郭晨凯 制图 GuoChenKai drawing

　　⊙记者 郭成林 ○编辑 邱江

⊙ reporter GuoChengLin ○ QiuJiang editor

　　经济放缓、信贷萎靡，企业扩张业务遭遇市场、资金双重压力。在此背景下，上下游的上市公司“巧妙”借道定向增发实现持股，同时完成业务层面的战略合作，以最便利、最低成本达成利益同盟。今年以来，从威孚高科(000581,股吧)参与上柴股份(600841,股吧)定增，到最新的朗源股份(300175,股吧)参与永辉超市(601933,股吧)定增，相关案例已有不少。

Economic slowdown/Credit sag,Enterprise expansion business encounter market/Capital double pressure.In this context,Downstream of the listed company"clever"Tailgating directional additional shares to realize,At the same time, complete business level strategic cooperation,With the most convenient/A minimum cost benefit league.Since this year,From WeiFu gaoke(000581,guba)Participate in wood on shares(600841,guba)Constant increase,The latest lang source shares(300175,guba)Participate in ever bright supermarket(601933,guba)Constant increase,Many related cases.

　　9月5日，永辉超市发布定增方案，拟以22.52元/股定增募资10亿元。其中，公司董事长张轩松将以现金7.9亿元认购3510万股；上海糖酒将以现金1.13亿元认购500万股；朗源股份将以现金1.13亿元认购500万股。此次募资将主要用于补充公司流动资金。

On September 5,,Ever bright supermarket set by increasing scheme,Intended to 22.52 yuan/share will need to recapitalise increase 1 billion yuan.the,The chairman of the company ZhangXuan pine will be $790 million in cash subscription 35.1 million shares;Shanghai sugar and wine will be $113 million in cash subscription 5 million shares;Lang source shares will be 113 million yuan in cash subscription of 5 million shares.The need to recapitalise will be mainly used to supplement working capital company.

　　该案例中，另一上市公司朗源股份的参与为市场所瞩目。据该公司公告披露，双方已签订战略合作协议，朗源股份将向永辉超市直供蔬菜水果等农产品，永辉超市也可在朗源股份的基地进行其他采购；双方还计划采用店中店、专柜等方式在干果、坚果等定型包装零售产品方面进行合作，以及发展进口食品销售等。双方甚至还约定了未来一年时间苹果和大蒜的销售数量。

This case,A listed company's shares in source for market worldwide.According to the company notice disclosure,Both parties have signed a strategic cooperation agreement,Lang source to shares will be for ever and bright supermarket straight for fruits and vegetables and other agricultural products,Ever bright supermarket is also available in lang source shares base other procurement;The two sides also plans to use the inn in inn/Counters, etc in the dried fruit/Nuts and stereotyped packaging products retail cooperation,And development import food sales, etc.Both sides agreed and even the future one year time apple and garlic sales quantity.

　　对于参与定增的意义，朗源股份表示，将充分发挥在种植管理、采购、仓储、加工、物流等环节的竞争优势，并依托永辉超市在市场网络、渠道通路、信息物流等方面的优势，公司主要鲜果、干果和坚果产品将加速进入国内市场，提升市场份额，并对公司未来业绩起到积极作用。

To participate in constant increasing significance,Lang source said shares,Will give full play to the plant management/purchasing/storage/processing/Logistics links such as competitive advantage,And rely on ever bright supermarket in the market network/Channel access/The advantages of the logistics information,The company mainly fresh fruit/Dried fruit and nut products will speed up into the domestic market,Improve market share,And the company's future performance play a positive role.

　　而仅仅一周前，科大讯飞(002230,股吧)的定增方案更引发市场追捧，股价大涨近20%。

But only a week ago,Hkust xunfei(002230,guba)The constant increase scheme more cause market to chase after hold in both hands,Stock price soar nearly 20%.

　　科大讯飞8月27日公布定向增发方案，将以19.4元/股的价格，向中国移动的全资子公司中国移动通信有限公司和刘庆峰、陈涛、吴晓如、胡郁发行9037.7万股股份。其中，中国移动通信认购数量为7027.39万股，持股比例为15%，共耗费13.72亿元。

Hkust xunfei August 27 announced additional directional scheme,Will be 19.4 yuan/share price,China mobile to wholly owned subsidiary of China mobile communications co., LTD. And LiuQingFeng/Chen tao/WuXiaoRu/HuYu issued 90.377 million shares.the,China mobile communication subscription amount for 70.2739 million shares,Shareholding ratio is 15%,Total cost 1.372 billion yuan.

　　在此次签署的合作协议中，部分交易细节值得特别关注。根据协议，本次增发完成后的任何时间，科大讯飞以任何形式发行股票，则中国移动有权直接或通过一个或多个中国移动关联机构以相同的认购条件向科大讯飞认购必要数量的股票，以确保中国移动及中国移动关联机构在科大讯飞发行在外股份总数中15%的持股比例；并且未经科大讯飞现有实际控制人同意，中国移动不主动通过公开市场增持股份或以向实际控制人以外的股东收购的方式增持股份。限售期届满后，中国移动将不会向科大讯飞的竞争对手进行转让股份。

In this signed cooperation agreement,Part of the transaction details deserves special attention.According to the agreement,After the completion of the issued shares of any time,Hkust fly - in any form stock issue,Is China mobile has the right to directly or through one or more China mobile affiliates in the same subscription conditions at hkust xunfei subscribe the necessary number of stock,To ensure that China mobile and China mobile affiliates) at hkust fly issue out 15% of the total number of shares of shareholding ratio;And without the hkust xunfei existing actual control person to agree,China mobile not active through the open market increasing shares or to the actual control of people outside of the shareholders of the said shares purchase way.Upon expiration of the time limit sale,China mobile will not to hkust xunfei opponents shares transfer.

　　由此可见，面对科大讯飞不断提升的业务价值，中国移动作为下游运营商，不甘再做普通“管道工”。科大讯飞董秘徐景明公开表示，中国移动不单单只是股权投资，更看重智能语音技术的广阔应用前景和科大讯飞的团队，以及公司对中国移动的重要战略意义。

Thus it can be seen,In the face of the hkust xunfei continuously improve business value,China mobile as the downstream operators,Unwilling to do ordinary"plumber".Hkust xunfei dong secret XuJingMing openly,China mobile is not only equity investment,Think more of intelligent voice technology and broad application prospect of hkust xunfei team,And the company to China mobile's important strategic significance.

　　徐景明还称，本次通过引进中国移动作为战略投资者，将开展战略合作。科大讯飞作为全球最大的中文语音技术提供商，在智能语音技术、产品领域有明显优势；中国移动作为全球最大的电信运营商，其用户总数达到6.83亿，具有明显的网络和用户规模优势。双方将通过优势互补，共同迎接移动互联网时代带来的机遇和挑战，迅速推动语音技术的广泛普及和语音产业的规模化发展。

XuJingMing also said,This by introducing China mobile as strategic investors,Will develop strategic cooperation.Hkust fly - as the world's largest Chinese speech technology provider,In intelligent speech technology/Products field have obvious advantages;China mobile as the world's biggest telecom operators,The total number of users reached 683 million,Has the obvious network and user size advantage.The two sides will through the complementary advantages,Common meet the mobile Internet age bring opportunities and challenges,Accelerate speech technology widely available and voice industry scale of development.

　　据记者统计，今年以来，A股市场类似上述两宗上下游企业通过定增实现战略联合、利益同盟的案例还有诸多，如威孚高科参与上柴股份定增、东方电气(600875,股吧)参与内蒙华电(600863,股吧)定增、上海电气参与华电国际定增，以及龙净环保(600388,股吧)参与广州控股(600098,股吧)定增。

According to the reporter statistics,Since this year,A share market is similar to the above two of the downstream enterprise through the constant increase to achieve their strategic joint/Interest alliance case there are many,If WeiFu gaoke participate in wood on shares will increase/Oriental electric(600875,guba)Participate in Inner Mongolia huadian(600863,guba)Constant increase/Shanghai electric huadian power international participation will increase,And the dragon net environmental protection(600388,guba)Participate in guangzhou holding(600098,guba)Constant increase.

　

　近一年上市公司参与定向增发情况 Almost a year issued shares of the listed company to participate in directional situation

　　证券简称 信息

Securities referred to as information

　　获配

allocated

　　配售股数

Placement of shares

　　持股时间(月) 流通日期 发行价格(元) 资金总额

Holding time(month) Circulation date issue price(yuan) Total capital

　　发布日期 企业名称 (万股) （万元）

Release date enterprise name (All shares) (Ten thousand yuan)

　　东北证券(000686,股吧)2012-08-31 亚泰集团(600881,股吧)10415.61 60 2017-09-04 11.79 122800

Northeast securities(000686,guba)The joint venture company 2012-08-31(600881,guba)10415.61 60 2017-09-04 11.79 122800

　　广州控股 2012-07-04 长江电力(600900,股吧)9340 12 2013-07-02 6.42 59962.8

Guangzhou holding the 2012-07-04 Yangtze river power(600900,guba)9340 and the 2013-07-02 6.42 59962.8

　　广州控股 2012-07-04 龙净环保 4370 12 2013-07-02 6.42 28055.4

Guangzhou holding the 2012-07-04 dragon net environmental protection 4370 12 2013-07-02 6.42 28055.4

　　青松建化(600425,股吧)2012-06-20 海螺水泥(600585,股吧)10780 12 2013-06-19 13.53 145853.4

Pine JianHua(600425,guba)The 2012-06-20 conch cement(600585,guba)10780 and the 2013-06-19 13.53 145853.4

　　泰豪科技(600590,股吧)2012-06-02 赣能股份 900 12 2013-05-30 8.87 7983

Tai hao technology(600590,guba)The 2012-06-02 jiangxi can share 900 12 2013-05-30 8.87 7983

　　上柴股份 2012-03-23 上汽集团(600104,股吧)1857.36 36 2015-03-23 13.46 25000

Wood on shares the 2012-03-23 Shanghai automotive group(600104,guba)1857.36 and 13.46 25000 2015-03-23

　　上柴股份 2012-03-23 威孚高科 1480 12 2013-03-25 13.46 19920.8

Wood on shares the 2012-03-23 WeiFu gaoke 1480 12 2013-03-25 13.46 19920.8

　　内蒙华电 2012-03-21 东方电气 5000 12 2013-03-19 7.76 38800

Inner Mongolia huadian 2012-03-21 Oriental electric 5000 12 2013-03-19 7.76 38800

　　华电国际 2012-07-05 上海电气 12000 12 2013-07-03 3.12 37440

Huadian power international the 2012-07-05 Shanghai electric 12000 12 2013-07-03 3.12 37440

　　同方国芯(002049,股吧)2012-05-09 同方股份(600100,股吧)9180.76 36 2015-05-11 13.97 128255.25

Tongfang countries core(002049,guba)The 2012-05-09 tongfang co(600100,guba)9180.76 and 13.97 128255.25 2015-05-11

　　科大讯飞 2012-8-23 中国移动 7027.39 36 19.4 136331.37

Hkust fly - 2012-8-23 China mobile 7027.39 and 19.4 136331.37

　　永辉超市 2012-9-5 朗源股份 500 36 22.52 11260

Ever bright supermarket 2012-9-5 lang source shares 500 and 22.52 11260