新京报讯 （记者李蕾）西南证券8月6日晚间发布公告称，由于双方在新形势下，对证券公司当前的价值判断产生差异，西南证券终止吸收合并国都证券。国内首例上市券商并购案夭折。西南证券昨日下跌2.61%，报收10.09元。

The Beijing news- （Reporter li lei）Southwest securities 6 August evening issued announcement said，Because the two sides in the new situation，The securities firm current value judgment differences are，Southwest securities terminated merger by absorption countries securities。The country's first listed brokers deal die young。Southwest stock fell 2.61% yesterday，At 10.09 yuan。

　　历时一年多谈判磋商 For more than a year negotiation consultations

　　“这件事本来是希望能够紧锣密鼓地完成。在当时的环境下，如果审批及其他的程序很快，当时也就合并了。但时间一拖，市场和政策环境都发生了变化，大家都有了一些新的想法，并且未能就存在的差异达成一致。”西南证券董事长翁振杰昨日对新京报记者表示，双方都作出了审慎负责任的考虑，最后决定终止合并。

“It was the hope is to being completed。At the time of the environment，If the examination and approval and other program quickly，It was also a merger。But time yituo，Market and policy environment have changed，We all have some new ideas，And the differences have failed to reach an agreement。”The chairman of the securities WengZhenJie southwest yesterday the Beijing news reporter said，Both sides made a prudent responsible consideration，Finally decided to terminate mergers。

　　去年3月份，西南证券启动对国都证券的并购，成为国内首例上市券商并购案。

By march of last year，Southwest of the capital stock start securities mergers and acquisitions，Become the country's first deal listed securities。

　　根据去年12月份公布的方案，国都证券的评估值为112.8亿元，即每单位注册资本的评估价格为4.30元，在此基础上为参与换股的国都证券股东安排一定比例的风险溢价，但每单位注册资本最终作价不超过5元。

According to the plan published in December last year，Countries of the assessment of the securities the value of 11.28 billion yuan，Namely every unit of the registered capital of the price evaluation is 4.30 yuan，In this foundation for participation in change capital stock shareholder arrangement a certain percentage of the risk premium，But each unit of registered capital is no more than 5 yuan eventually pricing。

　　在经过一年多的谈判磋商后，该并购案最终终止。对于终止的原因，西南证券在公告中称，是由于证券公司盈利下降以及监管政策发生了变化。

In after more than a year of talks after consultation，The deal ended。The reason for termination，Southwest securities in a statement，Is due to a securities company profits and regulatory policy changes。

　双方去年净利均降超50% Both sides are down over 50% net profits last year

　　西南证券称，自重组以来全球资本市场发生巨大变化，在欧债危机恶化、国内经济增速放缓的情况下，中国股票市场持续走低，证券公司盈利下降、总体估值有所降低。

Southwest securities says，Since the restructuring the global capital markets since the great changes，In the European debt crisis worse、Domestic economic slowdown in the case，China's stock market is falling，Securities company profits、Overall valuations reduced。

　　沪指年初经历低点2132.63点，经过半年多行情演绎几乎回到原点。市场低迷和IPO减少使券商经纪业务和承销保荐业务收入剧降。

In early HuZhi experience low 2132.63 points，After more than half a year market almost back to deduce the origin。The market downturn and decrease IPO securities brokerage business and underwriting sponsor business income has downslided。

　　中国证券业协会7月公布数据称，今年上半年112家券商共实现营业收入706.28亿元，较上年下降5.9%。行业整体净利226.59亿元，同比下降13%，已连续3年下降。19家国内上市券商上半年净利润更是下降近两成。

China securities association published July data says，In the first half of this year's 112 brokers were realize business income is 70.628 billion yuan，A year fell 5.9%。Industry overall net profit of 22.659 billion yuan，13% year-on-year drop，Already three consecutive years of decline。19 domestic securities listed in the first half net profit is down nearly twenty percent。

　　去年，西南证券实现净利润2.6亿元，同比下降67%，而国都证券实现净利润2.3亿元，同比下降52%。其中国都证券最被西南证券看重的经纪业务收入，从2010年的4.4亿元降至2.4亿元。西南证券昨日发布7月业绩快报显示，该公司7月份亏损7117.82万元。

Last year，Southwest a net profit of 260 million yuan of securities，67% year-on-year drop，And a net profit of 230 million yuan capital securities，52% year-on-year drop。Among them was the most capital securities brokerage business value southwest securities income，From 2010 yuan to 240 million yuan down。Southwest securities issued yesterday on July performance letters display，The company losses in July 71.1782 million yuan。

　　追问

cross-examine

　　西南证券董事长：有合适的不会放过

Southwest securities chairman：Have the right won't let go

　　西南证券称，今年5月份，中国证监会提出了新的监管思路，将最大限度放松行业管制，支持证券公司创新发展。对于营业部组织创新，证监会称，将放开营业网点的主体资格和地域限制，同时，逐步放开客户开户方式限制，允许证券公司探索网上开户以减轻设立网点的压力。

Southwest securities says，In may this year，The China securities regulatory commission proposed new regulation thinking，Will maximize relax industry control，Support securities company innovation development。For sales organization innovation，Securities regulatory commission says，Will let go of outlets subject qualification and regional restriction，At the same time，Gradually lifted on the mode of customer opens an account，Allow a securities company to explore online accounts set up in order to reduce the pressure of the network。

　　分析人士称，由于市场变化使券商总估值下降，双方对于估值及价格产生分歧；同时，政策变化使国都证券的营业网点优势减弱；此外，国都证券股权分散使并购有所阻力。西南证券营业部主要分布在重庆，而国都证券下辖的营业部多数分布在北京、上海。此前，西南证券收购国都证券，在营业部方面能够互补是其所看重的。

Analysts say，Since the market changes that brokers total valuations fall，Both to price valuation and the divergence；At the same time，The policy change make countries of the securities business site competitiveness；In addition，Equity capital securities that have scattered acquisition resistance。Southwest of the securities business mainly distributed in chongqing，And countries under the securities business most distribution in Beijing、Shanghai。after，Southwest securities purchase countries securities，In the sales department to is the important complementary。

　　“如果问题只有一点，很容易解决，假如是对价或是人员安排的问题都能解决，但是综合因素就很复杂了。”西南证券董事长翁振杰昨日称，终止合并是对各种因素的综合考虑，归根结底是双方在市场变化时都进行了调整。

“If the problem is only a little，Easy to solve，If be of value or personnel arrangement can solve both problems，But the comprehensive factor is very complicated。”The chairman WengZhenJie southwest securities said yesterday，Termination of all kinds of factors in the merger is considered，In the final analysis, it is both sides in the market changes have been modified。

　　“公司进行了市场化的探索，也获得了一定的经验，做大做强的目标没有改变，但做大做强不是一味地‘拼盘子’，而是既要大又要强。”翁振杰说，不管终止合并还是战略上的调整，都是市场和监管政策的需要。对于券商的并购，他说，如果有合适的，西南证券也不会放过任何一个做大做强的机会。

“Company for market exploration，And also have the certain experience，The goal of becoming big and strong no change，But the bigger and stronger not blindly‘Spell plate’，But both big and ambitious。”WengZhenJie said，No matter merger termination or strategic adjustment，Are all the needs of the market and regulatory policy。For brokers of mergers and acquisitions，He said，If there are appropriate，Southwest securities would not let go any a bigger and stronger opportunities。

　　新京报记者 李蕾

The Beijing news reporter li lei