每日经济新闻记者 赵陈婷 发自北京

The daily economic news reporter zhao Chen ting Beijing

　　美股上市的教育培训机构安博教育(NYSE:AMBO)遇上“麻烦”了。

U.S. stocks listed on the ember education education training institutions(NYSE: AMBO)Meets the"trouble"the.

　　北京时间2月28日，安博教育股价大幅下挫，截至收盘暴跌16.67%报1.3美元，成交量较月均14万猛增至39万。值得注意的是，2010年8月上市当天，安博教育跌破10美元发行价，截至2013年2月28日收盘的1.3美元，其股价已经下挫了近九成，市值不足1亿美元。

Beijing time on Feb. 28,In ambow education share price fell sharply,By the time the tumbled 16.67% to $1.3,Volume 140000 soared to 390000 a month.It is worth noting,In August 2010, on the day,In ambow education fell below $10 price,As of 28 February 2013 closed at $1.3,Its share price has tumbled by nearly ninety percent,Market value less than $100 million.

　　这次股价大变脸，源于投资者对安博教育一项收购存在造假的起诉。对此，《每日经济新闻》记者联系安博教育方面，但公司相关负责人表示目前暂时不便接受采访。

The price is big suddenly turn hostile,From investors in ember education exist a takeover of fraud to Sue.For this,[The daily economic news]Contacted ambow education aspects,But the relevant person in charge of company said, for the moment, the inconvenience for an interview.

　　业界担心，投资者对于该项收购存在造假的起诉一旦被证实，对以大规模收购见长的安博教育将造成不小的冲击。

The industry concerned,Investors for the existence of fraud to Sue once confirmed,Ember to large acquisitions known education will cause a big impact.

　　媒体报道：安博涉嫌虚假收购

Media reports:Ember alleged false acquisition

　　有媒体报道，周四ByronBrown和其他一些投资者正在起诉安博，认为2008年安博并购长沙竞才修业学校（ChangshaStudySchool），实际上仅仅是付款购买后者的名字和营收数据为前者IPO做准备。起诉方援引媒体报道称，“收购的现金款后来以某种虚假的软件收入的形式转回了安博”。

Media reports,On Thursday, is suing the ember ByronBrown and other investors,Think 2008 changsha ember m&a bidders to study school(ChangshaStudySchool),In fact simply purchase the latter's name and the revenue data to prepare for the IPO.Prosecutors quoted by media reports said,"Purchase in cash later in some false software revenue return in the form of the ember".

　　在一篇标题为《安博教育被曝假收购假业绩做局赴美上市》报道中，安博教育并购长安竞才修业学校的过程被指存在猫腻。

In an article titled[Ambow education had false buy false results do innings going public]In the report,Changan ambow education m&a bidders to length, is refers to the course of school issue.

　　据了解，2008年安博并购该学校的时候，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1400560普通股)。

We have learned,Ember of mergers and acquisitions the school in 2008,A total of 52.282 million yuan to purchase model"Half cash + stock"The pattern implementation(Cash 25 million yuan,Plus the equivalent to 27.282 million yuan to be listed on the stock,$1400560 common stock).

　　但这2500万元的现金，长沙竞才修业学校并不能得到。根据协议，学校要配合安博用每年分次转入的“收购款”向安博旗下的安博在线“购买”教学软件，形成安博在线的当期销售软件产品收入。同时，该校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的“年总净营收”。

But that $25 million in cash,Changsha race to length and can't get school.According to the agreement,To school meet ember with split into each year"Purchase money"Ember's ember online"To buy"Teaching software,Formation of ember income online the current sales of software products.At the same time,As extracurricular counselling training school's annual revenue performance and also table included in the ember of education"Annual total net revenue".

　　安博教育成功上市后，股价一路下挫，而该校的原始股东则被牢牢地拴死在180天锁定期内。等解禁结束，原本价值2728.2万元的等值股票，其市场价值已大幅缩水。由此引发部分持股股东与安博教育的矛盾。

In ambow education after the successful listing,Shares all the way down,And the original shareholders are firmly tied to death in 180 days lock period.After release,Originally equivalent shares worth 27.282 million yuan,Its market value has shrunk dramatically.The resulting partial shareholder and ember the contradiction of education.

　　记者将上述情况的真实性向安博方面求证，但截至记者发稿尚未得到回复。

Reporters will prove the authenticity of the above situation to ember,But as of press time haven't get reply yet.

　　对于擅长并购的安博教育而言，长沙竞才修业学校或许只是安博众多收购的“冰山一角”。

To specialize in mergers and acquisitions of ember in terms of education,Changsha race to study may be ember school lots of purchase"The tip of the iceberg".

　　业内人士：并购是否违规尚未知

The personage inside course of study:Mergers and acquisitions is unknown

　　据安博教育的 《招股说明书》披露，安博教育在多轮融资后，2008年初至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。而这些收购大部分都是通过所谓的“一半现金+一半股票”的方式完成。

According to the ember of education [The prospectus]Disclosure of the,In ambow education after several rounds of financing,At the beginning of 2008 until 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.The acquisition of most of them are through so-called"Half cash + stock"The way to complete.

　　针对投资者对安博教育在并购上的质疑，有业内人士表示，采用“一半现金+一半股票”的方式是没有问题的。培生当时以全部现金的形式收购环球天下，优酷并购土豆则通过换股，而微软多年前提议446亿美元收购雅虎的支付方式也是“一半现金+一半股票”。证券本身具备价值，只需要双方协商一致即可。

For investors doubt the ember of education on mergers and acquisitions,The personage inside course of study says,using"Half cash + stock"There is no problem.Pearson in the form of all cash for the world at that time,Youku m&a potatoes through a share swap,While Microsoft years ago proposed $44.6 billion takeover of yahoo's payment too"Half cash + stock".Stock itself has value,You just need to agree on both sides.

　　“但如果在并购过程中的确存在上述操作（及“收购的现金款后来以某种虚假的软件收入的形式转回了安博。”）那么安博就难逃操纵营收以及财务舞弊的嫌疑，届时美国证券交易委员会（SEC）的介入将不可避免。安博欺诈、操纵的罪名一旦成立，对投资者的影响将会是巨大的。”上述业内人士解释道。

"But if do exist in the process of mergers and acquisitions(and"Purchase in cash later in some false software revenue return in the form of the ember.")Ember will be suspected of manipulating revenue and financial fraud,When the securities and exchange commission(The SEC)Intervention is inevitable.Ember of fraud/Manipulation charges once established,The impact on the investors will be huge."This explains the personage inside course of study.

　　对于28日16.7%的跌幅，i美股分析师李莹告诉《每日经济新闻》记者，从公开信息的角度来说，并没有对安博直接利空的消息出现。安博目前的股价已经不到两美元，一个微小的报价差异都可能带来股价的大幅波动。

For 28's 16.7% drop,I stock analyst unpaid told[The daily economic news]reporter,From the point of view of public information,Not ember bearish news directly.Ember's current share price is less than two dollars,A tiny price difference may lead to share price volatility.

　　2012年5月，安博教育曾因延迟年报递交导致股价大跌。当年7月5日，发布了净亏损1270万美元的2012财年第一季度报后，安博教育就暂停了财报发布。

In May 2012,In ambow education had shares as a result of delay to submit annual report.That year on July 5th,Posted a net loss of $12.7 million in the first quarter of fiscal 2012 quote later,In ambow education has suspended the earnings release.

　　李莹认为，美国8家律师事务所、国内众多被并购机构将起诉安博等传闻的出现，使得长期以来没有获得安博财务状况报告的投资者产生恐慌是显而易见的。

Child think,Eight law firm in the United States/Many domestic m&a institution will be charged by ember rumors, etc,Makes for a long time didn't get ember financial status report investors panic is obvious.

　　对此，有行业分析师表示，安博目前所急需的是与资本市场和投资者保持顺畅、直接的沟通。如果安博公司仍然不能对部分质疑做出回应，相信其股价将在一定时期内低迷。

For this,Industry analysts said,Ember much-needed is currently with the capital market and investors keep smooth/Direct communication.If the company company still cannot respond to some questions,Believe that the price will be low in a certain period of time.