张大伟制图 ZhangDaWei drawing

　　⊙记者 吴正懿 ○编辑 孙放

Reporter WuZhengYi ○ ⊙ SunFang editor

　　信息化综合服务提供商西安未来国际16日发布预披露材料，冲刺创业板。材料显示，公司有着不寻常的股权架构，陕西省政府行政控制的4家国有股东累计持股比例逾半，比公司实际控制人的持股比例高出14%；另一方面，作为陕西电子政务市场化运作主体，未来国际约七成业务来自陕西省各政府部门。如此唇齿相依的关联，足以令外界对未来国际的业务独立性引发猜疑。

Informatization integrated service provider xian future international 16 release the disclosure materials，Sprint gem。Material showing，The company has unusual equity structure，Shaanxi government administrative control of the four state-owned shareholders share ratio of total more than half，The actual control of people than share ratio of 14% higher；On the other hand，As shaanxi e-government marketing operation subject，Future international business from about seventy percent each government department of shaanxi province。So intricately interrelated linked，Enough to make to the outside world in the future international business independence cause suspicion。

　　未来国际本次拟发行4100万股，募集资金2.47亿元投入陕西省信息化综合服务中心等项目。最近3年，未来国际营收分别为1.25亿元、1.85亿元和2.65亿元，净利润分别为3023.36万元、5015.34万元和6052.65万元。

The future of this issue to international 41 million shares，Raising capital 247 million yuan investment information of shaanxi province comprehensive service center and other projects。For the last 3 years，Future international revenue is 125 million yuan respectively、185 million yuan and 265 million yuan，Net profit is 30.2336 million yuan respectively、50.1534 million yuan and 60.5265 million yuan。

　　值得注意的是，未来国际拥有4名国有法人股东，其实际管理者均可追溯至陕西省政府。其中，陕高投持有未来国际发行前28.65%的股份，电子技术研究所持有12.05%股份，政印商贸持有6.69%的股份，信息总公司持有2.92%的股份，累计持股比例达50.31%，超过绝对控股线。另一方面，公司实际控制人王茜、廉洁夫妇，通过未来实业间接持有未来国际36.3%的股权。同时，本次IPO保荐人平安证券旗下的直投子公司平安财智，持有发行前5.28%的股份。

Note the，Future international have four state-owned corporate shareholders，The actual managers all can be traced back to the shaanxi government。Among them，Shaanxi for future international held high before the release of 28.65% of the shares，Electronic technology institute has 12.05% stake，Government printing business holds 6.69% of the shares，Information corporation holds 2.92% of the shares，Accumulative total shareholding ratio of 50.31%，More than absolute holding line。On the other hand，The company WangQian actual controller、Clean couple，Through the future industrial future international indirectly held 36.3% of the equity。At the same time，The sponsors of its IPO peace securities company peace smartfortune yantai xinmu straight，Hold the issue before 5.28% of the shares。

　　这样罕见的股权架构，使得未来国际的公司性质、实际控制人的归属显得异常模糊。招股书解释称，公司4名国有股东的出资者（上级主管部门）为不同的政府部门，其虽同属陕西省属国有企业，但相互之间不存在法定代表人、董事或高管相互兼职的行为，亦未签订一致行动人协议。不过，公司董事会由9位董事组成，6名非独立董事中，4名国有股东各推荐1名，未来实业推荐2名，国资“在董事会中占据相对多数的席位”。

So rare equity structure，Make the future international company to nature、The ownership of the actual controller is extremely vague。Prospectus in explanation says，The company four state-owned shareholders of the investor（Superior departments）For different government departments，Though the shaanxi provincial belong to the state-owned enterprise，But do not exist between the legal representative、A director or senior manager mutual part-time behavior，Also did not sign consistent action agreement。but，The board of directors of the company by nine directors composition，Six of the independent directors，Four state-owned shareholders all recommended 1，The future industrial recommended two，inspected“The board of directors of the relative majority in occupying the seats”。

　　那么，作为创始人的王茜夫妇，为何甘愿将股份分割给国有股东呢？

so，As the founder of the WangQian couples，Why will split to state-owned shares to shareholders？

　　股权演变资料显示，未来国际的前身未来软件设立于1997年1月，但其命运转折点却发生于2004年。当年7月，未来软件实施大规模增资扩股，陕高投、陕西软件行业协会、陕西广电网络(600831,股吧)、陕西省政府办公自动化管理中心、陕西省信息总公司、恒生科技对未来软件增资扩股，其中办公自动化管理中心以网络设备资产及其配套软件资产出资，信息总公司以实物资产出资，其余股东以货币出资。后经国有股东之间的股权转让，形成了目前的股权结构。

Equity evolution data shows，The future of the predecessor of the future international software is set up in January 1997，But its fate turning point but took place in 2004。In July，The future software is carried out large-scale increase endowment spread，For its high、Shaanxi software industry association、Shaanxi radio and television networks(600831,Shares it)、Shaanxi government office automation management center、Shaanxi information corp、The hang seng technology to future software increase endowment spread，Which office automation management center to network equipment assets and related software capital assets，Information on physical assets investment corporation，The rest of the shareholders to monetary capital contribution。After the state-owned shareholders' equity transfer between，Formed the ownership structure。

　　招股书描述，正是在2004年，陕西省政府确定由未来软件作为陕西省电子政务市场化运作主体企业，在此基础上吸收、整合各方资源设立了未来国际，承担全省电子政务建设的规划、设计、实施、运维服务等。凭借垄断性优势，报告期内，公司来自陕西省省委、省政府、人大、政协、检察院及其各部门的收入占主营业务收入比例分别为77.72%、68.87%和65.97%；最近3年前五大客户中，来自陕西省信息化领导小组的收入比重分别达71.67%、56.48%和47.69%。

Prospectus in description，It was in 2004，Shaanxi government determined by the future software as shaanxi e-government marketing operation subject enterprise，Based on this absorption、Various resources integration set up the future international，Take the construction of e-government in planning、design、implementation、Operation and maintenance services。With the monopoly advantage，During the reporting period，The company from shaanxi provincial party committee、Provincial government、National People's Congress、Political consultative conference、Procuratorate and the department of revenue of the income of 77.72%、68.87% and 65.97%；In recent three years ago in five customers，Shaanxi information from leading group income proportion of 71.67% respectively、56.48% and 47.69%。

　　据披露，陕西省信息化领导小组于2006年、2008年和2009年与未来国际签订了一期项目、二期项目及电子政务综合服务中心项目合同，合同金额累计13.43亿元。其中一期、二期项目基本建设完毕，正处于运营阶段；电子政务综合服务中心第一阶段已完成验收，第二阶段建设正在进行中。截至2011年末，上述三期合同已确认收入4.29亿元，在2012年至执行期满期间，公司按三期合同的约定还将确认收入9.14亿元。

According to the disclosure，Shaanxi information leading group in 2006、In 2008 and 2009 and future international signed a stage project、Phase ii project and electronic government affairs comprehensive service center project contract，The contract value has amounted to 1.343 billion RMB。One of、Phase ii project completed basic construction，Is in operation stage；The electronic government affairs comprehensive service center has completed the first stage of acceptance，The second phase is in progress。At the end of 2011，The above three period the contract has confirmed that income is 429 million yuan，In 2012 to execute the expiration of the period，The company by the three periods of the agreement of the contract will also confirmed that income is 914 million yuan。

　　不难看出，未来国际对于陕西政府部门尤其是陕西省信息化领导小组存在较强的业务依赖，而国有股东的大比例持股难免使其在选择信息化供应商时存在利益倾斜，未来国际的业务独立性如何使人信服？

It is easy to see，The future for shaanxi government departments especially international information leading group in shaanxi province have strong businesses depend on，And the state-owned shareholders a large proportion of the shares in the choice is information suppliers exist interests tilt，The future of international business independence how to convincing？