日前,聯通集團擬啟(qi)動減(jian)資相關事宜,再次引發市場對(dui)于聯通集團的遐想。
8月17日晚間(jian),中(zhong)國(guo)醫(yi)藥(yao)以及中(zhong)信國(guo)安(an)先(xian)后(hou)披露公(gong)告,稱中(zhong)國(guo)醫(yi)藥(yao)以及中(zhong)信國(guo)安(an)子公(gong)司擬全(quan)額減資所(suo)持聯通(tong)集(ji)團股(gu)權。據了解,共計11家(jia)聯通(tong)小股(gu)東接到了減資通(tong)知。
此(ci)舉引(yin)發(fa)市(shi)(shi)場(chang)猜(cai)測,有分(fen)析人(ren)士對(dui)《證(zheng)券(quan)日報(bao)》記者表示(shi),對(dui)于(yu)中國醫(yi)藥等公司而言(yan),投(tou)資聯(lian)(lian)(lian)通(tong)(tong)無(wu)法(fa)與(yu)上(shang)市(shi)(shi)公司本(ben)身主(zhu)業(ye)(ye)形成業(ye)(ye)務以(yi)上(shang)的協同,不(bu)(bu)如將資金(jin)撤回投(tou)向主(zhu)業(ye)(ye)。對(dui)于(yu)聯(lian)(lian)(lian)通(tong)(tong)集(ji)團(tuan)而言(yan),優化股東結(jie)構有利于(yu)聯(lian)(lian)(lian)通(tong)(tong)集(ji)團(tuan)整(zheng)體(ti)上(shang)市(shi)(shi)。但亦有知情人(ren)士對(dui)《證(zheng)券(quan)日報(bao)》記者表示(shi),不(bu)(bu)認可聯(lian)(lian)(lian)通(tong)(tong)集(ji)團(tuan)整(zheng)體(ti)上(shang)市(shi)(shi)的說法(fa)。
聯(lian)通集(ji)團(tuan)方(fang)面則對《證券(quan)日報》記者表(biao)示,聯(lian)通此前就(jiu)在推動小股東減(jian)資,此次減(jian)資也屬(shu)于“常規化的事情”,與市場上(shang)猜測的電(dian)信聯(lian)通合并無關(guan)。
兩公司預計獲收益2.3億元
8月17日晚間,中國(guo)(guo)醫藥(yao)披(pi)(pi)露(lu)公告(gao),稱(cheng)收到聯(lian)通(tong)(tong)(tong)(tong)集(ji)(ji)團相關文(wen)件通(tong)(tong)(tong)(tong)知,聯(lian)通(tong)(tong)(tong)(tong)集(ji)(ji)團擬啟動減(jian)資(zi)(zi)相關事(shi)宜,中國(guo)(guo)醫藥(yao)董事(shi)會同意公司全(quan)額(e)減(jian)資(zi)(zi)所(suo)持(chi)聯(lian)通(tong)(tong)(tong)(tong)集(ji)(ji)團股(gu)(gu)(gu)權(quan)。無獨有(you)偶,中信(xin)國(guo)(guo)安(an)(an)亦(yi)披(pi)(pi)露(lu)公告(gao)稱(cheng),公司所(suo)屬全(quan)資(zi)(zi)子公司國(guo)(guo)安(an)(an)通(tong)(tong)(tong)(tong)信(xin)目前持(chi)有(you)聯(lian)通(tong)(tong)(tong)(tong)集(ji)(ji)團8861.51萬股(gu)(gu)(gu)股(gu)(gu)(gu)權(quan),占比(bi)約 0.08%。根(gen)據國(guo)(guo)務院國(guo)(guo)資(zi)(zi)委(wei)對(dui)聯(lian)通(tong)(tong)(tong)(tong)集(ji)(ji)團法人股(gu)(gu)(gu)股(gu)(gu)(gu)東減(jian)資(zi)(zi)退(tui)出事(shi)項的(de)安(an)(an)排,國(guo)(guo)安(an)(an)通(tong)(tong)(tong)(tong)信(xin)擬向聯(lian)通(tong)(tong)(tong)(tong)集(ji)(ji)團轉(zhuan)讓所(suo)持(chi)其全(quan)部(bu)股(gu)(gu)(gu)權(quan)。
據媒(mei)體報(bao)道,共計(ji)11家小股(gu)(gu)東(dong)收到了減資通(tong)知,《證(zheng)券日報(bao)》記者亦(yi)從中(zhong)(zhong)(zhong)信(xin)國(guo)安處證(zheng)實了該說法(fa)。資料顯示,中(zhong)(zhong)(zhong)國(guo)醫(yi)藥以及中(zhong)(zhong)(zhong)信(xin)國(guo)安以外(wai),聯(lian)通(tong)集(ji)團(tuan)的(de)(de)小股(gu)(gu)東(dong)還有(you)(you)(you)中(zhong)(zhong)(zhong)國(guo)華能(neng)集(ji)團(tuan)有(you)(you)(you)限公(gong)(gong)司(si)(si)(si)、國(guo)網信(xin)息通(tong)信(xin)產業集(ji)團(tuan)有(you)(you)(you)限公(gong)(gong)司(si)(si)(si)、中(zhong)(zhong)(zhong)國(guo)銀行股(gu)(gu)份(fen)有(you)(you)(you)限公(gong)(gong)司(si)(si)(si)、中(zhong)(zhong)(zhong)華通(tong)信(xin)系統有(you)(you)(you)限責任公(gong)(gong)司(si)(si)(si)、華潤股(gu)(gu)份(fen)有(you)(you)(you)限公(gong)(gong)司(si)(si)(si)、招商局集(ji)團(tuan)有(you)(you)(you)限公(gong)(gong)司(si)(si)(si)、中(zhong)(zhong)(zhong)國(guo)信(xin)達(da)資產管理股(gu)(gu)份(fen)有(you)(you)(you)限公(gong)(gong)司(si)(si)(si)、中(zhong)(zhong)(zhong)國(guo)中(zhong)(zhong)(zhong)化股(gu)(gu)份(fen)有(you)(you)(you)限公(gong)(gong)司(si)(si)(si)、上海科技(ji)創(chuang)業投資股(gu)(gu)份(fen)有(you)(you)(you)限公(gong)(gong)司(si)(si)(si)。據了解,國(guo)資委持有(you)(you)(you)聯(lian)通(tong)集(ji)團(tuan)98.44%的(de)(de)股(gu)(gu)份(fen),11家小股(gu)(gu)東(dong)共計(ji)持有(you)(you)(you)聯(lian)通(tong)集(ji)團(tuan)1.56%的(de)(de)股(gu)(gu)份(fen)。
出售聯(lian)通集(ji)團(tuan)資產或(huo)使兩家上市公(gong)司(si)(si)獲(huo)益(yi)匪(fei)淺。據中(zhong)國(guo)醫藥披露(lu)的(de)數據顯示,按照聯(lian)通集(ji)團(tuan)初步方案(an)測算(suan),公(gong)司(si)(si)全額(e)減資所(suo)持(chi)股權并(bing)扣除相關稅費后預計取得凈收益(yi)約為1.7億元(yuan),約占公(gong)司(si)(si)2017年度經審計歸屬于(yu)上市公(gong)司(si)(si)股東的(de)凈利(li)潤的(de)13%。中(zhong)信國(guo)安方面亦透露(lu),此次交易公(gong)司(si)(si)預計獲(huo)得收益(yi)6381.75萬(wan)元(yuan)。
電信分析師(shi)付亮對《證券日(ri)報(bao)》記者指出,小(xiao)股東的存在一方(fang)面(mian)可(ke)能會使(shi)聯通(tong)集(ji)團(tuan)(tuan)在制定決(jue)策方(fang)面(mian)流程更為復雜(za),另一方(fang)面(mian)部分小(xiao)股東的主營(ying)業務與聯通(tong)集(ji)團(tuan)(tuan)并不能構成業務協同效應,“不如將資金撤回(hui)投(tou)向主業”。
減資引發市場聯想
聯通集(ji)團(tuan)的小(xiao)股東減資事宜引(yin)發市場猜測。
談及小(xiao)(xiao)股東減資,聯通(tong)集(ji)團(tuan)方面對《證(zheng)券(quan)日(ri)報(bao)》記者表示,聯通(tong)此前(qian)就(jiu)在推(tui)(tui)動小(xiao)(xiao)股東減資,此次減資也(ye)屬于“常規化(hua)的(de)事(shi)情”,與市場上(shang)猜測(ce)的(de)電聯合(he)并(bing)無關。亦有業內(nei)人(ren)士猜測(ce),此舉或意在推(tui)(tui)動聯通(tong)集(ji)團(tuan)整體上(shang)市。
在付亮看(kan)來,聯(lian)通(tong)(tong)(tong)集(ji)團減資或(huo)意在優(you)化股東結(jie)構(gou),推(tui)動集(ji)團整體上市(shi)。付亮進一步(bu)指出,從歷史(shi)原因來看(kan),聯(lian)通(tong)(tong)(tong)集(ji)團是(shi)國(guo)(guo)(guo)資委旗(qi)下的“另類”,股權結(jie)構(gou)較為復雜。與聯(lian)通(tong)(tong)(tong)集(ji)團相比,中國(guo)(guo)(guo)移(yi)動集(ji)團和中國(guo)(guo)(guo)電信集(ji)團都由國(guo)(guo)(guo)資委100%控(kong)股。付亮指出,隨著股權結(jie)構(gou)更加(jia)清晰,聯(lian)通(tong)(tong)(tong)集(ji)團未來或(huo)將與上市(shi)公司中國(guo)(guo)(guo)聯(lian)通(tong)(tong)(tong)合并(bing)上市(shi)。但亦有(you)知情(qing)人(ren)士對《證券日報》記(ji)者表示,不認可集(ji)團整體上市(shi)的說法(fa)。
此(ci)外,聯(lian)(lian)(lian)(lian)(lian)(lian)(lian)通(tong)(tong)(tong)(tong)(tong)集(ji)團(tuan)小股東(dong)減資的(de)動作也(ye)(ye)引發市(shi)場(chang)對(dui)于電(dian)(dian)信(xin)、聯(lian)(lian)(lian)(lian)(lian)(lian)(lian)通(tong)(tong)(tong)(tong)(tong)合(he)并(bing)(bing)(bing)的(de)猜想,但付亮(liang)認(ren)為,小股東(dong)減資與(yu)(yu)電(dian)(dian)信(xin)聯(lian)(lian)(lian)(lian)(lian)(lian)(lian)通(tong)(tong)(tong)(tong)(tong)合(he)作沒有必然(ran)聯(lian)(lian)(lian)(lian)(lian)(lian)(lian)系(xi)。付亮(liang)進一(yi)(yi)步(bu)指出,一(yi)(yi)方面(mian)來看,與(yu)(yu)中(zhong)國移(yi)動集(ji)團(tuan)相(xiang)(xiang)(xiang)比,電(dian)(dian)信(xin)、聯(lian)(lian)(lian)(lian)(lian)(lian)(lian)通(tong)(tong)(tong)(tong)(tong)體量都相(xiang)(xiang)(xiang)對(dui)較小,即便(bian)合(he)并(bing)(bing)(bing)也(ye)(ye)無法與(yu)(yu)移(yi)動抗衡,因(yin)此(ci)合(he)并(bing)(bing)(bing)意義(yi)不(bu)大(da),聯(lian)(lian)(lian)(lian)(lian)(lian)(lian)通(tong)(tong)(tong)(tong)(tong)引入混改也(ye)(ye)導(dao)致(zhi)電(dian)(dian)信(xin)、聯(lian)(lian)(lian)(lian)(lian)(lian)(lian)通(tong)(tong)(tong)(tong)(tong)的(de)合(he)并(bing)(bing)(bing)越(yue)來越(yue)遠;另一(yi)(yi)方面(mian),如果(guo)電(dian)(dian)信(xin)、聯(lian)(lian)(lian)(lian)(lian)(lian)(lian)通(tong)(tong)(tong)(tong)(tong)合(he)并(bing)(bing)(bing),3個通(tong)(tong)(tong)(tong)(tong)信(xin)運(yun)營商變為2個,中(zhong)國鐵塔將減少(shao)一(yi)(yi)個大(da)客戶,或將因(yin)此(ci)受損。談到電(dian)(dian)信(xin)聯(lian)(lian)(lian)(lian)(lian)(lian)(lian)通(tong)(tong)(tong)(tong)(tong)合(he)并(bing)(bing)(bing)的(de)猜想,上海(hai)社科院互聯(lian)(lian)(lian)(lian)(lian)(lian)(lian)網研(yan)究中(zhong)心首席研(yan)究員李易亦直言:“電(dian)(dian)信(xin)、聯(lian)(lian)(lian)(lian)(lian)(lian)(lian)通(tong)(tong)(tong)(tong)(tong)合(he)并(bing)(bing)(bing)不(bu)太可能”。李易認(ren)為,與(yu)(yu)海(hai)外市(shi)場(chang)相(xiang)(xiang)(xiang)比,“我(wo)國通(tong)(tong)(tong)(tong)(tong)信(xin)運(yun)營商數量較少(shao),從進一(yi)(yi)步(bu)開(kai)放電(dian)(dian)信(xin)業的(de)角度來講不(bu)會逆市(shi)場(chang)而行(xing)。”
李(li)易同時(shi)解(jie)釋,小股(gu)東(dong)的(de)減資(zi)或許(xu)釋放了一種國(guo)資(zi)委支(zhi)持(chi)聯(lian)(lian)(lian)通(tong)進一步混改的(de)信號(hao)。李(li)易表示,此前中(zhong)國(guo)聯(lian)(lian)(lian)通(tong)引入民(min)營(ying)資(zi)本與部(bu)分互聯(lian)(lian)(lian)網公(gong)司開展合作(zuo),此舉提升(sheng)了中(zhong)國(guo)聯(lian)(lian)(lian)通(tong)的(de)吸引力,并(bing)推動了客(ke)戶數量的(de)增長與業績的(de)上(shang)行。此次聯(lian)(lian)(lian)通(tong)集(ji)團股(gu)權(quan)集(ji)中(zhong),或利于中(zhong)國(guo)聯(lian)(lian)(lian)通(tong)進一步引入民(min)營(ying)資(zi)本,尤其是互聯(lian)(lian)(lian)網公(gong)司股(gu)東(dong)。
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