市(shi)公司(si)再來參與保(bao)險公司(si)增資(zi),所以不涉及險企(qi)員(yuan)工持(chi)股(gu)的(de)問題(ti)。
高溢價緣于控股權
資(zi)料(liao)顯示,受益于保(bao)險(xian)(xian)業的(de)(de)(de)(de)高(gao)度(du)景氣,保(bao)險(xian)(xian)公(gong)司(si)(si)股(gu)權(quan)成(cheng)為上市公(gong)司(si)(si)眼中的(de)(de)(de)(de)香餑餑,近兩年來(lai)已(yi)經有(you)不(bu)少上市公(gong)司(si)(si)出手收購(gou)保(bao)險(xian)(xian)公(gong)司(si)(si)的(de)(de)(de)(de)股(gu)權(quan)。比如,9月10日,西(xi)水股(gu)份(600291,SH)發布公(gong)告稱,公(gong)司(si)(si)擬(ni)以(yi)發行股(gu)份及支付現金(jin)(jin)相結合的(de)(de)(de)(de)方式購(gou)買天安(an)保(bao)險(xian)(xian)26.96%的(de)(de)(de)(de)股(gu)權(quan)。同時,公(gong)司(si)(si)擬(ni)募集(ji)配套資(zi)金(jin)(jin)對天安(an)保(bao)險(xian)(xian)增資(zi)。交(jiao)易完成(cheng)后,西(xi)水股(gu)份將持有(you)天安(an)保(bao)險(xian)(xian)50.87%的(de)(de)(de)(de)股(gu)權(quan),成(cheng)為其控股(gu)股(gu)東(dong)。
此(ci)外(wai),今年(nian)2月(yue),天茂集團(000627,SZ)也計劃(hua)通過非公(gong)開(kai)發行A股(gu)(gu)募集資(zi)金總額不超過98.5億元(yuan),扣除發行費用(yong)后用(yong)于收(shou)購上(shang)海(hai)(hai)日興(xing)康、上(shang)海(hai)(hai)合(he)邦(bang)投資(zi)和上(shang)海(hai)(hai)漢晟信持有的(de)國(guo)華人(ren)(ren)(ren)壽(shou)43.86%股(gu)(gu)權。其中,收(shou)購花費72.36億元(yuan)。收(shou)購完成后,天茂集團持有國(guo)華人(ren)(ren)(ren)壽(shou)51%的(de)股(gu)(gu)權,國(guo)華人(ren)(ren)(ren)壽(shou)成為天茂集團的(de)控股(gu)(gu)子公(gong)司(si)。再往(wang)前看(kan),2014年(nian)同(tong)方股(gu)(gu)份(600100,SH)斥資(zi)10億元(yuan)從中海(hai)(hai)油手(shou)中接過了同(tong)方全球人(ren)(ren)(ren)壽(shou)(原(yuan)海(hai)(hai)康人(ren)(ren)(ren)壽(shou))50%的(de)股(gu)(gu)權。
華夏(xia)人壽更是近(jin)年來保(bao)險業著名“黑(hei)馬”險企之一,2006年12月(yue)經(jing)中國保(bao)監會批(pi)準設立(li)。截至今(jin)年7月(yue),公司(si)總資(zi)產已突破(po)2000億(yi)元(yuan)(yuan)。8月(yue)10日,華夏(xia)人壽總保(bao)費規模突破(po)1000億(yi)元(yuan)(yuan),躋身千億(yi)俱樂部,行(xing)業排名躍居(ju)第三位(wei)。
根(gen)(gen)據(ju)公告,中企華(hua)對華(hua)夏人(ren)(ren)壽(shou)于(yu)(yu)2015年(nian)3月(yue)31日的股東(dong)全部(bu)權(quan)益進(jin)行了(le)評(ping)估,評(ping)估結(jie)果如(ru)下:華(hua)夏人(ren)(ren)壽(shou)股東(dong)全部(bu)權(quan)益于(yu)(yu)評(ping)估基準日(2015年(nian)3月(yue)31日)所表(biao)現的公允市(shi)場價(jia)值(zhi)為302.98億元(yuan)(yuan),評(ping)估值(zhi)比賬面凈資(zi)產增值(zhi)116.47億元(yuan)(yuan),增值(zhi)率為62.45%。按(an)照此(ci)溢價(jia)水平,華(hua)夏人(ren)(ren)壽(shou)目前51%股權(quan)對應的評(ping)估值(zhi)為154.52億元(yuan)(yuan)。而根(gen)(gen)據(ju)公告,華(hua)資(zi)實業將以(yi)316.8億元(yuan)(yuan)的代(dai)價(jia)獲取增資(zi)后華(hua)夏人(ren)(ren)壽(shou)51%的股權(quan)。
對此,某位長(chang)期從事保險(xian)股(gu)權交易的(de)人(ren)士在與《每(mei)日(ri)經濟新(xin)聞(wen)》記者交流時坦(tan)言,其溢價(jia)(jia)較高主要(yao)因為控(kong)股(gu)權的(de)問題,只要(yao)涉(she)及(ji)到控(kong)股(gu)權就(jiu)會有溢價(jia)(jia),特別是超(chao)過(guo)50%的(de)時候,其股(gu)權溢價(jia)(jia)會很高。
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