⊙记者 郭成林 ○编辑 邱江

⊙ reporter GuoChengLin ○ QiuJiang editor

　　在退市新政、ST新政的持续精准打击下，一批高价买壳后推出定增重组方案的ST公司遭受重创。目前，已有ST国创、ST博元等出现股价大幅低于定增底价的“破发”情况。记者从相关渠道了解到，上述公司正筹划自救之旅：或酝酿释放更多利好拉抬股价；或如ST德棉一般，再调整方案，更改募投项目、下调底价，以期重获市场追捧。

In the New Deal to withdraw from the market、ST New Deal for precise blow，A batch of high price after the back-door launch will increase the restructuring plan ST companies take a heavy toll。At present，Existing ST countries and、ST bo yuan appeared, such as share prices sharply lower than constant increase of the floor price“break”situation。Reporters learned from the related channels，The company is planning self-help tour：Or brewing release more bullish lift share price；Or as ST demian general，Readjustment plan，Change the offerings for the project、Cut reserve，In order to regain market chase after hold in both hands。

　　ST德棉与第五季自我救赎 ST DE cotton and the fifth season self-salvation

　　昨日开盘，ST德棉一字涨停，直至收盘报5.36元。查公告，系公司对5月份推出的定增预案进行修订，除调整发行价、发行数量外，募投项目也由起初拟投资家纺，变成收购林业公司股权。

Yesterday the opening，ST demian a word harden，Until closing to 5.36 yuan。Check announcement，System company in May to launch of the constant increase plan to revise，In addition to price adjustment、Outside the number of issued，Offering cast program also proposed by the first investment home textile，Become acquisition forestry company shares。

　　具体来看，ST德棉修订后的定增方案为：发行数量为9800万股，发行价不低于5.44元/股，募资约5.3亿元，用于收购科农林业和万森木业100%股权。

Specific to see，ST demian revised fixed scheme for the increase：Issue a total of 98 million shares，Issue price not less than 5.44 yuan/share，Need to recapitalise about 530 million yuan，For acquisitions KeNong forestry and WanSen wood 100% equity。

　　而今年5月14日ST德棉的定增初稿则为：发行不超过9500万股，发行价不低于5.54元/股，募资约5.3亿元，用于家纺生产基地、销售渠道建设以及补充流动资金。

This year May 14 ST DE cotton constant increase for the first draft：Not more than 95 million shares issued，Issue price not less than 5.54 yuan/share，Need to recapitalise about 530 million yuan，Used for home textile production base、Sales channels construction and added liquidity。

　　对此，公司解释，受国际金融危机影响，国内纺织业需求疲软、市场竞争加剧、产品利润空间收窄；此次收购完成后，将创造新的利润增长点，分散风险、扭转困境。

this，Company to explain，By the international financial crisis，The domestic textile industry downturn in demand、Market competition、The product profit space narrow；After the completion of the acquisition，Will create new profit growth point，Spread risk、Torsional dilemma。

　　“募投项目固然是一个重要因素，但更主要的是公司股价出现连续跌停，远低于定增底价，新换的林木业项目显然更有助于公司股价回升。”某长期从事ST类公司资本运作的投行人士对记者说。

“Offering for project is is an important factor，But more important is the company's share price consecutive drop stop，Far below constant increase floor price，New forest industry project obviously more help the company buoyance。”A long engaged in ST kind of company capital operation of investment bankers told reporters。

　　记者通过对诸多ST公司与资深资本人士的采访获悉，目前决定ST公司资本运作最重要的因素即是股价。“由于两次新政，使得那批高价买壳ST公司的人不得不推出更诱人的重组方案、做大游戏规模、拉入更多的玩家以求"解套"。”

Reporter through the many ST company and senior capital people that interview，Now decided to ST company capital operation is the most important factor is share price。“As a result of two times the New Deal，Make the batch of high back-door ST company had to introduce more attractive restructuring plan、Do big game scale、Pull into more players in order to"Solution set of"。”

　　2011年7月，ST德棉公告，公司控股股东德棉集团的转让股权事宜尘埃落定。7月8日，德棉集团分别与第五季实业、东景投资、森福投资签署一系列协议，以每股10.3元的价格转让所持的ST德棉8851.23万股，占公司总股本的50.29%。第五季实业耗资4.64亿元，成为ST德棉新的控股股东。

In July 2011，ST demian announcement，Company controlling shareholder demian group's equity transfer matters the dust settled。July 8,，Demian group respectively with the fifth season industrial、East view investment、Sen f investment signed a series of agreements，With the price of 10.3 yuan per share transfer have ST demian 88.5123 million shares，Accounted for 50.29% of the total equity of the company。The fifth season industrial cost 464 million yuan，Be ST demian new controlling shareholders。

　　2011年12月，第五季实业启动重组，以旗下商贸类资产置换ST德棉原有资产。该方案因置入资产盈利能力孱弱、信息披露紊乱等问题，被市场以脚投票。

In December of 2011，The fifth season industrial start restructuring，With its business class replacement of assets ST demian original assets。The scheme for placement assets profitability weak、Information disclosure problems such as disorder，Is the market with the foot vote。

　　目前，ST德棉股价仅5.36元，第五季买壳浮亏近半。

At present，ST demian share price is only 5.36 yuan，The fifth season back-door FuKui nearly half。

　　但是，这并非孤例，在投资者的恐慌性抛售下，破发潮正在ST股中蔓延。记者统计，正在推进再融资的ST公司出现“破发”的还包括ST博元、ST国创，其增发底价分别为4.81元/股、4.56元/股。截至8月16日收盘，两公司股价分别报收3.99元/股、3.74元/股，破发比例分别达到17%、18%。

but，This is not isolated cases，In the investor panic selling down，Broken get damp is ST shares the spread。Reporter statistics，Are advance refinancing of ST company appeared“break”Still including ST bo yuan、ST countries and，Issued shares of the base price were 4.81 yuan/share、4.56 yuan/share。As of August 16, closing，The two companies share price at RMB 3.99 per share respectively、3.74 yuan/share，Break up to 17% and respectively、18%。

　　此外，ST金谷源的增发底价为8.05元/股，7月31日开盘后一直有巨量卖单封死7.72元的跌停板，但下午1点13分突现天量资金扫货，一举将收盘价推高至8.32元/股，暂别破发窘境。该公司目前股价已被推升至9.69元。

In addition，ST JinGu source of the issued shares of floor price is 8.05 yuan/share，On July 31, after the opening has been huge amount sell single block of 7.72 yuan limit down，But 1 PM 13 points dash forward show day quantity funds and goods，Closing every will push up to 8.32 yuan/share，Temporary don't break dilemma。The company is now share price has been boosted to 9.69 yuan。

　ST股或效法“德棉模式” ST shares or as“Demian mode”

　　ST国创于2012年5月7日公布重组方案，拟增发不超过8.66亿股，底价为4.56元/股，募集资金净额不超过39.44亿元，用于增资帝普矿投和补充流动资金，最终收购并实施美国THC煤矿项目。

ST kingdom creates in on May 7, 2012 announced restructuring plan，Quasi shares not more than 866 million shares，Floor price is 4.56 yuan/share，Net to raise funds not more than 3.944 billion yuan，Used to add endowment emperor general mineral pitch and added liquidity，Final acquisition and implement the United States THC coal mine project。

　　明细来看，帝普矿投获得增资后将受让TPI公司股权，所需资金约6294.30万元，再增资TPI公司，所需资金约38.8亿元。TPI公司利用该资金中的35.3亿元偿还欠款，约3.51亿元资金用于对美国THC煤矿开发。

Detail to see，Emperor general ore throw capital gain will transfer TPI company shares，The funds required for the about 62.943 million yuan，Then add endowment TPI company，The funds required for the about 3.88 billion yuan。TPI company using the funds of 3.53 billion yuan to pay，About 351 million yuan of funds for the United States to THC coal mine development。

　　TPI的核心资产是其于2011年3月份收购的美国THC煤矿，但其收购THC的资金主要来源于寻标矿业投资基金管理公司5.34亿美元的借款，借款年利率5%，还款时间2013年4月5日。THC公司位于田纳西坎贝尔县辖区拉佛莱特镇北部和西部，拥有田纳西州坎贝尔郡3万英亩土地的永久使用权（约为125平方公里），同时拥有该块土地下煤炭资源。

The core of TPI asset is its in March 2011 acquisition of American THC coal mine，But the acquisition of THC capital mainly comes from search scale mining investment fund management company $534 million loan，Borrowing annual rate 5%，Reimbursement time on April 5, 2013。THC company is located in Tennessee Campbell county jurisdiction pull Buddha Wright town north and west，Tennessee Campbell county has 30000 acres of land use permanent（About 125 square kilometers），With this piece of land under coal resources。

　　值得注意的是，此次定增大部分资金系用于帮助收购企业还款，期限为2013年4月5日。如果定增推进不利，实际搁浅的可能性很大。

It is important to note that，The constant increase part of funds is used to help acquisition enterprise reimbursement，Deadline for April 5, 2013。If the constant increase propulsion adverse，The actual stranded possibility is very large。

　　另一方面，ST国创买壳方本身也有刺激股价的动力。2011年3月31日，青海中金与江苏帝奥集团签订股权转让协议，以4元/股的价格向后者转让持有的3550万股*ST国创，股份转让款共计1.42亿元；而公司原大股东青海中金、原二股东深圳益峰源也纷纷承诺限期减持退出公司。目前，江苏帝奥已经实际掌握公司控制权，但股价也已低于其收购价。

On the other hand，ST countries and a reverse side is also stimulate the share price of power。March 31, 2011，Qinghai zhongjin and jiangsu diao group signed share transfer agreement，With 4 yuan/share price to the latter transfer holdings of 35.5 million shares * ST kingdom "，ZhuanRangKuan shares a total of 142 million yuan；And the company the original big shareholders qinghai zhongjin、The original two shareholders shenzhen benefit peak source have also promised to reduce their holdings of exit a company within a time limit。At present，Jiangsu diao has actual master control of a company，But share price has also lower than its bid。

　　今年初，本报在报道ST国创参与贵州煤矿整合时曾采访江苏帝奥高层，后者明确表示：“帝奥已在云南、内蒙设立了矿业收购平台，通过控股、参股及合作等方式，囤积了一批油页岩、天然气资源。而同时，国创则被定位为集团内能源整合平台。”

Earlier this year，This newspaper reported in ST kingdom and participate in guizhou coal mine integrated once interview jiangsu diao high-rise，The latter made it clear that：“Diao already in yunnan、Inner Mongolia set up a mining acquisition platform，Through the holding、Participation and cooperation, etc，Hoarding a batch of oil shale、Gas resources。At the same time，Countries and is positioning for the internal group energy integration platform。”

　　ST博元的情况类似于ST国创，但经历更为曲折。

ST bo yuan situation is similar to ST kingdom "，But experience more twists and turns。

　　2011年9月，公司拟不低于12.88元/股增发1.45万股，购买江西瑞晶太阳能科技公司100%股权。2012年1月，因太阳能行业持续遭遇寒流、股价萎靡远低于定增底价，公司不得不终止重组。

In September of 2011，Company intends to not less than 12.88 yuan/share shares 14500 shares，Buy JiangXiRui crystal solar technology company 100% equity。In January 2012，For the solar energy industry sustained encounter cold snap、Share price sag is far lower than fixed base price increase，The company will have to terminate the restructuring。

　　2012年7月，公司再次筹划重组，拟不低于4.81元/股定增不超过7.9亿股，募集资金不超过38亿元，用于向林东煤业增资、偿还银行借款及补充公司流动资金。如今，ST博元股价已二度“破发”。

In July 2012，"Again, the restructuring plan，Quasi not less than 4.81 yuan/share will increase not more than 790 million shares，To raise funds not more than 3.8 billion yuan，Used to LinDong coal endowment、To repay the bank loan and reinforce company liquidity。now，ST bo yuan shares have two degrees“break”。