6股东闪现多个自保项目，环球印务倒在发审委 Six shareholder blink more captive project，Global printing fell in FaShenWei

　　理财周报记者 杨庆婉/文

Finance YangQing wan/the weekly newspaper reporters

　　近日，在证监会最新披露的IPO在审名单中，第一创业证券（简称“第一创业”）位列其中，成为今年继国信证券、东方证券和东兴证券之后第4家排队上市的证券公司。

recently，In the latest disclosure of the CSRC in the IPO list，The first venture securities（Referred to“The first venture”）Among them，This year the become expressed securities、The east following securities and securities listed in line after home 4 securities company。

　　这对此前舍弃第一创业控股权的首创集团来说，或许有些尴尬，首创集团原本指望首创证券能借壳上市，如今却被第一创业抢了先。

This after the first venture controlling interest to abandon the pioneering group for example，Perhaps some awkward，The first group was hoping for securities can lend shell on the market，But now the first venture rob the first。

　　事实上，股权分散给第一创业带来的不仅是决策权的难题，股东们各自打着如意算盘，多次入股第一创业自己保荐的IPO项目，其中错综复杂的关联可谓剪不断理还乱。

In fact，Equity to the first venture of scattered bring not only is the problem of the decision-making power，The shareholders under their respective count your chickens before they hatch，Many times the first venture his sponsor of the contribution of the IPO project，Among them the complexity of the association is constantly Richard also cut disorderly。

　　押宝投行的第一创业，成立了合资公司第一创业摩根大通证券（简称“一创摩根”）。只可惜，今年截至目前一创摩根没有完成1单IPO项目，2011年净利润亏损3759万元，而第一创业全年净利润也才1.82个亿。

The first venture investment Banks bets，Established a joint venture first venture jpmorgan securities（Referred to“A and Morgan”）。but，So far this year and no complete 1 Morgan a single IPO project，2011 net profit loss 37.59 million yuan，And the first annual net profit to business 1.82。

　

　2011年净利润下滑48% 2011 net profit fell 48%

　　第一创业的前身是佛山证券，2002年首创集团收购佛山证券并进行增资扩股，迁至深圳更名第一创业。此后，这家地方性券商将经纪业务扩张至全国，但收入贡献最大的是投行业务。

The first venture was established on the basis of the foshan securities，2002 first group acquired foshan securities and increase endowment spread，Moved to shenzhen name first business。Since then，The local brokers will brokerage business expansion to the whole country，But the largest income contribution is an investment bank。

　　去年，股票市场不济，受此影响不少券商收入下滑，第一创业也不例外。2011年第一创业的归属母公司净利润是1.82亿元，而2010年为3.48亿元，2011年同比下降了48%。

Last year，Stock market are suffering，Affected by this many brokers revenue declined，The first venture is no exception。In 2011 the first venture the belonging of the parent company net profit is 182 million yuan，And in 2010 for 348 million yuan，In 2011, a 48% decline from。

　　今年上半年财务报表显示，第一创业的净利润达1.87亿元，有回升的迹象。实际上，第一创业的规模及各项业务在券商中均处于中等水平。

Financial report showed that in the first half of this year，The first venture of the net profit of 187 million yuan，Have picked signs。In fact，The first venture the scale and various business in all are in the medium level of securities。

　　中国证券业协会数据显示，第一创业2011年总资产93.08亿元，在111家证券公司排名中列第48位，而一创摩根则排在第104位。2011年净资产为42.6亿元，稍逊于同时等待上市的东兴证券47.3亿，排在第37位。营业收入8.14亿元，排第43位；净利润（未合并）2.1亿元，排第37。

China securities association data shows，The first business in 2011, total assets of 9.308 billion yuan，In 111 stock company listed in 48 th，And a gen Morgan is ranked no. 104。In 2011, with a net worth of $4.26 billion，Change in the securities listed while waiting for following 4.73 billion，Row in a 37。Business income is 814 million yuan，Row 43 rd；Net profit（unincorporated）$210 million，Row 37。

　　2011年第一创业的动作颇多：经纪业务方面，在全国原来17家营业部的基础上增加了9家，代理买卖证券业务净收入1.68亿元，行业排第79位；资产管理方面，去年新发了4只集合理财产品，目前共8只产品，规模合计43.15亿元，排名第11位；而投行方面，一创摩根开业，股票及债券承销金额217亿，行业排第18位。

In 2011 the first entrepreneurial action quite a lot：Brokerage business，In the original home of the business based on 17 increased nine，Acting sale of securities business net income of 168 million yuan，Industry row 79th；Asset management，Last year, four new hair only set financial products，8 now only products，Scale amounted to RMB 4.315 billion，Ranking 11 th；And in investment Banks，A gen Morgan practice，Stock and bond underwriting of 21.7 billion，Industry row 18 th。

　　在这些传统业务中，除了投行业务贡献较大，其他业务乏善可陈。

In these traditional business，In addition to significant contribution in investment banking，Other business area。

　　据第一创业财报披露， 2010年时，第一创业的各项业务收入分化还没那么明显，总营业收入9.97亿元，投行贡献3.4亿，经纪贡献2.7亿，而自营则意外创收2.35亿元。

According to the first venture earnings disclosed， In 2010，The first venture in all kinds of business income differentiation is not so obvious，The total business income is 997 million yuan，Investment Banks contribute 340 million，Brokerage contribute 270 million，And self-supporting is an $235 million revenue。

　　2011年，总营业收入为8.9亿元，经纪业务、自营业务、资管业务、期货经纪业务营业收入分别为1.96亿、5206万、1731万、1410万元。而投资银行业务贡献营业收入5.26亿元，占了营收收入的59%。

2011 years，Total operating income for 890 million yuan，Brokerage business、Self-operated businesses、Information management related business、Futures brokerage business income for 196 million respectively、52.06 million、17.31 million、$14.1 million。And investment banking business income is 526 million yuan contribution，Accounted for 59% of the total revenue。

　　与摩根大通成立合资投行——第一创业摩根大通或是缘于对投行业务的重视，成立于2010年12月31日，第一创业持有66.7%股权，去年9月30日取得保荐机构资格。

Jpmorgan chase and set up a joint venture investment bank, the first venture jpmorgan chase or due to the attention of the investment banking，Was founded in December 31, 2010，The first venture a 66.7% stake，Last September 30, sponsor qualifications obtained。

　　

合资投行一创摩根亏3759万 A joint venture investment Banks and Morgan kui 37.59 million

　　投行业务是第一创业最核心也最具竞争力的业务，一创摩根的诞生寄托了第一创业打造专业投行的愿景。可去年一创摩根刚取得保荐资格不久，就有大量保代流失，包括周俊、艾民、姜杰、陈作为等众多第一创业投行骨干相继离开。

An investment bank is the first venture the most core also the most competitive business，A and the birth of the first Morgan on business investment Banks make professional vision。But last year a gen Morgan just get sponsor qualification soon，A number of the generation loss，Including ZhouJun、YiMin、JiangJie、Chen and many other first venture investment Banks as a backbone have to leave。

　　证监会公开数据显示，目前一创摩根有注册保代13人。今年6月11日，任劲就任副首席执行官兼投资银行部主管。任劲曾在中国银行及中银国际证券任职长达24年，分管投资银行业务。

Securities regulatory commission public figures show，At present a and have registered the generation Morgan 13 people。June 11,，As deputy chief executive and strength in home investment competent。As in the bank of China, and have the strength of China international securities for 24 years in office，Responsible for investment banking business。

　　合资券商承揽项目能力较差、在中国水土不服的问题还没有解决。2011年，一创摩根净利润亏损3759万，并且在IPO项目上几无斩获，今年截至目前唯一一单出炉的IPO（西安环球印务）被证监会否决。

The joint venture brokers contracting ability is bad、Soil and water conservation in China is not has not been solved。2011 years，A net loss of 37.59 million and Morgan，And in the IPO project on a few no gained ground，So far this year only a single hot IPO（Xian global printing）Veto by CSRC。

　　肥水不流外人田。第一创业本次准备冲刺IPO，担任保荐机构为招商证券(600999,股吧)和其控股子公司一创摩根，虽然这种做法并不违规，但难免逃脱不了王婆卖瓜、自卖自夸的嫌疑。

WaiRenTian water don't flow。The first venture the sprint for the IPO，As the sponsor for investment promotion securities(600999,Shares it)And its holding company of a gen Morgan，Although this kind of practice is not illegal，But hard to avoid can not escape the cook sell melon、Every potter praises his own pot suspicion。

　　目前证监会公布的IPO企业在审名单中，除了第一创业IPO，一创摩根还有5个在审项目。其中，北京大唐辉煌、北京中环信科、江苏速升自动化3个项目已进入初审中，浙江富丽达正在落实反馈意见中，武汉中博生物已预披露。

At present the CSRC announced at the IPO enterprise list，In addition to the first venture of the IPO，A and Morgan and five in the project。Among them，Beijing datang brilliant、Beijing central letter families、Jiangsu speed up three project has entered the automation in the first trial，Zhejiang fulida is carry out feedback，Wuhan ZhongBo biological already the disclosure。

　　自2009年IPO重启以来，第一创业共有15个IPO项目面试发审委，其中保隆汽车、麦杰科技、脉山龙、环球印务、阮仕珍珠、松德包装5个项目未获通过，被否项目占三成。

Since the 2009 years since the IPO to restart，The first venture there were 15 IPO project FaShenWei interview，One paolong car、MaiJie science and technology、baylab、Global printing、RuanShi pearl、Pine heart packaging 5 projects failed，Be no project accounts for thirty percent。

　

　错综复杂的PE关联方 The complexity of the PE affiliated parties

　　15个项目对第一创业并不仅仅意味着保荐承销收入，还有隐匿其中的PE利益。

15 projects on the first venture is not merely to sponsor underwriting income，And hide the PE interests。

　　今年1月，由一创摩根保荐的环球印务倒在了发审委台上，这是一家生产医药纸盒包装的公司，然而它的第三大股东北京晶创和创业投资有限公司（简称“晶创合”）的实际控制人正是第一创业的前董事丁志钢，丁志钢于2011年1月离职。

January，By a "global sponsor Morgan printing collapsed in the FaShenWei on the stage，This is a production of medicine of carton packaging company，However, its third largest shareholders Beijing crystal and venture investment Co., LTD and（Referred to“Crystal and $”）The actual control is the first business DingZhiGang former director，In DingZhiGang leaves office in January 2011。

　　晶创合投资持有环球印务750万股股份，占发行前股本的10%。公开资料显示，晶创合股东为水晶投资有限公司（水晶投资）、步森集团、查力强、寿彩凤、徐林元，分别持股55%、16%、12%、9%、8%。

Crystal and investment holding global printing with 7.5 million shares，Before the release of the equity of 10%。Public data shows，Crystal and shareholders for crystal with investment Co., LTD（Crystal investment）、's group step、Strength check、ShouCaiFeng、XuLinYuan，55% shareholding respectively、16%、12%、9%、8%。

　　据悉，水晶投资的大股东为中嘉信达投资公司，控股77.5%。而丁志钢持有中嘉信达投资有限公司64%的股权。因此，水晶投资的实际控制人亦为丁志钢。

It is reported，Crystal large shareholders for investment in investment company of jiaxin laser，Holding 77.5%。And in DingZhiGang hold of investment Co., LTD, jiaxin laser 64% of the equity。so，The actual controller crystal investment also DingZhiGang。

　　丁志钢任职第一创业期间，晶创合低价入股环球印务。2010年2月28日，香港原石向比特投资、晶创合各转让750万股股份，转让价款均为1500万元，每股价格仅为2元，对应环球印务2010年的每股收益为0.43元，市盈率不到5倍。

DingZhiGang office during the first venture，Crystal and low price and shareholder global printing。February 28, 2010，Hong Kong original rock to bits investment、Crystal and $7.5 million shares each assignment，The price is 15 million yuan are transferred，Only 2 yuan a share price for，Corresponding to the 2010 global printing earnings per share of 0.43 yuan，P/e ratio is less than 5 times。

　　然而这并不是孤例。

But it is not isolated cases。

　　早在2010年7月，由第一创业保荐的步森股份(002569,股吧)过会，步森集团是晶创合股东之一，另外其董事长陈建飞担任晶创合的监事。

Early in July 2010，By the first step of business sponsor's shares(002569,Shares it)could，'s group is the crystal and close one of shareholders，In addition, chairman of the board of the ChenJianFei as crystal and supervisors of the close。

　　晶创合直接参股投资第一创业保荐的项目是保隆汽车，2010年5月8日，晶创合增资保隆汽车352.89万股，每股价格为3.58元，增资金额约为1262万元，获取保隆汽车4.61%股权（发行前），不过保隆汽车在2011年被证监会否决了。

Crystal and direct equity investment and business sponsor project is the first paolong car，May 8, 2010，Crystal and endowment paolong car with 3.5289 million shares，Share price is 3.58 yuan，Add endowment amount about 12.62 million yuan，Get paolong car 4.61% equity stake（The issue before），But paolong car in 2011 by the securities regulatory commission rejected。

　　此外，晶创合的控股股东水晶投资亦为第一创业的股东，持股1.9%。更让人吃惊的是，除了环球印务、保隆汽车，在第一创业保荐的其他项目上频现其他股东的身影。

In addition，Crystal and controlling shareholder or crystal investment also for the first venture shareholders，1.9% shareholding。More surprisingly，In addition to global printing、Paolong car，In the first venture sponsor of the other projects is the figure of the other shareholders frequency。

　　6股东利益浮现 Six shareholder interests emerge

　　据理财周报记者统计，第一创业另外3个完成上市的IPO项目欣旺达(300207,股吧)（300207.SZ）、北玻股份(002613,股吧)（002613.SZ）、宝泰隆(601011,股吧)（601011.SH）成为其股东的利益纷争之地。

According to financial weekly newspaper reporter statistics，The first venture with three other complete listing IPO project of flourishing hin(300207,Shares it)（300207 SZ）、North bo shares(002613,Shares it)（002613 SZ）、Treasure tyrone(601011,Shares it)（601011. The SH）Become the shareholder's benefit disputes land。

　　主要涉及股东包括北京首都创业集团（简称“首创集团”）、浙江航民实业集团、北京中和嘉华投资、佛山市顺德金纺集团（顺德金纺）、广州市黄埔龙之泉实业和水晶投资。这6位股东分别持有第一创业15.85%、7.84%、0.64%、0.94%、3.8%、1.9%的股权。

Mainly involves shareholders include Beijing capital venture group（Referred to“Capital group”）、Zhejiang people aerospace industrial group、Beijing jiahua and investment、Foshan shunde gold spinning group（Shunde spun gold）、Guangzhou huangpu dragon springs industrial and crystal investment。The six shareholder holding the first venture 15.85% respectively、7.84%、0.64%、0.94%、3.8%、The equity of 1.9%。

　　欣旺达的股东之一深圳首创成长投资有限公司（简称“深圳首创”），持有其2.25%股权，同时深圳首创还携荣盛创投入股北玻股份，分别持有1.5%、0.75%股权。

One of the shareholders of flourishing of shenzhen first growth investment limited company（Referred to“Shenzhen first”），Hold their 2.25% equity stake，At the same time the shenzhen with venture capital contribution of the north also rongsheng bo shares，Hold 1.5% respectively、0.75% equity。

　　据了解，深圳首创注册资本为8300万元，由萧山航民控股有限公司（简称“萧山航民”）、荣盛控股股份有限公司（以下简称“荣盛控股”，廊坊荣盛控股母公司）、北京首创创业投资有限公司（简称“北京首创”）、顺德金纺和刘忠环分别出资3000万、2000万、1300万、1000万、1000万元设立。

According to understand，Shenzhen first registered capital of 83 million yuan，Xiaoshan people by aerospace holdings limited（Referred to“Xiaoshan navigation people”）、Rongsheng holdings Co., LTD（Hereinafter referred to as“Rongsheng holding”，Langfang rongsheng holding the parent company）、Beijing capital venture investment Co., LTD（Referred to“Beijing capital”）、Shunde gold spinning and LiuZhongHuan invested 30 million respectively、20 million、13 million、10 million、10 million yuan set up。

　　而北京首创正是首创集团的控股子公司，而首创集团持有第一创业15.85%股权。2011年3月27日，北京首创将深圳首创15.66%的股权转让给晶创合，作价1381万。

And Beijing capital is the capital group holdings subsidiaries，And the first venture capital group holds 15.85% equity stake。March 27, 2011，Beijing capital will be 15.66% of the equity transfer the shenzhen to crystal and close，Pricing 13.81 million。

　　然苦于深陷专利纠纷泥沼，北玻股份上市遇阻，上述深圳首创股东们唾手可得的财富暂时无法兑现。

But suffer from a patent dispute in the mud，North bo shares listed blocked，The shenzhen pioneering shareholders within reach of the wealth temporarily unable to cash。

　　另一项目宝泰隆成为利益集中地，廊坊荣盛创业投资、顺德金纺、北京中和嘉华和黄埔龙的投资（与第一创业股东黄埔龙之泉实业有关联关系）隐现其中，分别持股1.55%、0.78%、0.39%、1.16%。

Another project treasure tyrone become concentrated interests，Langfang rongsheng venture investment、Shunde spun gold、Beijing and when the dragon and huangpu investment（And the first venture shareholders huangpu dragon springs industry has any relationship）Looms among them，1.55% shareholding respectively、0.78%、0.39%、1.16%。

　　作为保荐机构第一创业来说，它的全资直投子公司——第一创业投资，成立于2011年。可在此之前，股东们间接或直接入股由其保荐的IPO项目屡见不鲜。

As the sponsor for the first venture，Its wholly owned company--the first yantai xinmu straight venture investment，Was established in 2011。But before this，The shareholders, directly or indirectly, by the sponsor of the contribution of the IPO common project。

　　第一创业的股东极为分散，有40名股东之多。

The first venture shareholders extremely scattered，There are 40 shareholders。

　　2008年以前，首创集团是第一创业的控股股东，出于“一参一控”的考虑，首创集团舍弃第一创业的控股权选择了持股46.15%的首创证券，此后不再参与第一创业的增资扩股。

2008 years ago，The first venture capital group is the controlling shareholders，from“A CanYi control”consideration，The first venture capital group abandon the holdings of the choice of the first 46.15% shareholding securities，Since then no longer participate first business increase endowment spread。

　　华熙昕宇投资成为了第一创业的大股东，目前持股17.12%，首创集团是第二大股东。不管华熙昕宇投资，还是首创集团，其持股的比例都达不到过半的投票权。

HuaXiXin yu investment became the first venture's big shareholders，At present 17.12% shareholding，The second largest shareholder is capital group。No matter HuaXiXin yu investment，Or capital group，The proportion of its holdings of less than half of the voting rights。

　　所有股东都为法人股东，且股权十分分散，各自为政、打小算盘入股IPO项目的情况。未来第一创业的发展策略可能还会受制于此。

All shareholders are to corporate shareholders，And equity very scattered，Each does things in his own way、At a shareholder of the IPO project。The first venture the strategy of the development of the future may be subject to this。