2012年7月5日，安博教育(AMBO)在美国证券交易委员会(SEC)官网以Form 6-K披露：“2012年7月2日，一名前雇员指控安博2008年收购一所培训学校的财务不当行为和不法行为”，7月3日安博董事会宣布成立独立审计委员会进行内部调查，以彻底检讨这些指控。7月5日，安博第三任首席财务执行官(CFO)Mr. Gareth Kung(龚志伟)宣布辞职。7月6日安博股价暴跌-19.61%，并一路走低，截止2013年1月18日安博教育的收盘价仅为$2.15/ADS股。时至截稿之日，安博董事会独立审计委员会的调查未有任何结果以及安博2012年第二季度的财报一再拖延未公布。

On July 5, 2012,In ambow education(AMBO)In the United States securities and exchange commission(The SEC)Website to disclosure Form 6 - K:"On July 2, 2012,A former employee accused of ember's 2008 acquisition of a training school financial wrongdoing and illegal behavior",Ember's board of directors announced on July 3, formed an independent audit committee, internal investigation,To thoroughly review the charges.On July 5,,Ember's third chief financial officer(The CFO)Mr. Gareth Kung(Gong Zhiwei)Announced his resignation.On July 6, ember shares tumbled to 19.61%,And all the way down,As of January 18, 2013 ember education's closing price was only $2.15 / ADS.Up to the date of the deadline,Ember no independent audit committee by the board of directors of the survey results and ember in the second quarter of 2012 the results of repeated delays not released.

　　

安博教育在2008年-2009年间收购23所学校事件的回顾 Ambow education in 2008-2009 acquired 23 review of school events

　　据安博教育《招股说明书》披露，安博教育在多轮融资后，自2008年初开始至2009年10月间共计动用16亿余元人民币(其中12亿余元人民币的现金另加等值于4亿元人民币待上市的股票)，在全国范围内挑选各地前三名的优质教育资源作为收购对象，共计收购23所学校和培训机构(其中5所K-12全日制基础教育学校、18所课外辅导培训学校和职业提升培训学校)。

According to ambow education[The prospectus]Disclosure of the,In ambow education after several rounds of financing,Since the beginning of 2008 to October 2009, with the use of more than 1.6 billion yuan(With more than 1.2 billion yuan of cash plus equivalent to 400 million yuan to be listed on the stock),Across the country picking around the top three high-quality education resources as a takeover target,Total acquisition of 23 schools and training institutions(Among them 5 K - 12 school education full-time basis/18 extracurricular counselling training schools and vocational training schools).

　　安博动用12亿余元人民币现金收购23所教育机构，收购来的“靓丽”业绩，换来了符合美国纽约证交所上市成功(2010年8月5日)，据安博教育2011年财报披露自2008年的每年总净营收：2008年4.9亿元人民币;2009年7.39亿元人民币;2010年12.17亿元人民币;2011年16.69亿元人民币。

Ember to use more than 1.2 billion yuan in cash for the 23 education institutions,Purchase to the"Beautiful beautiful"results,For the success in America New York stock exchange(August 5, 2010),According to ambow education 2011 earnings disclosure of total net revenue every year since 2008:2008, 490 million yuan;2009, 739 million yuan;2010, 1.217 billion yuan;1.669 billion yuan in 2011.

　

　安博公开披露的收购流程和理念 背后预设“陷阱” Ember public disclosure of the takeover process and concepts behind the preset"trap"

　　安博教育自上市以来，其疯狂并购一直备受质疑。包括课外辅导在内的基础教育(统称Better School)和职业培训与学院(统称Better Job)是目前安博的两大主营业务。其中，Better School因为无一不是安博用钱买来的，所受质疑与猜测最多。“安博其实就是整合国内散乱的培训机构，然后再包装上市。绝对不是一家内生性增长的公司，长期投资价值没多少。”

In ambow education since listed,The acquisition spree has been questioned.Including extracurricular counselling, basic education(Generally referred to as the Better School)And vocational training and college(Generally referred to as the Better Job)Two big main business is the ember.Among them,Better School because no ember bought with money,Most are questioned and speculation."Ember is to integrate scattered training institutions in China,And then packing list.Definitely not a endogenous growth company,Don't have much long-term investment value."

　　安博董事长兼CEO黄劲博士与“创业邦”的访谈中，就有些人质疑其商业模式是“通过资本运作以及"打包"的方式做起来的一个教育培训企业” 时，其诠释为“安博更像一个资本上的控股，就是金融或者财务上的整合，而所谓整合更多地是指业务层面的整合”。

Ember, chairman and CEO Huang Jin with Dr"Business state"In an interview,Some people question the business model is"Through capital operation as well"packaging"Way to do a education training enterprises" when,The interpretation of"Ember is more like a capital holdings,Is financial or financial integration,And more integration refers to the business level of integration".

　　黄劲说：我们在开始第一起并购(2008年初)的前一年，就准备了一年的整合流程和需要的工具。2006年底开始设计怎么做整合，就去找了思科。它是我们的股东之一，思科在全球并购了140多家企业，我们就把他们的并购整合流程借鉴过来，再根据教育行业的特征改动设计。

Huang Jin said:We are at the start of the first m&a(At the beginning of 2008)The year before,Is ready to the integration process and the tools needed for a year.At the end of 2006 started to integrate design how to do,Went to cisco.It is one of our shareholders,Cisco global mergers and acquisitions in the more than 140 enterprises,We borrowed the merger integration process of them,According to the characteristics of the education industry design change.

　　原先安博的收购策略非常清晰，主要收购对象为与安博升学与就业高度关联的强势品牌机构，区域前三名或者团队非常优秀的企业，而对于一些非核心领域如幼儿园就非收购对象。安博收购的很多都是地方上规模比较大的培训机构和在当地有一定的品牌和竞争力的区域性培训机构，具有地方特色也是安博中小学辅导业务的一个特点。在这些资产里，天津华英、吉林达慧、长沙競才修业都是。

Ember of the original acquisition strategy is very clear,Main targets are associated with ember enters a higher school and employment high strong brand agency,The top three areas or a very good team,For some non-core business such as the kindergarten is a takeover target.Ember acquired many are place on the relatively large size of training institutions and in the local has a certain brand and competitiveness of the regional training institutions,With local characteristics and ember a tutoring business characteristics of primary and secondary schools.In these assets,Tianjin huaying/JiLinDa hui/Changsha race to length.

　　安博教育的财务总监陈佳仁说，安博在挑选并购对象之初，就有一套筛选的原则，比如首先是筛选“空缺”的区域，主要集中在环渤海区、长三角、珠三角等地;第二是寻找在当地影响力和教学质量前三名的机构;第三是拥有相同的文化理念……“安博的思路是，在自己足够长的产品线上，继续寻找相互关联的收购对象。他们非常善于在各种资源中寻找这种协同效应，为自身的价值加码。”一位业内人士这样分析道。

Ambow education finance director Chen Jiaren said,At the beginning of the ember in selecting m&a object,Is a set of screening principle,Such as the first screening"vacancy"Areas of the,Mainly concentrated in the bohai sea area/Yangtze river delta/The pearl river delta and other places;The second is to look for in the local influence and teaching quality of the top three institutions;The third is to have the same culture idea……"Ember is thinking,In his long enough product line,Continue to look for related acquisitions.They are very good at looking for this kind of synergies in the all kinds of resources,For their own the value of the source."One industry source said so.

　　所有细节都收录在一本300多页的并购流程中。黄劲告诉记者，安博的收购团队有两本流程手册，一本为收购手册，一本为整合手册，前者主要是进行收购的评估如风险在哪里、什么价格是合理的、前期是看有没有违规等，后者则是收购后进行的一系列的安排，这里人力资源是最重要的一部分。

All details are included in a book, 300 pages in the process of m&a.Huang Jin told reporters,Ember of the buy-out team have two this process manual,A handbook of to buy,A handbook of for integration,The former is mainly to make acquisitions such as risk assessment in where/What the price is reasonable/Early is to see if there is any violation, etc,The latter is carried out after the acquisition of a series of arrangement,Here is the most important part of human resources.

　　从安博的收购流程来看，收购后先做财务和IT的整合，然后进行HR培训和课程整合，再进行商业模式整合，大概需要12-24个月，有一点很有意思的策略安博要求被收购公司的创始人在3年之内必须培养一个合格的接班人在原公司，然后本人离开原公司，离开原公司后有两种出路(要么到集团担任高管，比如原京翰1对1的创始人黄森磊目前担任安博集团VP，分管Tutoring;要么持股退休)。

From the perspective of the acquisition process of ember,After the takeover do finance and the integration of IT first,And then HR training and curriculum integration,And then to integrate business model,Probably need 12 to 24 months,There is a little interesting ember's strategy is to buy a company, the founder of must be within 3 years to cultivate a qualified successors in the original company,Then I left the original company,Left the original company has two ways(Or to the group as a senior manager,Such as John 1 to 1, the founder of the original Beijing Huang Senlei VP at the ember group,In charge of the Tutoring;Either owned retirement).

　　在2010年以前，安博收购来的公司旗下总共约有103个教学中心，截止2011年Q2共有121家教学中心，其中2011年Q2新增12家，2011年Q1未新增教学中心，也就是2010年全年只增加了6个教学中心。

In 2010 years ago,Ember acquisition to the company, a total of about 103 teaching center,By 2011 Q2 121 teaching center,The new 12 Q2 2011,In Q1 2011 new teaching center,In 2010 only increased 6 teaching centers throughout the year.

　

　瞒天过海的收购“技巧”和借鸡生蛋的“内幕” Being spotted"skills"And lend chicken unripe egg"insider"

　　我们从回顾《创业邦》与黄劲博士的对话开始：

From our review[Business state]And Dr Huang Jin dialogue started:

　　《创业邦》：之前有媒体报道说，安博对部分企业采取的是控股的形式，而不是全部收购。

[Business state]:Media reports said before,Ember is holding for some enterprises take form,But not all.

　　黄劲：从来没有，都是百分之百地完全整合。我们并购是为了让它成为安博在当地的桥头堡，百分之百是我的一部分。所以说，那都是胡写的。

Huang Jin:never,Are one hundred percent full integration.Our m&a in order to make it become ember in local bridgehead,One hundred percent is a part of me.So said,It was written by hu.

　　那么让我们从安博的“一半现金，一半股票”的并购模式，来揭开这个谜底。

So let us from ember"Half of the cash,Half the stock"Model of mergers and acquisitions,To uncover the mystery.

　　以2008年安博并购长沙兢才修业学校为例，总计￥5228.2万元人民币的收购款以 “一半现金，一半股票”的模式实现(其中现金为￥2500万元，另加等值于￥2728.2万元待上市的股票，折合1,400,560普通股)。

Ember of mergers and acquisitions in 2008, changsha, and to study school as an example,Amounting to RMB 52.282 million yuan to purchase model "Half of the cash,Half the stock"The pattern implementation(Among them cash for RMB 25 million,Plus equivalent to RMB 27.282 million yuan to be listed on the stock,Is equivalent to 1,400,560 ordinary shares).

　　蹊跷就在于其中的￥2500万元现金，竟才修业并不能得到手。而并购的“技巧”和“内部协议”就在：竟才修业应配合安博将每年分次转入的“收购款”，再以支付向安博在线“购买”所谓的“爆破学堂”软件，形成安博在线的当期销售软件产品收入，如此“完美”地体现高科技教育公司的“线上 线下”服务商业模式。同时，竟才修业作为课外辅导培训的年营业收入业绩也并表计入安博教育“年总净营收”。那么，我们不仅疑问竟才修业如此配合地为安博提供上市业绩，图的什么呢?看中的就是安博协议承诺支付的“等值于￥2728.2万元待上市的股票，折合1,400,560普通股”，而且上市即可翻几番。

Something is RMB 25 million yuan in cash,Only length and can't get the hand.The mergers and acquisitions"skills"and"Internal agreement"In the:Unexpectedly to length should cooperate to ember will split into each year"Purchase money",To pay to ember online again"To buy"The so-called"Blasting in school"software,Formation of ember income online the current sales of software products,so"perfect"To high-tech education company"online"Service business model.At the same time,Unexpectedly to length as extracurricular counselling training in operating revenue performance and also table included in the ember education"Annual total net revenue".then,We doubt not only length so cooperate to ember should not only provide a public performance,What figure??To see is the ember of agreement promised to pay it"Equivalent amount in RMB 27.282 million yuan to be listed on the stock,Is equivalent to 1,400,560 ordinary shares",And the listed can be turned over several times.

　　安博的具体操作过程：所谓的“收购”款项分批次从并购竟才修业的“安博思华”打出，汇入兢才修业指定的帐户(双方事先商定)“长沙和园机电制造有限公司”等单位(汇款：单位对单位)，然后竟才修业按事先与安博的约定，将来款再以购买软件(爆破学堂)应支付的款项汇入“安博在线”帐户(汇款：单位对单位，或个人对单位)。在并购后的前三年，竟才修业的原业主依然取得其经营收入。

Ember of the specific operation process:The so-called"Acquisition of"Payment in batches from mergers and acquisitions to study"Ambrosetti China"Play the,Import and length of the specified account(The two sides agreed in advance)"Changsha and garden machinery manufacturing co., LTD"And other units(The remittance:Unit to unit),Before have length according to the prior agreed with ember,Again to buy software in the future(Blasting in school)The money should pay into"Ember online"account(The remittance:Unit to unit,Or individual units).In the first three years after the merger,Have to study the original owner still has its operating income.

　　安博完美地完成“一鱼二吃”的两全其美地作假：即体现并购培训机构将其纳入旗下实现财务并表的操作，又为每年稳定的软件产品“销售收入”做好了铺垫。

Ember to complete perfectly"A two to eat fish"The best of both worlds to false:Training institutions which embodies m&a be included in the unit to achieve the financial and operating table,And for the stability of the software products"The sales revenue"Ready to set the stage.

　　同样的“并购”和“销售收入”操作手法也如出一辙地重复上演在其它的被并购机构身上。长沙牛耳教育培训学校的缄默与无奈得到了证实。如推而广之，推断安博销售收入作假的数据和后果相当严重。

The same"Mergers and acquisitions"and"The sales revenue"Operation gimmick to repeat the same in other institutions by m&a.Changsha flagship education training school's silence is confirmed and helpless.Such as size,Infer the ember sales false data and the consequences can be rather serious.

　　本报记者就安博与被并购教育机构的上述操作手法，请教国内法律专家和业内人士，专家指出，安博以许诺将上市的股票为诱饵，并购业绩打包上市，被并购的培训机构既是受害者也是合谋利益者，双方都有共同以不真实状况蒙骗和侵害美国投资者利益之嫌。

Our reporter was ember the operating technique and the acquired education institutions,Consult legal experts and industry insiders in China,Experts point out that,Ember to promised shares listed as bait,Mergers and acquisitions performance package,By merger and acquisition of training institutions is both the victim and collusion benefits,Both sides have a common to not real deceive and U.S. investors interests.

　　据安博教育2011年度的财报披露其软件产品销售收入：2008年￥3882.6万元;2009年￥1.231亿元;2010年￥2.147亿元;2011年3.481亿元。

According to ambow education 2011 annual earnings disclosure of their software products sales:RMB 38.826 million in 2008;RMB 123.1 million in 2009;RMB 214.7 million in 2010;348.1 million yuan in 2011.

　　那么为什么安博要将并购学校和销售软件产品完美地结合呢?据知情人士朱林告诉《创业家》，安博的一个副总原来是教育部外事司某处的处长。他说，当时安博什么产品都没有，黄劲最关心的是如何通过教育部发文让全国各地的教育部门、学校购买安博的产品。为了尽快拿到某个批文，黄劲让她的员工到教育部基础教育司给某处长打杂一个星期。“黄劲跟教育部原来的某领导比较熟络。”长期跟踪报道安博的行业资深媒体人李英向《创业家》透露。

So why ember to perfectly combine m&a schools and selling software products?Tell zhu Lin, according to people familiar with the matter[entrepreneurs],Ember turns out to be a vice President of the ministry of education, somewhere in the foreign affairs department.He said,At that time no ember what products,Huang Jin concerned about most is how to issued by the ministry of education make education departments across the country/School buy amber products.In order to get an approval as soon as possible,Huang Jin to her staff to the ministry of education of basic to a director of odd jobs for a week."Huang Jin original one with the ministry of education lead wellpoint."Long-term tracking report senior media person li ying to ember in the industry[entrepreneurs]According to.

　　姜明杰也告诉《创业家》，2000年～2003年间，安博主要做教育软件平台，包括教务管理软件等，做得一般。安博后来每年靠卖教育软件有一两千万元的收入，黄劲意识到教育软件行业在中国是“没机会”的。2003年她决定不再卖教育软件，转型教育服务.

Jiang Mingjie also told[entrepreneurs],In 2000 ~ 2000,Ember mainly for education software platform,Including the educational administration management software, etc,Done in general.Ember later every year a few thousand ten thousand yuan income by selling education software,Huang Jin realize education software industry is in China"No chance"the.In 2003, she decided not to sell education software,Transformation of education services.

　

　矛盾爆发与冲突升级 谎言破灭“股权证”形同废纸 Contradictions and conflicts burst upgrade lies"vouchers"Shape with waste paper

　　由于安博教育的商业模式、高管诚信、公司的内控和治理能力不断受到质疑，安博股票上市即破发，并一路走低。从2010年8月5日的上市IPO发行$10美元/ADS股(每ADS含两普通股)到截止2013年1月18日收盘价$2.15美元/ADS股(每ADS含两普通股)。原始股东以及被并购学校的原业主心如刀割。更有甚者，安博为防止这些原业主割肉抛售，竟不予履行承诺在股票上市后180天的锁定期满时，给予这些原始股东办理可自由交易的转股手续，导致原业主持有的“股权证书”至今形同废纸一张。

Due to the business model of ember education/Executives integrity/Company's internal control, and governance capabilities are being questioned,Ember shares listed on the break,And all the way down.From August 5, 2010 listed IPO issuing $10 dollar/ADS(Each ADS including two common shares)To 2013 January 18 day's closing price of $2.15 / ADS(Each ADS including two common shares).The original shareholders and the former owner of mergers and acquisitions school heart ached.What is more,Ember cut meat to sell in order to prevent the former owner,Did not fulfill commitment when lock expires 180 days after the stock market,Give the original shareholders the free trading of convertible formalities,Lead to the original owner"Share certificate"Today was largely in tatters.

　　本来在安博并购中被忽悠得团团转的学校主办者，还寄希望股票翻几番赚个盆满钵满，不想股票市值现已缩水了近80%，且还是一张不能兑现的废纸，亿万富翁之梦犹如“水中月，镜中花”，冲突由此爆发，当初并购内幕和肮脏交易从此掀开。

Had been shanghaied in ember of mergers and acquisitions around the organizers of the school,Also hope that the stock turn over a few times to make a rich,Don't want to stock market value has shrunk by almost 80%,And not honor or a piece of waste paper,The billionaire dream is like"In the water,In the mirror",Conflict in the,At the beginning the insider and dirty merger lifted from now on.

　　成也萧何，败也萧何。安博原精心策划和设计的并购模式存在严重缺陷与漏洞，安博要求被并购学校和培训机构原创始人在继续留任学校的负责人三年，已完成并购交接后的“整合”。三年期满后，由安博决定原创始人是退休离开该学校或该培训机构，还是调任集团总部担任高管。正是由于前述的并购留下的利益冲突和原创始人在三年“整合”期掌握安博的证据材料，导致安博功亏一篑，出现开篇的危机，黑幕被掀开和将接受指控调查已不可避免。

As a main,Defeat me.Ember and carefully planned by the original design model of mergers and acquisitions has serious flaws and loopholes,Ember asked m&a original founders in schools and training institutions continue to stay on the head of the school for three years,After the handover has completed m&a"Integration of the".After a period of three years,Is determined by the company founder is retired from the school or the training institutions,Or transfer group headquarters as executives.It is because of the acquisition of conflicts of interest and the original founders in three years"Integration of the"Ember of the evidence material,Result in ember,Opening of the crisis,Darkness was open and will accept the charges had been inevitable.

　　据记者深入调查了解到：长沙竟才修业学校的原创始人黄敏旭为维护自己的合法权益，要求将“股权证”解锁并转换成可自由交易的股票，遭到安博的无理拒绝，遂打算举报安博教育存在财务造假行为。安博知晓到竟才修业的这一举动，就抢先向公安举报黄敏旭职务侵占，意图以此举定性黄敏旭的人格污点和诚信记录，使得黄的举报存在缺陷或不可征信，继续掩盖安博的“假收购，假营收”的事实。但经公安侦查，确定安博的举报不成立，黄不构成职务侵占。“羊肉没吃到，反惹一身臊”的黄敏旭决意将安博的作假上市、欺骗投资者的行为公之于众。但当记者要求进一步采访黄敏旭做更深入挖掘时，黄以该事件已向有关部门反应并正在接受查证落实为由而婉拒。

According to the reporter understands further investigation:Changsha unexpectedly to length of the original school founder Huang Minxu to safeguard their legitimate rights and interests,Requirements will be"vouchers"Unlock translates into free shares,Ember of unreasonable rejects,Hence intends to report the ember education financial frauds.Ember known to have length of the move,Was first reported to public security Huang Minxu job occupation,Intentions to move qualitative Huang Minxu personality stain and the integrity of records,Make report of defective or not credit,Continue to hide ember"False acquisition,False revenue"The fact that.But by the public security investigation,Determine the ember of report,Huang does not constitute a job occupation."Mutton didn't eat,An unpleasant SAO"False listing of Huang Minxu determined to ember/Cheat investor behavior to the public.But when the reporter asked further interview Huang Minxu do more in-depth digging,Yellow to have reaction to the relevant department and is receiving the event to verify implementation of grounds declined.

　　湖南君见律师事务所的肖湘晖律师如是说：不论谁违法或侵害了他人的利益，必将为此付出代价。涉外法务部主任黄轶律师则引用美国资本市场上最流行的一句名言：“任何企业都能上市，但时间会证明一切”，而决定这一切的首要原则就是“诚信”。上市公司的董事和高管应负有信托义务和承担法律责任。

Hunan jun see XiaoXiangHui lawyer in a law firm, said:No matter who is illegal, or infringe on the interests of others,Will pay for it.Foreign-related legal director Huang Yi lawyer quoted a famous saying of the most popular American capital market:"Any company can be listed,But time will prove everything",And decided to the first principle of all of this is"Good faith".The directors and executives of listed companies shall be fiduciary obligations and bear legal responsibility.

　　安博教育已置于中、美公众、舆论以及随后的调查聚光灯下，而此前“安博教育CSO(首席战略官)Jenny Zhan曾经接受i美股采访，表示安博并购项目所在的平均时间不到3年，但是他们加入安博之后产生的经营现金流已经回收了绝大部分的投资，公司有信心实现四年内全部回收投资的目标。”的预期能否实现或已经实现?令人成疑。

In ambow education has been placed in/The public/Public opinion and the subsequent survey the spotlight,after"In ambow education CSO(Chief strategy officer)Jenny Zhan once told the I stock,Said ember m&a projects in the average time is less than 3 years,But after they join the ember of operating cash flow has been recycling the vast majority of investment,Companies have the confidence to achieve the goal of all four years investment recovery."Expectations can be fulfilled or has been achieved?Is in doubt.

　　“这两年安博一直处于整合期，去年战略调整也比较多，审计就更加复杂。”一位接近安博的人士分析。

"Ember in recent two years has been in a consolidation period,Last year also more strategic adjustment,Audit is more complicated."A person close to ember analysis.

　　如果安博的独立审计结果和财报一日不出，我们不得不从新审慎和回顾当初“关于安博未来的内生增长性不足的论调被不断抛出。甚至有人评价，“安博走上了一条融资并购再融资的不归路，相当危险”的预言。（证券时报网）

If the ember of independent audit results and the results a day out,We have to again carefully and review at the beginning"Regarding the future of ember, the rhetoric had been thrown by the lack of endogenous growth.Some evaluation,"Ember of financing mergers and acquisitions financing on a point of no return,Quite dangerous"Prediction of.(The securities times net)