南北車合并為中車 3000億級“巨無霸”誕生

12月30日晚間，在停(ting)牌了兩個多月的時(shi)間后(hou)，中(zhong)國(guo)(guo)南車和(he)中(zhong)國(guo)(guo)北車的合(he)并預(yu)案終于(yu)趕在2014年(nian)最后(hou)一(yi)(yi)天出(chu)臺。根據上述預(yu)案，中(zhong)國(guo)(guo)南車和(he)中(zhong)國(guo)(guo)北車將(jiang)合(he)并為中(zhong)國(guo)(guo)中(zhong)車，成為一(yi)(yi)家總資(zi)產(chan)超過3000億元(yuan)(yuan)，年(nian)營業收入超過千億元(yuan)(yuan)的軌道交通(tong)“超級巨無霸”。

　　公(gong)告顯示，合(he)(he)并(bing)預案技術上采取(qu)中(zhong)(zhong)(zhong)(zhong)(zhong)國(guo)南(nan)(nan)車(che)(che)吸收合(he)(he)并(bing)中(zhong)(zhong)(zhong)(zhong)(zhong)國(guo)北車(che)(che)的(de)方式(shi)進行(xing)合(he)(he)并(bing)，即中(zhong)(zhong)(zhong)(zhong)(zhong)國(guo)南(nan)(nan)車(che)(che)向中(zhong)(zhong)(zhong)(zhong)(zhong)國(guo)北車(che)(che)全(quan)體A股(gu)(gu)(gu)換股(gu)(gu)(gu)股(gu)(gu)(gu)東發行(xing)中(zhong)(zhong)(zhong)(zhong)(zhong)國(guo)南(nan)(nan)車(che)(che)A股(gu)(gu)(gu)股(gu)(gu)(gu)票(piao)、向中(zhong)(zhong)(zhong)(zhong)(zhong)國(guo)北車(che)(che)全(quan)體H股(gu)(gu)(gu)換股(gu)(gu)(gu)股(gu)(gu)(gu)東發行(xing)中(zhong)(zhong)(zhong)(zhong)(zhong)國(guo)南(nan)(nan)車(che)(che)H股(gu)(gu)(gu)股(gu)(gu)(gu)票(piao)，并(bing)且擬發行(xing)的(de)A股(gu)(gu)(gu)股(gu)(gu)(gu)票(piao)將申(shen)請在上交所上市(shi)流(liu)通，擬發行(xing)的(de)H股(gu)(gu)(gu)股(gu)(gu)(gu)票(piao)將申(shen)請在香港(gang)聯交所上市(shi)流(liu)通，中(zhong)(zhong)(zhong)(zhong)(zhong)國(guo)北車(che)(che)的(de)A股(gu)(gu)(gu)股(gu)(gu)(gu)票(piao)和H股(gu)(gu)(gu)股(gu)(gu)(gu)票(piao)相應予以注(zhu)銷。合(he)(he)并(bing)后(hou)新公(gong)司同(tong)時承(cheng)繼及承(cheng)接中(zhong)(zhong)(zhong)(zhong)(zhong)國(guo)南(nan)(nan)車(che)(che)與中(zhong)(zhong)(zhong)(zhong)(zhong)國(guo)北車(che)(che)的(de)全(quan)部資(zi)產、負債、業務、人(ren)員、合(he)(he)同(tong)、資(zi)質(zhi)及其他一切(qie)權利與義務。合(he)(he)并(bing)完(wan)成后(hou)，新公(gong)司的(de)股(gu)(gu)(gu)本總額增至約272.9億股(gu)(gu)(gu)。就合(he)(he)并(bing)后(hou)新公(gong)司的(de)名稱(cheng)雙方初步擬定中(zhong)(zhong)(zhong)(zhong)(zhong)文名稱(cheng)：中(zhong)(zhong)(zhong)(zhong)(zhong)國(guo)中(zhong)(zhong)(zhong)(zhong)(zhong)車(che)(che)股(gu)(gu)(gu)份有限公(gong)司；中(zhong)(zhong)(zhong)(zhong)(zhong)文簡稱(cheng)：中(zhong)(zhong)(zhong)(zhong)(zhong)國(guo)中(zhong)(zhong)(zhong)(zhong)(zhong)車(che)(che)。

　　公開資料顯示(shi)，中國(guo)南(nan)車(che)董事會現有(you)8名(ming)成(cheng)員(yuan)、9名(ming)高(gao)管(guan)，中國(guo)北車(che)則擁(yong)有(you)7名(ming)董事會成(cheng)員(yuan)，9名(ming)高(gao)管(guan)。據媒體報道，央企(qi)的(de)(de)領(ling)導班子成(cheng)員(yuan)一般(ban)是(shi)9個，其中一個是(shi)專職的(de)(de)紀委(wei)書記(ji)，一般(ban)來源(yuan)于外部。南(nan)北車(che)目前(qian)共有(you)17位副總裁級別以上的(de)(de)人(ren)士，他(ta)們將競爭(zheng)最終的(de)(de)8個名(ming)額，因(yin)此內(nei)部競爭(zheng)比外部競爭(zheng)激烈得多。

　　本(ben)次合(he)并中(zhong)(zhong)，中(zhong)(zhong)國(guo)(guo)南(nan)車(che)(che)和(he)(he)中(zhong)(zhong)國(guo)(guo)北車(che)(che)的(de)(de)A股(gu)(gu)(gu)(gu)(gu)和(he)(he)H股(gu)(gu)(gu)(gu)(gu)擬采用(yong)同一換(huan)(huan)(huan)股(gu)(gu)(gu)(gu)(gu)比例進行(xing)換(huan)(huan)(huan)股(gu)(gu)(gu)(gu)(gu)，具體換(huan)(huan)(huan)股(gu)(gu)(gu)(gu)(gu)比例為1:1.10，即(ji)每1股(gu)(gu)(gu)(gu)(gu)中(zhong)(zhong)國(guo)(guo)北車(che)(che)A股(gu)(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)(gu)票(piao)可以(yi)(yi)換(huan)(huan)(huan)取(qu)1.10股(gu)(gu)(gu)(gu)(gu)中(zhong)(zhong)國(guo)(guo)南(nan)車(che)(che)將(jiang)發(fa)行(xing)的(de)(de)中(zhong)(zhong)國(guo)(guo)南(nan)車(che)(che)A股(gu)(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)(gu)票(piao)，每1股(gu)(gu)(gu)(gu)(gu)中(zhong)(zhong)國(guo)(guo)北車(che)(che)H股(gu)(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)(gu)票(piao)可以(yi)(yi)換(huan)(huan)(huan)取(qu)1.10股(gu)(gu)(gu)(gu)(gu)中(zhong)(zhong)國(guo)(guo)南(nan)車(che)(che)將(jiang)發(fa)行(xing)的(de)(de)中(zhong)(zhong)國(guo)(guo)南(nan)車(che)(che)H股(gu)(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)(gu)票(piao)。中(zhong)(zhong)國(guo)(guo)南(nan)車(che)(che)A股(gu)(gu)(gu)(gu)(gu)和(he)(he)H股(gu)(gu)(gu)(gu)(gu)的(de)(de)市場(chang)參考(kao)價分別(bie)(bie)為5.63元(yuan)/股(gu)(gu)(gu)(gu)(gu)和(he)(he)7.32港元(yuan)/股(gu)(gu)(gu)(gu)(gu)；中(zhong)(zhong)國(guo)(guo)北車(che)(che)A股(gu)(gu)(gu)(gu)(gu)和(he)(he)H股(gu)(gu)(gu)(gu)(gu)的(de)(de)市場(chang)參考(kao)價分別(bie)(bie)為5.92元(yuan)/股(gu)(gu)(gu)(gu)(gu)和(he)(he)7.21港元(yuan)/股(gu)(gu)(gu)(gu)(gu)；根(gen)據該等(deng)參考(kao)價并結(jie)合(he)前述換(huan)(huan)(huan)股(gu)(gu)(gu)(gu)(gu)比例，中(zhong)(zhong)國(guo)(guo)南(nan)車(che)(che)的(de)(de)A股(gu)(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)(gu)票(piao)換(huan)(huan)(huan)股(gu)(gu)(gu)(gu)(gu)價格和(he)(he)H股(gu)(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)(gu)票(piao)換(huan)(huan)(huan)股(gu)(gu)(gu)(gu)(gu)價格分別(bie)(bie)確定為5.63元(yuan)/股(gu)(gu)(gu)(gu)(gu)和(he)(he)7.32港元(yuan)/股(gu)(gu)(gu)(gu)(gu)，中(zhong)(zhong)國(guo)(guo)北車(che)(che)的(de)(de)A股(gu)(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)(gu)票(piao)換(huan)(huan)(huan)股(gu)(gu)(gu)(gu)(gu)價格和(he)(he)H股(gu)(gu)(gu)(gu)(gu)股(gu)(gu)(gu)(gu)(gu)票(piao)換(huan)(huan)(huan)股(gu)(gu)(gu)(gu)(gu)價格分別(bie)(bie)確定為6.19元(yuan)/股(gu)(gu)(gu)(gu)(gu)和(he)(he)8.05港元(yuan)/股(gu)(gu)(gu)(gu)(gu)。本(ben)次合(he)并將(jiang)賦予中(zhong)(zhong)國(guo)(guo)南(nan)車(che)(che)的(de)(de)異(yi)議(yi)股(gu)(gu)(gu)(gu)(gu)東和(he)(he)中(zhong)(zhong)國(guo)(guo)北車(che)(che)的(de)(de)異(yi)議(yi)股(gu)(gu)(gu)(gu)(gu)東以(yi)(yi)現(xian)金選擇權(quan)。中(zhong)(zhong)國(guo)(guo)南(nan)車(che)(che)和(he)(he)中(zhong)(zhong)國(guo)(guo)北車(che)(che)均同意通過履行(xing)適當的(de)(de)程序以(yi)(yi)終止其(qi)各自現(xian)行(xing)有效(xiao)的(de)(de)股(gu)(gu)(gu)(gu)(gu)權(quan)激勵計(ji)劃(hua)。

　　公(gong)(gong)(gong)(gong)告披露的(de)(de)(de)數(shu)據顯(xian)示，中國南車的(de)(de)(de)注(zhu)冊資(zi)(zi)本(ben)為(wei)138.03億(yi)(yi)(yi)元(yuan)(yuan)(yuan)，截(jie)至(zhi)2014年9月30日，其(qi)總(zong)資(zi)(zi)產(chan)(chan)(未經(jing)審計，下同)為(wei)1509.12億(yi)(yi)(yi)元(yuan)(yuan)(yuan)，凈(jing)資(zi)(zi)產(chan)(chan)為(wei)498.98億(yi)(yi)(yi)元(yuan)(yuan)(yuan)，報告期營業收(shou)入(ru)為(wei)848.90億(yi)(yi)(yi)元(yuan)(yuan)(yuan)，歸(gui)屬于(yu)母公(gong)(gong)(gong)(gong)司股東的(de)(de)(de)凈(jing)利潤為(wei)39.74億(yi)(yi)(yi)元(yuan)(yuan)(yuan)，擁(yong)有(you)全資(zi)(zi)和控(kong)股一(yi)級(ji)子公(gong)(gong)(gong)(gong)司21家(其(qi)中全資(zi)(zi)子公(gong)(gong)(gong)(gong)司17家)；中國北車的(de)(de)(de)注(zhu)冊資(zi)(zi)本(ben)為(wei)122.60億(yi)(yi)(yi)元(yuan)(yuan)(yuan)，截(jie)至(zhi)2014年9月30日，其(qi)總(zong)資(zi)(zi)產(chan)(chan)為(wei)1529.31億(yi)(yi)(yi)元(yuan)(yuan)(yuan)，凈(jing)資(zi)(zi)產(chan)(chan)為(wei)491.74億(yi)(yi)(yi)元(yuan)(yuan)(yuan)，報告期營業收(shou)入(ru)為(wei)641.66億(yi)(yi)(yi)元(yuan)(yuan)(yuan)，歸(gui)屬于(yu)母公(gong)(gong)(gong)(gong)司股東的(de)(de)(de)凈(jing)利潤為(wei)39.58億(yi)(yi)(yi)元(yuan)(yuan)(yuan)，擁(yong)有(you)全資(zi)(zi)和控(kong)股一(yi)級(ji)子公(gong)(gong)(gong)(gong)司29家(其(qi)中全資(zi)(zi)子公(gong)(gong)(gong)(gong)司21家)。

　　這(zhe)意(yi)味著，新誕生(sheng)的中國中車將(jiang)是一家總資(zi)產(chan)達(da)(da)(da)到(dao)(dao)3038.43億元(yuan)，凈(jing)資(zi)產(chan)990.72億元(yuan)的“超級巨(ju)無霸”，年營業收入將(jiang)達(da)(da)(da)到(dao)(dao)千億級，凈(jing)利潤則將(jiang)有望達(da)(da)(da)到(dao)(dao)百億元(yuan)規模。

　　公(gong)(gong)告表示(shi)，合(he)(he)并(bing)后(hou)新公(gong)(gong)司的(de)業(ye)務(wu)(wu)范圍和(he)(he)產(chan)品類型將大幅增加，且由于中(zhong)國南車(che)(che)、中(zhong)國北(bei)車(che)(che)各(ge)業(ye)務(wu)(wu)板塊(kuai)分布于不同(tong)的(de)地(di)理區域，涉(she)及下屬(shu)子(zi)公(gong)(gong)司較多，進(jin)一步增加了內部組(zu)織架構整合(he)(he)的(de)復雜(za)性；此外，中(zhong)國南車(che)(che)和(he)(he)中(zhong)國北(bei)車(che)(che)在合(he)(he)并(bing)前均擁有完整的(de)人(ren)(ren)員編制(zhi)，合(he)(he)并(bing)后(hou)新公(gong)(gong)司需(xu)要(yao)根據(ju)新的(de)業(ye)務(wu)(wu)和(he)(he)管理架構進(jin)行人(ren)(ren)事整合(he)(he)，可能需(xu)要(yao)經歷較長的(de)過(guo)程(cheng)。