（财富）“问题首富”家族潜伏宏良皮业

(wealth)"Problem's richest man"Family latent macro good leather industry

　　金证券记者 李砾

Gold securities LiLi reporters

　　除了甘肃信托和信托公司家属低价入股外，甘肃宏良皮业股份有限公司股东榜单中还隐藏着各路“搭便车”的投资高手。《金证券》注意到，这些人的入股价格都非常低。

In addition to gansu trust and trust company family low invest outside,Gansu macro good leather industry co., LTD. Shareholders list also hide the"hitchhike"Investment master.[Gold securities]Pay attention to,These people in the price is very low.

　　“问题首富”家族突击入股

"Problem's richest man"Family assault in

　　作为宏良皮业第二大自然人股东，张小芳是在公司2008年改制后才突击入股的。2009年3月，张小芳以1513.20万元认购970万股（目前占发行前总股本的7.46%），持股成本仅合1.56元/股，其定价依据是参照增资时点的账面每股净资产。

As a macro good leather industry's second largest natural person shareholder,ZhangXiaoFang is in the company in 2008 after restructuring to assault the contribution.In march of 2009,ZhangXiaoFang with 15.132 million yuan 9.7 million shares subscription(Before the release of the current 7.46% of the total equity of the),Holding cost just $1.56 yuan/share,Its pricing basis is according to the capital increase the book at net asset per share.

　　张小芳何方神圣？按照公司招股书的说法，她从1987至今先后做过个体客运和服装生意服装，其间还开过一家叫做杭州老鸭馆的餐馆。也许这位浙江女个体户做生意确实了得，积攒了万贯家财得以玩起资本运作。不过《金证券》记者调查后发现，张小芳的家族背景颇为不寻常。

Where ZhangXiaoFang divine?According to the prospectus said,She has done so far from 1987 individual passenger and clothing business clothing,Meanwhile also open a called hangzhou old duck house restaurant.Maybe the zhejiang female individual household business really get,Scrape up the vast wealth to play capital operation.but[Gold securities]Reporter discovery after investigation,ZhangXiaoFang family background rather unusual.

　　据了解，张小芳的哥哥是2006年度风云浙商、甘肃国芳集团董事长、“甘肃首富”张国芳。

It is understood,ZhangXiaoFang brother is the year 2006 zheshang/Gansu countries aromatic group chairman of the board of directors/"Gansu's richest man"ZhangGuoFang.

　　身为甘肃国芳工贸集团董事长，2003年10月胡润“中国内地百富榜”将张国芳排为第91名富豪，其个人财富为9.5亿元。而张国芳的发迹颇具传奇色彩。1954年，张出生于浙江省东阳市虎鹿镇一个农民家庭。12岁念完小学便辍学在家，17岁拜师学艺做木工活，21岁开始到甘肃定西闯荡，以经营家具为生，其后开始进军零售业。1998年，在兰州开设国芳百盛商场。据《中国新闻周刊》报道，2004年5月张国芳曾因偷税漏税和贿赂政府官员等原因被中纪委带走“协助调查”。此后，媒体上几乎看不到他的消息。

As gansu countries aromatic industry &trade group chairman of the board of directors,In October 2003 hu run"Mainland China rich list"Will ZhangGuoFang row of the 91th dives,His personal wealth for 950 million yuan.And on the ZhangGuoFang a legend.In 1954,,Zhang was born in zhejiang dongyang tiger deer town a peasant family.12 years old finished primary school and at home,17 years old was apprenticed carpenters,21 years old start to gansu make it,In order to manage a furniture,Behind a foray into retail.In 1998,,In lanzhou open countries aromatic the paking store.According to[China news weekly]reports,In May 2004 ZhangGuoFang had for tax evasion and bribe government officials and other reasons were commission for discipline inspection away"To assist in the investigation".Since then,Media can hardly see the news of him.

　　值得一提的是，和张小芳一起入股的还有另一名家族成员——张辉阳，他以530.40万元认购340万股。张辉阳是张国芳的儿子，也是张小芳的亲侄子。目前，张辉阳担任国芳集团总裁助理、上海绿河投资董事长。

Be worth what carry is,And ZhangXiaoFang together to buy a stake in another name - ZhangHuiYang members of the family,In his 5.304 million yuan subscribe for 3.4 million shares.ZhangHuiYang is ZhangGuoFang son,ZhangXiaoFang is the close nephew.At present,ZhangHuiYang as countries aromatic group assistant President/Shanghai green river investment chairman of the board of directors.

　　借钱、入股多头获利

Borrow money/Buy-in long profit

　　张小芳、张辉阳的这单入股，收益着实惊人。宏良皮业2011年实现每股收益0.56元，参照目前中小板平均30倍的发行市盈率测算，该股发行价有望在12.6元/股左右。届时，姑侄俩的持股市值将达到1.65亿元，入股不到四年时间收益率超过7倍。

ZhangXiaoFang/ZhangHuiYang this single contribution,Income really amazing.Macro good leather industry 2011 years to achieve earnings per share 0.56 yuan,Reference at present small and medium-sized plate average 30 times the ipo p/e ratio calculation,The stock is expected to price 12.6 yuan/share or so.the,Gu primary both holding market value will reach 165 million yuan,In less than four years time to yield more than 7 times.

　　实际上，张氏家族从宏良皮业赚到的远不止这些。在《金证券》之前的报道中，就透露了张辉阳以12%的高利率向宏良皮业提供借款，从而被质疑为“高利贷”的事实。（详见《宏良皮业“白条式”高增长奇景》、《甘肃信托入股宏良皮业豪赌IPO》）

In fact,Zhang's family from macro good leather industry earn far more than these.in[Gold securities]In the previous report,It revealed ZhangHuiYang with 12% of the high interest rates XiangHongLiang leather industry to provide loan,Thus was questioned for"usury"fact.(see[Macro good leather industry"I.O.U. type"Spectacular growth]/[Gansu trust in macro good leather industry unrestrained gambling IPO])

　　在宏良皮业披露的关联方交易中，《金证券》发现，2008年6月、2010年5月，公司曾分别向张辉阳借款500万元、300万元，期限分别为282天、52天，借款利率均为12%。而同期的人民银行人民币贷款基准利率分别为7.47%（6个月至1年）、4.86%（6个月内），张辉阳的借款利率分别比基准上浮了60.64%和146.91%。

In macro good leather industry disclosure of related party transactions,[Gold securities]found,In June 2008/In May 2010,The company had to ZhangHuiYang loan 5 million yuan respectively/3 million yuan,Deadline for 282 days respectively/52 days,Lending rates were 12%.Over the same period, the people's bank of the RMB loan datum interest rate were 7.47%(6 months to 1 year)/4.86%(Six months),ZhangHuiYang loan interest rates were higher than the benchmark risen 60.64% and 146.91%.

　　此外，国芳集团与宏良皮业还有业务往来。2009年－2011年，宏良皮业分别从甘肃国芳超市采购办公用品10万元、41.64万元和34.05万元。资料显示，公司股东张辉阳持有甘肃国芳工贸(集团)股份有限公司股权比例为7.92%，任该公司董事；而国芳超市是国芳集团的全资子公司。

In addition,Countries aromatic group and macro good leather industry and business.In 2009-2011,Macro good leather industry separately from gansu countries aromatic supermarket procurement office supplies 100000 yuan/416400 yuan and 340500 yuan.Data shows,The shareholders of a company ZhangHuiYang hold gansu countries aromatic industry and trade(group)Co., LTD. 7.92% stake,As the company director;But countries aromatic supermarket is countries aromatic group, a wholly owned subsidiary.

　　白领、草根股东“搭便车”

white-collar/Grassroots shareholders"hitchhike"

　　宏良皮业的股东既有富豪，也有白领和草根，各色投资者均有涉及。

Macro good leather industry of shareholders have rich,Also have white collar and grass roots,All kinds of investors are involved.

　　2009年3月，和张氏家族一起入股的杨春雨持有100万股，列第18位。招股书简历显示，杨春雨于2000年毕业于中国政法大学，曾在《21世纪经济报道》、《第一财经日报》等财经媒体当过记者。2009年至今，他在乐普医疗(300003,股吧)任职员。

In march of 2009,Zhang's family and become a shareholder with the YangChunYu hold 1 million shares,Column. 18.Prospectus resume display,YangChunYu in 2000 graduated from China university of politics and law,Was in[The 21st century business herald]/[The first financial daily]Financial media, such as when a reporter.Since 2009,He LePu in medical treatment(300003,guba)Let staff.

　　其余的10多位自然人股东中，朱玉祖是甘肃送变电工程公司的退休职工，2011退休；董勘在多家公司当过业务员后，从2006开始从事自由职业；马维祥是临夏州建安公司的项目经理……各路民间投资者，如何化身PE入股拟上市公司的？

The rest of the natural person shareholder of more than 10,ZhuYuZu is gansu conversion engineering company retired worker,2011 retired;Dong survey in many companies after the salesman,From the beginning of 2006 engaged in professional;MaWeiXiang is LinXiaZhou fabrication company's project manager...The folk investors,How to incarnate PE buy-in quasi listed company?

　　宏良皮业披露引入原因：因业务发展、规模扩张，发行人需要获取资金支持。经公司董事长朋友介绍，公司通过增资引入上述新股东，从而增加运营资金。

Macro good leather industry disclosure introduce reasons:Due to business development/Scale expansion,The issuer need to obtain financial support.The company chairman friend introduction,The company through the capital increase into the new shareholders,Thus increasing operating funds.

　　“2009年以后，因为创业板的造富效应，各路资金涌向PE行业。拟上市公司成了香饽饽，入股价格也水涨船高，从6-8倍市盈率一下子哄抬到10倍以上。”深圳一位私募经理向《金证券》介绍。

"2009 years later,Because of the gem made rich effect,The fund flows to PE industry.Quasi listed companies become sweet pastry,Buy-in price is rising,From 6 to 8 times p/e ratio at one fell swoop whooping to 10 times more."Shenzhen a private to the manager[Gold securities]introduce.

　　耐人寻味的是，上市目标明确的宏良皮业为何不通过溢价融资，偏要选择以净资产价格引进股东？身份各异的自然人股东即将因为押宝IPO而财富暴增，这其中是否隐藏着未披露的利益输送？《金证券》将继续追踪。

Intriguing is,Listed targeted macro good leather industry why not through the premium financing,Partial to choose to net assets price introduction of shareholders?The identity of a natural person shareholder is because stake IPO and wealth jumps,Which did not disclose whether hidden in the interests of the transfer?[Gold securities]Will continue to track.