⊙见习记者 黄世瑾 ○编辑 邱江

⊙ trainee reporter HuangShiJin ○ QiuJiang editor

　　今年以来，证券市场表现依然不佳，但不少上市公司趁“低”通过非公开发行方式入股投资其他上市公司。截至今日，今年公布定增预案或已发行完毕的上市公司共有10家，涉及参与其中的共有12家上市公司。其中，既有身为上市公司的大股东主动出手参与旗下上市公司定增，如亚泰集团(600881,股吧)参与东北证券(000686,股吧)再融资；也有同行业上市公司的“抄底”；还有存在上下游合作关系的上市公司利用定增参股，以图在经济形势不利的情形下抱团取暖。

Since this year,Securities market performance is still not beautiful,But while many listed companies"low"Through the non-public mode become a shareholder investment other listed companies.So far,Announced this year will increase plan or issued after the listed company has 10,Involved in the 12 listed companies.the,Both as a listed company's majority shareholders active make moves to participate in its listed companies will increase,If the joint venture company(600881,guba)Participate in northeast securities(000686,guba)refinancing;Also has the same industry of listed companies"Copy the bottom";There are existing downstream cooperative relationship of the listed companies use constant increase participation,So in the economic situation adverse circumstances BaoTuan heating.

　　大股东力挺 Big shareholders force is

　　今年，上汽集团(600104,股吧)和亚泰集团相继以2.5亿元和12.28亿元现金认购控股子公司上柴股份(600841,股吧)和东北证券定向增发股份。作为上柴股份和东北证券的控股股东，上汽集团和亚泰集团本身也是上市公司，其用现金参加两者的非公开发行，无疑是对两者发展前景的力挺。

This year,Saic group(600104,guba)And one after another the joint venture company with 250 million yuan and 1.228 billion yuan in cash subscription holding subsidiary shares on wood(600841,guba)And the northeast securities orientation or the additionally-issued shares.As the wood and the northeast securities shares on the controlling shareholder,Saic group and the joint venture company itself is a listed company,Its use cash to participate in both the non-public issuance,Is undoubtedly to the prospects of the development of a force.

　　一位上汽集团内部人士向记者透露，自从2008年从上海电气集团手中受让上柴股份的控制权以来，一直在谋划向商用车的大转型。在已经拥有整车制造等业务的背景下，上汽集团渴望拥有核心零部件及动力总成的相关业务。而上柴股份方面原本以船用柴油机和工业用柴油机制造为主，同样需要资金启动车用柴油机制造相关项目。

A saic group insiders revealed to reporters,Since 2008 from Shanghai electric group hand on the transfer of shares since the wood control,Has been to the great transformation plan of commercial.Already has a vehicle manufacturing under the background of business,Saic has a desire to have the core parts and power assembly of relevant business.Wood and shares wanted to Marine diesel engine and industrial diesel engine manufacturing is given priority to,Also need money start motor diesel engine manufacturing related projects.

　　由此，上柴股份向包括上汽集团在内的特定对象筹集资金投资匹配于上汽集团整车制造的柴油机业务应是双方共同的战略取向，而上汽集团以2.5亿元认购1857.36万股新股，占所发行新股近三成，也超出了原有“认购总金额不少于1亿元，不少于发行总额10%”的承诺。

this,Wood on the shares to the saic group, including the specific object raise funds investment to match saic group vehicle diesel engine manufacturing business should be the common strategic orientation,And Shanghai automotive group with 250 million yuan of 18.5736 million new shares subscription,The issuing new shares of nearly thirty percent,Is more than the original"Subscribe total amount not less than 100 million yuan,No less than 10% of the total issue"commitment.

　　同样，东北证券在今年提出非公开发行预案时，大股东亚泰集团也是积极出手相助。亚泰集团表示，此次参与定增的资金将用于增加东北证券资本金，扩大其业务规模，促进其持续健康发展，从而有利于公司投资收益的增加。在限售期上，亚泰集团罕见地定出了60个月的限售期，足见其信心。

The same,Northeast securities proposed in this year when the non-public issuance of plan,Big shareholders the joint venture company is also actively help out.Said the joint venture company,The increase in fixed the funds will be used to increase the northeast securities capital,To expand its business scale,Promoting the sustained and healthy development,And to the company investment income increase.In the limited sales period on,The joint venture company set a rare 60 months of limited sales period,It serves to show their confidence.

　　此外，大股东参与子公司定增的另一个重要原因是保持一定的控股比例。亚泰集团在公告中袒露，其参与东北证券非公开发行前后的持股比例保持一致，都为30.71%。而同方股份(600100,股吧)以资产参与同方国芯(002049,股吧)的定增，在资产运作的同时，使持股比例一举从25%上升至51.94%。

In addition,Big shareholders to participate in subsidiary constant increase is also important for another reason is to keep certain holding ratio.The joint venture company in the announcement of the bare,Their participation in the northeast private placement before and after the shareholding ratio consistent,All is 30.71%.And tongfang co(600100,guba)To participate in tongfang countries core assets(002049,guba)Constant increase,In the operation of the assets at the same time,Make every shareholding ratio from 25% to 51.94%.

　　同行“抄底” counterparts"Copy the bottom"

　　由于市场低迷，不少上市公司股价出现重挫，一些同行业的上市公司看准机会，通过参与定增的方式逢低增持。青松建化(600425,股吧)股价自去年上攻26.35元高点后持续处于下降通道，下跌幅度超过六成。此时，海螺水泥(600585,股吧)现身“抄底”青松建化，前者今年6月25日完成认购后者的定向增发股份，共出资14.59亿元获得1.08亿股定向增发新股，定增价格为13.53元/股。而海螺水泥的全资子公司芜湖海螺也一同出手，认购了3000万股。

As the market downturn,A lot of the listed company shares appear heavy defeat,Some of the same listed company certain opportunity,Through participating in constant increasing way around bargain.Pine JianHua(600425,guba)Since last year's share price 26.35 yuan after the attack on high for falling channel,Fell by more than sixty percent.At this time,Conch cement(600585,guba)appeared"Copy the bottom"Pine JianHua,The former June 25 complete subscribe the latter's orientation or the additionally-issued shares,Total investment is 1.459 billion yuan for 108 million strands of orientation of new issues,Constant increase price is 13.53 yuan/share.And conch cement wholly owned subsidiary of wuhu conch also sell together,The subscription of 30 million strands.

　　此次定增完成后，海螺水泥持有青松建化15.64%股权，坐稳其第二大股东的位置。如加上芜湖海螺认购的股份，两者合计持有青松建化19.99%股权，进一步接近第一大股东29.11%的持股比例。

The constant increase after completion,Conch cement hold 15.64% stake JianHua pine,Sit tight the second largest shareholder.Such as plus wuhu conch subscribing for shares,Together hold 19.99% stake JianHua pine,Further close to the first big shareholders 29.11% of the shareholding ratio.

　　海螺水泥当时表示，这是基于对青松建化未来长期投资价值的判断，以及希望通过双方的合作，发挥各自的优势，支持青松建化做强做大，并为进一步扩大双方的全面合作奠定基础。此前，双方曾签订合作框架协议。具体而言，海螺水泥将在水泥主业的技术、管理、项目建设以及市场整合等方面给予青松建化支持，加快所在区域的水泥市场整合，并将通过青松建化积极促进新疆水泥产业的结构调整。同时，将与青松建化共同开发煤炭、石油、天然气等资源项目。

Conch cement said at the time,This is based on the pine JianHua future long-term investment value judgment,And hope that through cooperation,Bring their own advantages,JianHua pine support efforts to grow stronger and larger,And in order to further expand the overall cooperation lay the foundation.after,Both parties have signed a cooperative frame agreement.In particular,Conch cement will be in cement advocate course of study technology/management/The project construction and market integration and so on to give pine JianHua support,To speed up the local cement market integration,And through the pine JianHua actively promote xinjiang cement industry structure adjustment.At the same time,Will and pine JianHua develop coal/oil/Natural gas resources project.

　　这并不是海螺水泥第一次以产业资本的身份“抄底”同行业上市公司，在巢东股份(600318,股吧)、冀东水泥(000401,股吧)和同力水泥(000885,股吧)的前十大股东榜单中都出现了“海螺系”的身影。其中，海螺水泥在巢东股份和冀东水泥中分别持股16.25%和13.77%，均占据第二大股东的宝座。

This is not the first time conch cement with the identity of the industrial capital"Copy the bottom"The industry listed companies,In the nest east shares(600318,guba)/Jidong cement(000401,guba)And tongli cement(000885,guba)Former top ten shareholders in the list are appeared"Conch system"figure.the,Conch cement in the nest east equity and jidong cement are holding 16.25% and 13.77%,The second big shareholders occupy all the throne.

　　此外，今年7月4日，长江电力(600900,股吧)参加了广州控股(600098,股吧)的非公开发行，以6.42元/股的价格耗资6亿元认购9300万股。在这之前，长江电力已持有广州控股2.3亿股，定增完成后持股比例小幅上升0.62%。长江电力表示，广州控股处于公司主要售电区域，同时其也是综合能源企业，在这两方面都与公司具有协同效应。参与广州控股此次非公开发行，将保持双方的股权纽带关系，充分发挥双方的协同效应。

In addition,This year on July 4,,Yangtze river power(600900,guba)To participate in the guangzhou holdings(600098,guba)Non-public issuance of,To 6.42 yuan/share price cost 600 million yuan to subscribe for 93 million shares.Before that,The Yangtze river electric power already hold guangzhou holding 230 million shares,Constant increase after the completion of a shareholding ratio rose 0.62%.Yangtze river power said,Guangzhou holdings in the company mainly sell electric area,At the same time it is comprehensive energy enterprise,In this two respects with the company has synergistic effect.Participate in guangzhou holding the non-public,Will keep the equity ties,Give full play to both sides of the synergistic effect.

　　抱团取暖 BaoTuan heating

　　目前，在经济形势不利的背景下，不少上市公司业绩受到很大影响，通过持股“互相抱团取暖”成为解困的途径之一。今年以来，已有两家电力设备巨头参与了下游电力企业的非公开发行，分别是东方电气(600875,股吧)以3.88亿元认购内蒙华电(600863,股吧)5000万股新股，以及上海电气以3.74亿元认购华电国际1.2亿股新股。

At present,In the economic situation under the background of adverse,A lot of performance of listed companies is a great influence,Through the shareholding"Mutual BaoTuan heating"One of the ways to become a solution.Since this year,For two home electric equipment giant involved in the downstream of the non-public issuance of electric power enterprise,Respectively is Oriental electric(600875,guba)With 388 million yuan subscription huadian Inner Mongolia(600863,guba)50 million new shares,And Shanghai electric with 374 million yuan of huadian power international 120 million new shares subscription.

　　东方电气总裁温枢刚此前表示，虽然公司资金余额受国家调控有所下降，不过公司购买有关电力集团股票，有利于加强与电力集团的合作。而上海电气与华电国际及其大股东华电集团向来合作关系良好，公司在发布参与华电国际定增的消息时还宣布，将作为投资者参与认购中国华电集团公司下属子公司华电福新能源股份有限公司首次发行的H股股份，认购总金额不超过1000万美元。

Oriental electric President WenShuGang previously said,Although the company funds balance by national regulation declined,But the company buy related electric power group stock,To strengthen and power group cooperation.And Shanghai electrical and huadian power international and its major shareholders huadian group have good cooperation relationship,The company in the announcement of huadian power international participation will increase when the news of the also announced,As investors to participate in the subscription by China huadian corporation subsidiary company of FuXin huadian energy co., LTD., the first issue of the H shares,Subscribe total amount does not exceed $10 million.

　　前述的上柴股份非公开发行时，另一家上市公司威孚高科(000581,股吧)也参与其中，以13.46元/股的价格认购了上柴股份非公开发行股票1480万股，耗资2亿元。当时，威孚高科董秘周卫星表示，上柴股份是公司的上下游企业，现在并不是关联公司，但是将来可以成为公司的客户。资料显示，威孚高科的拳头产品为柴油共轨系统零部件，主要用于汽车柴油机。周卫星还意味深长地表示，公司与上柴股份在历史上很少有联系，希望通过这个契机加强联系。

On the wood which shares during the development,Another listed companies WeiFu gaoke(000581,guba)Also involved in,With the price of 13.46 yuan/share subscription on the wood shares the non-public issuance of stocks 14.8 million shares,Cost 200 million yuan.At that time,WeiFu gaoke dong secret ZhouWeiXing said,Wood on shares is the company's downstream enterprise,Now is not affiliated company,But the future can become the company's customers.Data shows,WeiFu gaoke fist products for diesel common rail system components,Mainly used for automotive diesel engine.ZhouWeiXing also significantly said,The company and the wood shares in history there is little contact,Hope that through this opportunity to strengthen the contact.

　　无独有偶。最近，朗源股份(300175,股吧)以现金1.13亿元认购永辉超市(601933,股吧)非公开发行股票500万股。朗源股份表示，双方预计此举将充分发挥公司在食品产业的综合竞争优势和永辉超市在市场网络、渠道通路、信息物流等方面的优势。

similarly.recently,Lang source shares(300175,guba)113 million yuan in cash subscription ever bright supermarket(601933,guba)The non-public issuance of stocks 5 million shares.Lang source said shares,Both sides are expected to move will give full play to the company for the food industry comprehensive competitive advantages and ever bright supermarket in the market network/Channel access/The advantages of the logistics information.

　　反之，渠道商参与应用产品提供商的定向增发也有案例。8月23日，停牌多日的科大讯飞(002230,股吧)揭晓了战略投资者的面纱，中国移动出资13.63亿元认购科大讯飞发行的7027.39万股新股，占其发行后总股本的15%。中国移动表示，双方将在智能语音服务的多个细分领域进行合作，并在基础电信服务方面建立战略关系。

and,Distributors to participate in application products provider of directional shares also have case.On August 23,,Days - suspended at hkust fly(002230,guba)Unveiled the veil of strategic investors,China mobile invested 1.363 billion RMB to subscribe for hkust fly - 70.2739 million new shares issued,After the issue of the total share capital of 15%.China mobile said,The two sides will in intelligent voice service of multiple segmentation fields of cooperation,And in the basic telecom services to establish strategic relationship.