中船重(zhong)工(gong)“市場(chang)化債轉股第一單(dan)”背后(hou)的故事
——專(zhuan)訪中(zhong)國船(chuan)(chuan)舶重工(gong)集團(tuan)副(fu)總經理姜仁鋒(feng)、中(zhong)國船(chuan)(chuan)舶重工(gong)股份有限公司董事會秘(mi)書華(hua)偉
3月1日(ri),中(zhong)國船舶重(zhong)(zhong)工(gong)(gong)(gong)集團有限(xian)公(gong)(gong)司(si)(下(xia)稱“中(zhong)船重(zhong)(zhong)工(gong)(gong)(gong)”)旗下(xia)上市公(gong)(gong)司(si)中(zhong)國船舶重(zhong)(zhong)工(gong)(gong)(gong)股份(fen)有限(xian)公(gong)(gong)司(si)(下(xia)稱“中(zhong)國重(zhong)(zhong)工(gong)(gong)(gong)在中(zhong)登公(gong)(gong)司(si)完(wan)成發行股份(fen)購買資產之股權登記,走完(wan)了央(yang)企(qi)市場(chang)化債轉(zhuan)股“第一單”的全(quan)過程。3月9日(ri),中(zhong)船重(zhong)(zhong)工(gong)(gong)(gong)副總經理、中(zhong)國重(zhong)(zhong)工(gong)(gong)(gong)董事長姜仁鋒(feng),中(zhong)國重(zhong)(zhong)工(gong)(gong)(gong)董事會秘書兼財務總監華偉(wei)接受(shou)了《證券日(ri)報》記者專(zhuan)訪。
他們表(biao)示,在無相關細則可循的(de)背景下,中(zhong)船重工(gong)推(tui)行(xing)的(de)市場化債轉(zhuan)(zhuan)股趟出了(le)一條(tiao)路。本次債轉(zhuan)(zhuan)股不僅為(wei)公(gong)司(si)減(jian)少(shao)了(le)218.68億元債務,助力公(gong)司(si)生產(chan)經營(ying)的(de)改善(shan),同時,這一模式還獲得了(le)各方面(mian)高度認可,樹(shu)立(li)了(le)央企市場化債轉(zhuan)(zhuan)股的(de)樣板。
市場化債轉股“第一個吃螃蟹的人”
姜仁(ren)鋒向《證券(quan)日報》記者(zhe)介(jie)紹,公司推行市場(chang)化債轉股主(zhu)要是為了解決負債率較高的(de)(de)問(wen)題,“2008年之后(hou),造(zao)船業(ye)普遍低(di)迷,國內(nei)許多(duo)造(zao)船廠發(fa)力海(hai)工業(ye)務。然(ran)而石油價格的(de)(de)斷崖(ya)式(shi)下(xia)跌,導(dao)致(zhi)了大量(liang)海(hai)工產品(pin)接單難、交付難,現金流緊張,負債率高企(qi)。”
在造(zao)(zao)船(chuan)(chuan)業(ye)整體(ti)低(di)迷,造(zao)(zao)船(chuan)(chuan)企業(ye)負(fu)債率(lv)普遍高于80%以上的(de)情況下,2017年(nian)年(nian)初,中船(chuan)(chuan)重工(gong)決(jue)定啟動以中國重工(gong)為平(ping)臺的(de)市場化債轉股項(xiang)目。
同(tong)時,由于(yu)存在控(kong)制產能的壓力,必須在不(bu)新增項(xiang)目的前提下籌集資金(jin),于(yu)是,債(zhai)轉(zhuan)股成為最優(you)選擇。
早在(zai)2016年(nian),中(zhong)(zhong)船(chuan)重(zhong)(zhong)(zhong)(zhong)工就主動(dong)削減(jian)過剩(sheng)產能,其中(zhong)(zhong),中(zhong)(zhong)國重(zhong)(zhong)(zhong)(zhong)工作為中(zhong)(zhong)船(chuan)重(zhong)(zhong)(zhong)(zhong)工船(chuan)舶(bo)與海工裝備板(ban)塊上市平臺,對內(nei)部造(zao)修船(chuan)資源進行(xing)了軍民融合(he)式整合(he)。旗下的武昌船(chuan)舶(bo)重(zhong)(zhong)(zhong)(zhong)工與青島北船(chuan)重(zhong)(zhong)(zhong)(zhong)工、大連船(chuan)舶(bo)重(zhong)(zhong)(zhong)(zhong)工與山海關(guan)船(chuan)舶(bo)重(zhong)(zhong)(zhong)(zhong)工實現兩兩重(zhong)(zhong)(zhong)(zhong)組整合(he)。
“本次內部整合重(zhong)組是為了(le)(le)削減(jian)過剩產能,因此中國(guo)重(zhong)工(gong)不宜再采(cai)取定增方式籌集資金投募投項目。”華偉(wei)表示,為了(le)(le)響(xiang)應國(guo)務院2016年(nian)10月發布的(de)《關于積(ji)極(ji)穩妥降低企業(ye)杠(gang)桿率的(de)意(yi)見》和《關于有序開展市(shi)場(chang)化債轉股意(yi)見》等精神,中船重(zhong)工(gong)決(jue)定將市(shi)場(chang)化債轉股付諸實施(shi)。
為此(ci),中(zhong)(zhong)(zhong)船(chuan)(chuan)重工引入了8家投(tou)(tou)資(zi)(zi)機構(gou)對中(zhong)(zhong)(zhong)國重工子公司(si)大船(chuan)(chuan)重工和(he)武(wu)船(chuan)(chuan)重工進行(xing)(xing)增(zeng)資(zi)(zi),合計(ji)投(tou)(tou)資(zi)(zi)金(jin)(jin)額(e)為218.68億元。其中(zhong)(zhong)(zhong),中(zhong)(zhong)(zhong)國信達資(zi)(zi)產(chan)(chan)、中(zhong)(zhong)(zhong)國東方資(zi)(zi)產(chan)(chan)以(yi)受讓金(jin)(jin)融機構(gou)貸款債(zhai)權進行(xing)(xing)增(zeng)資(zi)(zi),投(tou)(tou)資(zi)(zi)金(jin)(jin)額(e)合計(ji)70.34億元;中(zhong)(zhong)(zhong)國國有(you)資(zi)(zi)本風(feng)險投(tou)(tou)資(zi)(zi)基金(jin)(jin)、中(zhong)(zhong)(zhong)國國有(you)企業結構(gou)調整基金(jin)(jin)、中(zhong)(zhong)(zhong)國人(ren)壽(26.990, -0.42, -1.53%)保險(集團)公司(si)、華(hua)寶投(tou)(tou)資(zi)(zi)有(you)限(xian)公司(si)、招商平安資(zi)(zi)產(chan)(chan)和(he)國華(hua)軍民(min)融合產(chan)(chan)業發展基金(jin)(jin)以(yi)受讓中(zhong)(zhong)(zhong)國重工股(gu)權進行(xing)(xing)現(xian)金(jin)(jin)增(zeng)資(zi)(zi),投(tou)(tou)資(zi)(zi)金(jin)(jin)額(e)合計(ji)148.34億元,所獲增(zeng)資(zi)(zi)資(zi)(zi)金(jin)(jin)全部用于償還(huan)標的公司(si)債(zhai)務。
“由于是(shi)首次實行市(shi)場化、法治化債轉股(gu),整個過程具有開(kai)創(chuang)性,為此,公(gong)司反復與(yu)投資(zi)(zi)方(fang)商(shang)談,并且雙方(fang)條件(jian)也在不(bu)斷(duan)更改(gai)。”華偉說:“經談判(pan),新(xin)進(jin)機(ji)構股(gu)東的(de)持股(gu)鎖定期按照《上市(shi)公(gong)司重大資(zi)(zi)產重組管理辦(ban)法》確定為3年。同時,根據(ju)軍工企業的(de)特殊性,新(xin)進(jin)機(ji)構股(gu)東不(bu)能獲取董事席位(wei),而是(shi)以控股(gu)股(gu)東一致行動(dong)人(ren)的(de)身份參與(yu)公(gong)司事務。”
在中(zhong)船重(zhong)工(gong)推行(xing)市(shi)場化(hua)債轉(zhuan)股(gu)(gu)過(guo)程中(zhong),政(zheng)(zheng)府部門(men)(men)相關債轉(zhuan)股(gu)(gu)的(de)(de)細(xi)則(ze)尚未出臺。中(zhong)船重(zhong)工(gong)除了要和投資方商(shang)談(tan),還要與多個政(zheng)(zheng)府主(zhu)管部門(men)(men)溝(gou)通協調。可(ke)以說,中(zhong)船重(zhong)工(gong)為市(shi)場化(hua)債轉(zhuan)股(gu)(gu)趟(tang)出了一(yi)條(tiao)路。華(hua)偉介紹:“當時(shi)商(shang)業銀行(xing)還沒有設(she)立專門(men)(men)的(de)(de)債轉(zhuan)股(gu)(gu)實施機構,在我們(men)推進債轉(zhuan)股(gu)(gu)工(gong)作過(guo)程中(zhong),相關機構才相繼設(she)立。”
2017年8月份(fen),中(zhong)(zhong)國重(zhong)工(gong)(gong)(gong)(gong)完成了債轉股(gu)工(gong)(gong)(gong)(gong)作,增資現金(jin)部分已全部用于償還銀行(xing)貸款(kuan)。第二步中(zhong)(zhong)國重(zhong)工(gong)(gong)(gong)(gong)發(fa)行(xing)股(gu)份(fen)購(gou)買資產工(gong)(gong)(gong)(gong)作隨之啟動,2017年12月28日,中(zhong)(zhong)國證(zheng)監(jian)會并購(gou)重(zhong)組委審核(he)通過(guo)了中(zhong)(zhong)國重(zhong)工(gong)(gong)(gong)(gong)發(fa)行(xing)股(gu)份(fen)購(gou)買資產項目。2018年3月1日,中(zhong)(zhong)國重(zhong)工(gong)(gong)(gong)(gong)順(shun)利(li)完成股(gu)份(fen)登記,標志著市場(chang)化(hua)債轉股(gu)的(de)圓滿完成。
本(ben)次市(shi)場化(hua)債轉股項(xiang)目是(shi)(shi)“第一次吃(chi)螃蟹”,是(shi)(shi)示范(fan)引領的(de)重(zhong)大突(tu)破性案(an)例,也是(shi)(shi)資本(ben)市(shi)場服務(wu)實體(ti)經(jing)濟的(de)典型案(an)例。在中船重(zhong)工成功(gong)實施市(shi)場化(hua)債轉股之后,多家央(yang)企前來(lai)學(xue)習取經(jing)。
繼(ji)中國重工市(shi)場化(hua)債(zhai)轉股之后,中國船(chuan)(chuan)舶工業集(ji)團有限公(gong)(gong)司旗下的(de)中國船(chuan)(chuan)舶和中船(chuan)(chuan)防務(26.660, 0.00, 0.00%)也(ye)相(xiang)繼(ji)推出了(le)同(tong)樣的(de)債(zhai)轉股模式。2月26日晚(wan)間,兩家上市(shi)公(gong)(gong)司已(yi)發布相(xiang)關公(gong)(gong)告。
中(zhong)(zhong)(zhong)證(zheng)(zheng)網(wang)(wang)(wang)(wang)聲明(ming):凡本(ben)(ben)網(wang)(wang)(wang)(wang)注(zhu)明(ming)“來源:中(zhong)(zhong)(zhong)國證(zheng)(zheng)券(quan)報·中(zhong)(zhong)(zhong)證(zheng)(zheng)網(wang)(wang)(wang)(wang)”的(de)所有作(zuo)(zuo)品,版權(quan)均屬于中(zhong)(zhong)(zhong)國證(zheng)(zheng)券(quan)報、中(zhong)(zhong)(zhong)證(zheng)(zheng)網(wang)(wang)(wang)(wang)。中(zhong)(zhong)(zhong)國證(zheng)(zheng)券(quan)報·中(zhong)(zhong)(zhong)證(zheng)(zheng)網(wang)(wang)(wang)(wang)與作(zuo)(zuo)品作(zuo)(zuo)者(zhe)聯合聲明(ming),任何組(zu)織(zhi)未經中(zhong)(zhong)(zhong)國證(zheng)(zheng)券(quan)報、中(zhong)(zhong)(zhong)證(zheng)(zheng)網(wang)(wang)(wang)(wang)以及作(zuo)(zuo)者(zhe)書面(mian)授權(quan)不(bu)得(de)轉(zhuan)載、摘編或利用其(qi)它(ta)方式使用上述作(zuo)(zuo)品。凡本(ben)(ben)網(wang)(wang)(wang)(wang)注(zhu)明(ming)來源非中(zhong)(zhong)(zhong)國證(zheng)(zheng)券(quan)報·中(zhong)(zhong)(zhong)證(zheng)(zheng)網(wang)(wang)(wang)(wang)的(de)作(zuo)(zuo)品,均轉(zhuan)載自其(qi)它(ta)媒體,轉(zhuan)載目(mu)的(de)在于更好服務讀者(zhe)、傳遞(di)信息之需(xu),并不(bu)代表本(ben)(ben)網(wang)(wang)(wang)(wang)贊同其(qi)觀點,本(ben)(ben)網(wang)(wang)(wang)(wang)亦不(bu)對其(qi)真實(shi)性(xing)負責,持異議(yi)者(zhe)應與原出處單位主張權(quan)利。
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