Sichuan Shuangma shares soared: exploring new ways under the new regulations backdoor (original title: new regulations under the new play: the equity premium transfer) premium transfer of ownership, the current capital market is becoming the most fashionable play. In September 14th, Sichuan’s double horse (000935.SZ) was stopped for verification due to abnormal volatility in the stock price. In August 22nd, the former major shareholder of Sichuan Shuangma Lafarge announced its withdrawal from the largest shareholder, with IDG background of harmonious Hengyuan actual controller Lin Dongliang will become the actual controller of a listed company’s new. The move detonated the stock price of Sichuan’s double horse, which rose to 184%. A shares in the shell resource market demand exceeds supply, is just a microcosm of Sichuan shuangma. In recent years, the hot phenomenon of the high premium transfer of controlling shareholders to the third party has aroused a lot of ripples in the market. In September 9th, with the release of the revised version of the management measures for major assets reorganization of the listed companies, the restructure of the borrowed shell began to enter a new round of game. In general, the equity value of a listed company is determined according to the current stock price. But because of the control right of listed companies, the control premium often exists. Therefore, the high premium transfer controlling right of the large shareholders of the listed companies is not rare, and the former market is used as the "shell fee". In March 22nd, the pillars of the new material (002082.SZ) announced that the controlling shareholder of Lu Zhibao and bond million Group Ltd. signed a share transfer agreement, Lu Zhibao intends to hold the 9.44% pillars of the new material to the transfer of shares, million bond group to 32.49 yuan price of the shares, the transfer price amounted to 730 million yuan. After the change of the rights and interests, the WAN bond group and Lu Zhibao became the largest shareholder in the company. In September 17, 2015, the share price of the pillars of new timber was only 10.21 yuan, and the equity transfer premium was 2.18 times. By this effect, the shares of the pillars of new timber have risen sharply. Extended reading: Red chain two days sold 900 million shares most of Sichuan’s state-owned holding company under the suspicion of the crime of insider trading investment chairman Huang Shunfu directs others to illegal stock trading sideways 15 trading days after the stock index soared 3.34% Sichuan stocks overall rose Wuliangye non-public offering of 2 billion 300 million yuan fund-raising chairman Tang Bridge will participate in the stock recently, with the Commission will the introduction of new regulations for mergers and acquisitions, restructuring and listing of more stringent definition, to circumvent the backdoor inquiries more refined, easy way to guide the original edge ball is more realistic, so a lot of capital to advance the game player a controlling stake, then the second step plan. In September 1st, Letong shares (002319.SZ) controlling shareholder Liu Qiuhua and Shenzhen Dasheng Asset Management Co., Ltd. signed a share transfer agreement, Liu Qiuhua will hold 13% of the total share capital of the company 26 million shares tradable shares, with a total amount of 700 million yuan to Dasheng assets transfer, the transfer price per share of about 26.92 yuan. The price of the joint-stock suspension in June 2nd was 17.28 yuan, and the premium rate was up to 55.8%. After changes in equity, Dasheng assets become the largest shareholder of the company, Zhou Zhenke become the actual controller of the company. In this good news, the stock opened two months after the suspension is a word rise. By the end of September 13th, Le Tong shares had risen to 45.40%. Huang Hui, general manager of small crocodile assets, told the Economic Observer newspaper that behind the rise of stock price is investors’ expectation of potential capital operation expectation after the arrival of the new master, and whether the "new master" industry background is excellent will affect the market’s optimistic expectation of restructuring. Similarly, for the assignee, the acquisition of the company’s holding power is only the first step in the grand plan, and the follow-up is the most critical part of the operation. Pear shares (600506.SH) September 8th announcement, received the indirect controlling shareholder of Xinjiang Changyuan Water Group Limited holding water China Investment Limited letter, Chinese water shareholders will be held on September 6th, passed the relevant bill, agreed to by the property exchange will chang source water which holds 51% stake in the transfer of publicly listed. After the completion of the transfer, the control of the shares of the fragrant pear will also change. It is worth noting that, in addition to the private enterprises, many state-owned enterprises at this time "curve let the shell", start to mix and change. In April this year, Hengda invested 3 billion 600 million yuan acquisition of China calxon (9.690, -0.35, -3.49%) 52.78% of the shares, June, Geely Holding more than 1 billion of state-owned enterprises in Zhejiang Qianjiang *ST. However, not all transfers have been successfully implemented. Shanghai Wumao (600822.SH) recently disclosed that since the stock suspension, the company and related parties to actively promote and strive to sell the company, nonferrous metal company assets and liabilities matters have been completed. With regard to this major asset reorganization, the company can hardly agree with the key terms such as assets scope and transaction price after repeated consultations and coordination with related parties. In August 11, 2016, the company received a letter of Bailian Group, brilliance group decided to terminate to publicly call for the transferee to transfer its holdings of 29% stake in the company. On the basis of the above reasons, the board of directors of the company has agreed to terminate the major asset reorganization in order to protect the interests of all shareholders and the company. The new regulations and new rules of the new rules and regulations in the control of the transfer of equity, the new regulations of the SFC is a background factor that can not be ignored. Following the June this year in the history of the most stringent restructuring of new regulations, the Commission issued "on the revision of the" management approach "major asset restructuring of listed companies" again in September 9th, Sealand securities analyst Dai Pengju believes that the new regulations to guide the funds to the industry, the changes in order to curb speculative speculation, while continuing to support the listed shell "the company through the healthy way of mergers and acquisitions to improve the quality of listed companies, and guide more funds to invest in the real economy. It is worth noting that the content of the new regulation will greatly limit the flexibility of Listed Companies in restructuring and mergers and acquisitions. The revised "Reorganization Method" further improves the standard of reorganization and listing, and clearly indicates that the first time for accumulative principle is 60 months. It means that if the purchaser gets the control of the listed company first, then the asset injection will not be made up after 60 months. In addition, the revised version of the reorganization measures has also improved the supporting regulatory measures, cancelled the supporting financing for restructuring and listing, improved the strength requirements of the reorganizing party, and extended the locking period of the relevant shareholders. With the development of new regulations has been restructuring, including a major reorganization of assets, special materials, Jinma Sam Yangtze new material companies such as change. Compliance with the regulatory authorities once again raise the threshold, some walking class backdoor programs in the SFC "piercing eye" did not escape. *ST Jiangquan as an example, as early as in July 26th released a major asset replacement and merger and reorganization plan, to August 31st has received over two of the inquiries. The market questioned *ST Jiangquan circumvent the backdoor of the red line of the suspect has yet to resume trading, the stock. However, Dai Peng pointed out that, in the long run, the value of the shell resources is not dependent on the flexibility of the reorganization, but on its scarcity. The delay in the registration system means that in the medium term, the stock market is still very crowded and the scarcity of the shell still exists. Another investment bank believes that for buyers, in the current asset shortage and stock market downturn, it is a good time to buy low priced shell resources. The 5 year limited period set up in the revised version of the Reorganization Act will prompt some of the funds to take the initiative to win the resources of the shell resources and grasp the initiative. After that, we will further discuss the capital operation after the time is ripe. The new regulations also shortened the "cold period" which terminated the process of major asset restructuring, which shortened from 3 months to 1 months, which highlighted the encouragement of the SFC to reorganize transactions that have real industrial value and improve the quality of listed companies. A market person believes that the probability of restructuring transactions is not small after the threshold is raised and the market threshold is reduced. Hui Xiang investment President Yin Youjia believes that the current A stock market "barbarians" frequent placards, lasted more than a year of Vanke equity for war has not yet ended, the war fully aroused with vigour and vitality of equity market imagination, but also let more people recognize the great value of equity. The transfer of the premium premium is undoubtedly an important point in the current market.
四川双马股价暴涨探秘：借壳新规下的新玩法 （原标题：新规下有新玩法：控股权溢价转让） 溢价转让控股权，正成为当下资本市场最时髦的玩法。 9月14日，四川双马（000935.SZ）因股价异常波动而停牌核查。8月22日，四川双马原大股东拉法基宣布退出第一大股东地位，拥有IDG背景的和谐恒源实际控制人林栋梁将成为上市公司新的实际控制人。此举引爆了四川双马股价，此间涨幅达到184%。 在僧多粥少的A股壳资源市场上，四川双马只是一个缩影。近期以来，控股股东高溢价转让控股权给第三方的火热现象激起市场无数涟漪。而随着9月9日证监会《上市公司重大资产重组管理办法》修改版的发布，重组借壳行为开始进入新一轮的博弈。 控股权溢价 一般而言，上市公司股权价值按照当前股价来确定，但控股权因具备对上市公司的控制权，往往存在控制权溢价。所以，一直以来，上市公司大股东高溢价转让控股权的现象并不鲜见，以往市场惯称之为“壳费”。 3月22日，栋梁新材（002082.SZ）公告称，控股股东陆志宝与万邦德集团有限公司签署了股份转让协议，陆志宝拟将其持有的栋梁新材9.44%股份，以32.49元 股的价格转让给万邦德集团，转让价款总额为7.3亿元。此次权益变动后，万邦德集团与陆志宝成为公司并列第一大股东。而2015年9月17日栋梁新材停牌时的股价仅为10.21元，此次股权转让溢价2.18倍。受此影响，栋梁新材股价大幅上扬。 延伸阅读： 红旗连锁两天卖出9亿股票 多数被四川国资旗下公司拿下 涉嫌内幕交易罪 川投原董事长黄顺福指使他人非法买卖股票 横盘15个交易日后沪指暴涨3.34% 川股全盘上涨 五粮液非公开发行募资23亿元 董事长唐桥将参与持股 近期以来，随着证监会并购重组新规的出台，对于重组上市的界定更加严格，对于规避借壳的问询更加细化，导致原来擦边球的轻松方式愈加不现实，从而不少资本玩家开始了先行受让控股权，而后再进行第二步的计划。 9月1日，乐通股份（002319.SZ）控股股东刘秋华和深圳市大晟资产管理有限公司签署股份转让协议，刘秋华拟将其持有的13%的公司总股本计2600万股无限售流通股股份，以总额7亿元转让予大晟资产，每股转让价约26.92元。此前乐通股份6月2日停牌时的价格是17.28元 股，而此次出让溢价率高达55.8%。本次权益变动后，大晟资产成为公司第一大股东，周镇科成为公司实际控制人。在此利好消息下，该股在停牌两月后开盘即一字涨停。截至9月13日收盘，乐通股份股价涨幅已达45.40%。 小鳄资产总经理黄慧对经济观察报表示，股价上涨的背后是投资者对“新主”到来后潜在的资本运作预期的看重，而“新主”产业背景是否出色则会影响市场对重组预期的看好程度。同样，对于受让方而言，取得公司控股权仅仅是宏图大业的第一步，后续的运作才是最为关键的一环。 香梨股份（600506.SH）9月8日公告，接到间接控股股东新疆昌源水务集团有限公司的控股方中国水务投资有限公司函件，中国水务于9月6日召开股东会，审议通过相关议案，同意通过产权交易所将其持有的昌源水务51%股权公开挂牌转让。转让完成后，香梨股份的控制权也将发生变化。 值得注意的是，除了民企之外，不少国企也在此时“曲线让壳”，启动混改。今年4月，恒大斥资36亿元收购嘉凯城（9.690， -0.35， -3.49%）52.78%股份，6月，吉利集团逾10亿控股浙江国企*ST钱江。 然而，并非所有的转让都成功实施。上海物贸（600822.SH）近日披露，自股票停牌以来，经公司及有关各方积极推进和努力，公司出售有色金属分公司资产、负债事项已经实施完毕。就本次重大资产重组事项，公司经与相关方多轮反复磋商和协调，交易各方就置入资产的范围、交易价格等关键条款难以达成一致意见。2016年8月11日，公司收到百联集团来函，百联集团决定终止以公开征集受让方方式转让其持有的公司29.00%股权。基于上述原因，为保护全体股东及公司利益，公司董事会经审议，一致同意终止本次重大资产重组事项。 新规新玩法 在控股权转让此起彼伏之时，证监会新规是不可忽视的背景因素。继今年6月“史上最严”重组新规出台，证监会于9月9日再次发布《关于修改〈上市公司重大资产重组管理办法〉的决定》，国海证券分析师代鹏举认为，新规旨在引导资金投向实业，此次修改旨在抑制投机“炒壳”，同时继续支持上市公司通过健康的方式并购重组提升上市公司质量，引导更多资金投向实体经济。 值得注意的是，新规的内容将大大限制上市公司在重组、并购等方面的灵活度，修改后的《重组办法》进一步完善了重组上市认定标准，明确累计首次原则的期限为60个月。意即如果收购方先取得上市公司控制权，60个月后再进行资产注入，则不构成借壳。除此以外，《重组办法》修改版还同时完善了配套监管措施，取消了重组上市的配套融资，提高对重组方的实力要求，延长相关股东股份的锁定期。 随着重组新规的细化，至今已有包括金马股份、三圣特材、扬子新材等公司的重大资产重组生变。随着监管部门再度抬高合规门槛，一些打擦边球的类借壳方案将在证监会的“火眼金睛”下无所遁形。以*ST江泉为例，早在7月26日发布的重大资产置换及并购重组预案，至8月31日已收到上交所的二度问询。市场质疑*ST江泉存在规避借壳红线的嫌疑，该股至今尚未复牌。 然而，代鹏举指出，从长期来看，壳资源的价值主要不取决于重组的灵活度，而在于其稀缺性。注册制的推迟意味着在中期内，股票上市通道依然非常拥挤，壳的稀缺性依然存在。另有投行人士认为，对于买方来说，在当下资产荒且股市低迷的双重背景下，此时收购股价处于低位的壳资源却是个不错的时机。《重组办法》修改版中所设置的5年的限定期限，或将促使部分资金采取先将壳资源收入囊中，掌握主动权，待时机成熟之后再图深层次的资本运作。 新规定也缩短了终止重大资产重组进程的“冷淡期”，由3个月缩短至1个月，彰显了证监会对具有真正产业价值的、有利于提升上市公司质量的重组交易的鼓励。一位市场人士认为，在合规门槛抬高，市场门槛降低后，重组交易的实现概率并不小。 惠祥投资总裁殷佑嘉认为，当前A股市场上“野蛮人”频繁举牌，持续逾一年的万科股权争夺之战亦尚未落幕，轰轰烈烈的股权战充分激起了市场想象，也让更多的人认识到股权的巨大价值。控股权溢价转让，无疑是当前市场的一大重要看点。相关的主题文章：