《红周刊(博客,微博)》作者 马曼然

《Red weekly(blog,Micro bo)》The author MaManRan

　　闽灿坤B紧急停牌、纯B股公司退市可转上A股、南玻B回购、中集B转为H股，一系列动作预示着尘封多年的B股制度性改革拉开了帷幕。

Fujian tsann kuen B emergency suspended、Pure B shares of the company delisted can turn on A share、South bo B buyback、Cimc B to H share，A series of action presupposes dusty years of B shares institutional reform pulled open heavy curtain。

　制度性改革初现生机 Institutional reform is beginning to life

　　深交所8月3日表态称，对于纯B股公司因触发市场指标而非财务指标引发退市的，一方面鼓励公司通过大股东增持、公司回购、缩股等方式，维持上市地位；另一方面支持公司自愿退市。退市后符合重新上市条件的，深交所会充分考虑历史因素并尊重公司的意愿，安排其重新上市。管理层此番讲话，为妥善解决纯B股问题带来新的希望。

On August 3, shenzhen statement said，For pure B shares of the company for triggering market indexes and non-financial indicators cause of delisted，On the one hand to encourage the company through the big shareholders said、Company intends to buy back its、Shrinkage shares, etc，Maintain listed status；On the other hand to support the company voluntary delisted。After delisted conform to relaunch conditions，Shenzhen will be fully consider historical factors and respect the wishes of the company，Arrange its relaunch。Management the remarks，To appropriately resolve pure B shares problem brings new hope。

　　目前除闽灿坤B停牌外，还有ST大路B、ST雷伊B、建摩B、深基地B采取了停牌筹划重大事项的自救措施。B股开始自发地谋求自身出路。

At present in addition to fujian tsann kuen B outside suspended，And ST road B、ST ray B、Built the B、Deep base B adopted a suspended planning major matters of self-help measures。B shares began to spontaneously seek their own way out。

　　已停牌1月之久的中集B周二发布公告称，拟将已发行的B股转换上市地以介绍方式在香港联交所主板上市及挂牌交易。若该方案成行，中集集团(000039,股吧)将成为首家A+B转A+H上市公司。

Already suspended 1 month long cimc B issued on Tuesday said，Quasi will be issued B shares listed on the conversion to introduce way in the Hong Kong stock exchange main board listed and listed for trading。If the scheme lines，Cimc group(000039,guba)Will become the first turn A + B A + H listed companies。

　　业内认为，中集B如果顺利转板，将成为监管层解决B股市场出路的范例之一。对深市B股而言，由于不存在汇率问题且香港市场上市门槛相对较低，转板H股将是一个较好的选择。

Think inside course of，Cimc B if successful transfer plate，Will become supervision layer solve B share market way one of the examples。To shenzhen exchanges for B shares，Because do not exist and the exchange rate of the Hong Kong market threshold is relatively low，Rotating plate H shares will be a good choice。

　　按照常规逻辑，除了先退市再转A股外，还可以通过特殊的方式允许B股公司通过回购，或者置换成A股，这样投资者就有可能获得比较好的收益，因此少数B股有可能成为某些勇敢投资者的游戏。不过，即便投资者选择投资B股，也要选择那些业绩比较优良的B股，这些公司一旦转为A股，收益相对可观。

According to the normal logical，In addition to first delisted turn again outside the A shares，Can also through the special way allow B shares of the company through the buyback，Or replacement into A share，So investors might get a good income，So a few B shares may be some brave investors of the game。but，Even if investors choose investment B shares，Also want to choose those performance is excellent B shares，These companies once to A share，Income relative considerable。

机会与风险同在 Opportunity and risk with

　　但实际上，中集B股的这次选择B转H，对于期待B转A、从而带来AB股股价合并的套利资金是一次比较沉重的打击，由于香港H股估值长期低于A股，且香港投资者对业绩比较差的公司甚至会给出比B股更低的估值，所以对于投资B股市场的资金而言，也要注意规避业绩不好的B股公司。

But in fact，Cimc B shares the choice B turn H，To look forward to turn A B、Thus to bring AB shares of the merger arbitrage fund is a comparative heavy blow，Since the Hong Kong H share valuations long-term below A share，And Hong Kong investors to performance more bad of the company will give even than B shares lower valuations，So for the investment share B markets for funds，Also should pay attention to avoid bad performance of the B shares of the company。

　　“转港股可以避免转A股的高门槛，如果港交所开辟先河，就会有更多优秀的B股公司向港股转板，但是也不排除B股公司通过回购之后申请重回A股上市，而相对较差的B股公司则将面临直接退市的境况。”申银万国证券分析师陆洁华表示。

“Turn stocks can avoid turn A share of the high threshold，If the port into the first developed，There will be more excellent B shares of the company to Hong Kong stocks rotating plate，But also don't expel B shares of the company through the buyback after application to return to a-share listed，And relatively poor B shares of the company will face directly to withdraw from the market situation。”ShenYin universal securities analysts LiuJieHua said。

　　就中集B来说，目前，全球第二大集装箱制造企业胜狮货柜在H股的股价对应着3.8倍2011年PE，按2012年净利润下降40%～50%计算（参考对中集集团的集装箱业务2012 年毛利下降40%的预测），对应着6.4~7.7倍2012年PE。而中集集团B股停牌前9.36元港币的股价对应着5.53倍2011年PE，对应着8.9倍2012年PE。考虑到中集集团作为行业龙头、业务多元化理应享有一定的估值溢价，因此B股转换为H股后，其股价应有良好的支撑。

It is cimc B，At present，The world's second largest container manufacturing enterprise - lion container in H share share price corresponds to 3.8 times 2011 PE，In 2012 net profit fell 40% ~ 50% computation（Reference to cimc group's container business 2012 The 40% decline in gross profit forecast），Corresponds to 6.4 ~ 7.7 times 2012 PE。And cimc group B shares suspended before 9.36 Hong Kong dollars's share price corresponds to 5.53 times 2011 PE，Corresponds to 8.9 times 2012 PE。Considering the cimc group as the industry leading、Diversification is supposed to enjoy certain valuation premium，So B shares converted into after class H shares，Its share price should have a good support。

　　总体而言，B股公司应该针对自身情况选择不同的改革方式，而B股投资者则面临套利机会。“目前B股改革的推进不再针对整个市场，而是针对单个公司。之前，我们总是想要出一个统一的改革方案，但实际上每家公司的情况都不同，选择适合自身情况的改革方式要更好一些。”陆洁华说。

In general，B shares of the company should according to oneself circumstance choose different way of reform，And B shares investors will face arbitrage opportunities。“At present B shares reform of no longer for the whole market，But at a single company。before，We always want to get out of a unified reform plan，But the fact is that each company's situation is different，Choose to suit oneself circumstance reform way to better。”LiuJieHua said。

　　由于B股融资功能不畅，目前A+B公司基本上A股估值高于B股，若通过回购等方式逐渐注销B股，只要价格合理，对A股股东影响也很有限。实际上，尽管B股改革尚未进入实质性操作阶段，但有A+B上市公司开始对B股进行回购则引发了市场联想。

Due to the B shares financing function not free，At present A + B company basically A share valuations are higher than B shares，If through the buyback etc gradually the cancellation of B shares，As long as the price is reasonable，A shareholder of A limited impact。In fact，Although B shares reform is not yet in a substantial operation stage，But there is A + B listed companies began to B shares to repurchase the trigger the market association。

　　2008年底，丽珠B率先通过回购并注销部分B股。尽管丽珠B称目的是“增强投资者信心，提升公司价值”，但业内人士认为，其更深远的意义将是为B股改革探路。随后，长安B等公司也开始进行B股回购。

By the end of 2008，Bi B takes the lead in through the buyback and cancellation of part B shares。Although detergent burns said purpose is“Enhance investor confidence，Promotes the company value”，But the personage inside course of study thinks，The more profound meaning will be for B shares reform units。then，Changan B etc company also began to B share buyback。

　　光大证券(601788,股吧)分析师李庆阳建议一些具有风险承受能力的投资者，可以少量仓位逢低关注B股市场中的绩优、高分红、绝对价格较为安全的个股。“首先，目前B股市场处在低位；其次，投资高分红B股，可获得长期投资回报；再者，一旦管理层推出全面解决B股市场历史遗留问题的方案，B股的持有者应能受益。”

Everbright securities(601788,guba)Analysts LiQingYang suggest some has risk to bear ability of investors，Can a few positions bargain concern B share market in the optimal performance、High share out bonus、Absolute price safer stocks。“First of all，At present B share market in low；secondly，High investment share out bonus B shares，Can achieve long-term return on investment；moreover，Once management introduced a comprehensive solution for B shares market problems left over by history solutions，B shares holders should be able to benefit。”

　　另外，我们在关注B股市场机会的同时，还要注意AB股公司中A股的短线波动风险，由于A股价格普遍远高于B股价格，所以当B股出现转机时，A股反而会遭受投资者的抛售，比如本周中集集团A股便大幅下跌。

In addition，We are paying attention to B shares market opportunities at the same time，Must pay attention to the AB shares of the company A shares in the short term fluctuation risk，Due to A share price is far higher than common B shares prices，So when B shares appear connection，A shares it will suffer from investors undersell，For example this week cimc group A shares and plummets。