[独家]成也萧何败也萧何 山水危机或致利益格局重划

2017-01-17 15:42:55

如今的山水危机,实际是一年前控制权争夺战的一个延续。正所谓“成也萧何败也萧何”,当初,天瑞在山水投资的支持下取得胜利,如今宓敬田为首的山东山水管理方提出更换安永会计师事务所以取得山水投资的控制权。对于天瑞而言,或将失去山水投资的支持。即便这场风波最终平息,山水内部矛盾已经公开化,阵营分化也对日后对山东山水的管理提出挑战。

  “没有永远的朋友,只有永远的利益”这句话所有人都懂,但真正事关己身,却并不是一件容易抉择的事情。

  2016年12月20日,香港上市公司中国山水水泥集团有限公司(简称:山水水泥)发布公告,免除山东山水水泥集团有限公司(简称:山东山水) 宓敬田副董事长职务。紧接着,12月23日,一份山东山水全体员工致上市公司的公开信流出,明确反对山水水泥对宓敬田的免职决定。

  作为上市公司,竟然不能决定下属实体企业的人事任免,这本身就是一件很 “奇葩”的事情。如此一来,山水水泥与下属实体企业山东山水之间的矛盾也就正式揭开。至于1月13日,山水水泥再次做出宓敬田的免职决定,山东山水继续予以公开抵制则可以看做是双方矛盾依旧不可调和的表现。

  山水水泥与山东山水,一个上市公司一个下属企业,代表的其实是两股力量,即:上市公司控制方河南天瑞集团以及以宓敬田为核心的山东山水经营管理方。

  按照常理,上市公司作为实体企业在资本市场的载体,同时也是实体企业的“所有者”,双方在经营理念和利益关联方面应该是一致的,但是山水水泥却违背了这一规律,而之所以出现这样的差异,还得从近年来震动全水泥行业的山水水泥控制权之争以及事件结束后的利益分配说起。

山水水泥

 曾经的亲密“盟友”如今出现裂痕

  2015年5月,处在控制权争夺风暴中的山水水泥迎来了一个重要的利益相关方--天瑞集团。在这个月天瑞集团通过二级市场连续购入山水水泥股份,一跃成为第一大股东,股份占比为28.16%,第二大股东为山水投资,持股25.09%,亚洲水泥占20.96%,中国建材占16.67%。

  彼时,天瑞集团与宓敬田等7位山东山水显名股东代表的员工“维权派”是有利益共同点的。天瑞水泥虽然持股占比达到28.16%,但不是绝对持股,无法单独实现对山东山水的控制,如果要达到这一目的就必须有“盟友”的支持,第二大股东山水投资是最佳选择。

  一方面山水投资股份占比达到25.09%,两家合计股份超过50%,可以实现绝对控股;另一方面,山水投资内部正处于控制权争夺中,以宓敬田等7位显名股东为代表的“维权派”,希望从山东山水前董事长张才奎手中收回被“酌情信托”的股份,也需要“盟友”加入。

  基于利益共同点,双方一拍即合。在随后的山水水泥控制权争夺战中,天瑞水泥在山水投资的支持下,成功改组山水水泥董事会,实现了对上市公司的控制。宓敬田等“维权派”则成功收回了前董事长张才奎手中的“酌情信托”股份,并且罢免了张氏父子及相关人员的职务。

  事情到此,似乎获得了一个皆大欢喜的结果,但是背后却已经埋下了危机的种子。

  从各自的根本出发点来说,天瑞控制山水的目的在于增加市场份额,扩大在河南、辽宁两地的市场话语权,并且获得与中国建材在市场竞争中的有利地位,从这几点来看,天瑞仅仅控制上市公司是不够的,需要实现对下属企业即山东山水的实际控制。

  但是,从“维权派”的角度而言,收回“酌情信托”股份的目的是夺取张氏父子对山东山水的控制权,而不是将山东山水变成“天瑞的一部分”。于是,围绕着山东山水实际控制权归属问题,天瑞集团与“维权派”之间出现了明显的利益冲突。

  在天瑞实现对上市公司的控制并主导改组山水水泥董事会之后,即2015年12月,天瑞集团、山水投资双方在北京会晤,天瑞集团董事长李留法曾表示:天瑞集团不参与山东山水董事会和经营管理层,这可以看做是天瑞向以宓敬田为代表的“维权派”做出的利益兑现。

  但是在随后组建山东山水董事会时,天瑞水泥却直接委派了人员担任山东山水董事长,宓敬田成为山东山水副董事长、总经理。随后,天瑞再次指派杨勇正出任山东山水总经理,宓敬田仅保留副董事长一职。此时天瑞虽然违背了此前的承诺,但宓敬田仍然实际主持山东山水的经营管理工作,双方矛盾并没有激化。

 “一配四”配股方案 引燃新一轮山水危机

  山水水泥与山东山水的矛盾,一开始并未完全激化,毕竟作为“盟友”双方曾经在同一条“战壕”里并肩战斗,过早暴露内部矛盾可能招致外部势力的进入,掀起新一轮山水危机,但是到2016年6月3日,局面被打破。

  媒体报道称,山水水泥董事会在未经山水集团职工股东同意前提下,发布公告称“按每一股现有股份可认购四股新的本公司股份”。9月12日,山水水泥董事会再次发布公告称“为偿付本集团未偿还债务、恢复公众持股数量,向不少于六名独立承配人配售不低于9.1亿股,配售下限0.5港元。”

  以职工持股为主体的山水投资认为,配售新股严重损害职工股东及山水投资的利益。因为“一配四”将使山水投资在山水水泥中的持股比例下降到6.2%;而2016年9月12日发布的公告更是引起了山水投资的不满。一是山水投资持股占比将被稀释,由25.09%降至20%以下;同时0.5港元下限配售价低估了山水公司价值。山水水泥2015年年报中显示“2015年上市公司年报:利润总额-64.95亿元,净利润-66.93亿元,其中经营性亏损仅为28.08亿元,而减值处理超30亿,仅提取商誉减值就达23.32亿元”。这样,山水水泥每股净资产1.33元,若剔除减值影响,2015年每股净资产应为2.42元。

  宓敬田等人认为,天瑞集团控制的董事会一再强行推进配股方案,名义上是筹集资金或恢复公众持股数量,但真正目的只有一个,就是绝对控股山水水泥。如此一来,宓敬田等“维权派”可能面临“竹篮打水一场空”的境地,前些年为扳倒张氏父子做出的努力也将付诸东流。

  因此,山水投资的股东实行了阻挠。资料显示,6月3日的计划已经破产,但2016年9月12日的计划上市公司仍在推进中。

  配股方案的推出直接激化了山水水泥与山东山水之间的矛盾,双方的对抗也逐步走向前台。

  笔者拿到的一份山水内部会议资料显示,在宓敬田看来,自己遭到免职正是因为阻碍了上市公司推出的“一配四”配股方案。

  另外值得一提的是,2016年12月29日,宓敬田报告知天瑞集团董事长李留法已经向警方报案,宓敬田涉嫌经济诈骗。2017年1月11日,河南汝州警方在此出现在济南市长清区崮山派出所希望济南警方协助传讯宓敬田。到1月14日,据媒体报道,汝州警方对宓敬田由“询问”升级到“拘传”,山东山水也将向公安部实名举报汝州公安“违规插手经济纠纷”。

  至此,这场由资本市场引发的纷争已经波及到地方职能部门,双方矛盾开始变得越来越难以调和。

  成也萧何败萧何 谁将是最后赢家?

  在上述危机中,有一方力量扮演了重要角色,那就是职工持股代表安永会计师事务所。

  早在2015年5月20日,为维护山水投资利益和股份价值不受侵害,香港高等法院对山水投资员工股权诉讼案件颁布托管令,安永会计事务所廖耀强、闫正为、顾智心被委任为托管人。当年7月7日,山水投资召开股东大会,三位托管人被增选为山水投资董事会董事,占董事会多数席位,代表山水投资作为上市公司山水水泥第二大股东的重要表决权力。到了12月1日,山水水泥召开股东大会,改组上市公司董事会,安永会计事务所廖耀强、闫正为、张家华等作为山水投资的代表被委任为山水水泥董事会成员,其中廖耀强目前为山水水泥董事会主席。

  从利益代表来看,安永作为员工股份监管人,代表的是员工持股方的权益,但是在过去几个月包括配股方案在内的诸多决定,却被山水投资股东代表认为损害了员工持股权益,违背了作为法院指定监管人的基本义务。

  目前,笔者尚未看到安永就这一质疑做出的回应,但是作为受委托方,如果遭到被托管人的质疑其地位必然出现动摇。

  据被公开的山水投资全体被托管人2016年10月12日致廖耀强的一封信中提到,“安永会计事务所作为我们的托管人,其职责是--保护山水投资被托管人的利益不受损失,当涉及到被托管人利益的时候,必须按照被托管人的意愿行使权力。”并要求他们在山水投资董事会表决《建议根据特别授权配售新股份》时必须投反对票,否则,将坚决要求香港法院更换托管人。

  随后,2016年12月21日一份致山水水泥董事局主席及董事的材料也提到--“您(廖)作为山水投资的董事并在上市公司作为山水投资的代表主持董事局工作本应勤奋努力想山水之所想,急山水之急,结果却是令人失望。”该材料署名为“山东山水董事会、领导班子、下属企业领导班子、全体员工”。

  宓敬田为首的山东山水经营团队1月13日表示,他们将向香港法院和相关监管机构申请调查,同时也将向香港会计师公会反映。山水投资将依法启动更换山水投资员工股份托管方的法律程序,在安永会计事务所没有被更换,山水水泥和山水投资董事会没有改组前,山东山水将拒绝接受山水水泥发出的任何指示。

  在当初的山水控制权争夺战中,天瑞能够实现对山水水泥的控制,原因就是安永会计师事务所取得了山水员工股份的托管权,并且应员工方要求选择罢免张氏父子与天瑞站在同一战壕。

  如今,以宓敬田为首的经营团队提出更换安永会计师事务所,一旦成功,山水投资将掌控在山东山水现有管理层手里,天瑞好不容易建立起来的对山水水泥的控制权,或面临失去的风险。

  值得一提的是,除天瑞集团和山水投资以外,另外两大股东,中国建材和亚洲水泥已经明确表态支持山东山水现有管理层。

  再来看如今的山水危机,实际是一年前控制权争夺战的一个延续。正所谓“成也萧何败也萧何”,当初,天瑞在山水投资的支持下取得胜利,如今宓敬田为首的山东山水管理方提出更换安永会计师事务所以取得山水投资的控制权。对于天瑞而言,或将失去山水投资的支持。即便这场风波最终平息,山水内部矛盾已经公开化,阵营分化也对日后对山东山水的管理提出挑战。

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Correlation

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The market price of C30 concrete in Inner Mongolia ranges from 265 yuan/m3 to 315 yuan/m3, showing certain regional differences. Haraqin Banner in Chifeng City of Inner Mongolia has the highest price of 315 yuan per square meter, while Qingshuihe County and Tuoketuo County in Hohhot City of Inner Mongolia have the lowest price of 265 yuan per square meter.

2025-04-24 16:01:31

Since April 24, Henan has again notified the increase of cement price by about 20 yuan/ton, and the implementation remains to be observed..

2025-04-24 15:49:18

Since April 23, cement enterprises in Guiyang, Anshun, Tongren and other areas have been notified to raise the price of cement by about 30-60 yuan/ton, and the implementation remains to be observed..

2025-04-24 15:39:11

June this year is the 24th National "Safety Production Month", with the theme of "Everyone talks about safety, everyone will respond to emergencies-to find potential safety hazards around us", and June 16 is the National "Safety Publicity and Consultation Day".

2025-04-24 15:18:38

Implementing the negative list system of market access is an important decision-making arrangement made by the Party Central Committee and the State Council, and an important institutional arrangement for building a high-level socialist market economic system.

2025-04-24 14:39:18

The building materials industry carries out the docking activities of green building materials supply and demand and the cooperation and docking activities of inorganic non-metallic new materials industry chain. Implement the national cement production capacity management policy, guide the cement industry to carry out differentiated peak staggering production, and promote the recovery of cement prices.

2025-04-24 11:03:11

In accordance with the relevant provisions of the Company Law of the People's Republic of China and the Articles of Association of CCCC Shanghai Dredging Co., Ltd., the first meeting of the seventh session of the board of directors of CCCC Shanghai Dredging Co., Ltd. unanimously passed the following resolution: agreed to dismiss Wang Minqiu as the general manager of CCCC Shanghai Dredging Co., Ltd.; agreed to appoint Ding Jian as the general manager of CCCC Shanghai Dredging Co., Ltd.

2025-04-24 10:56:32

The content shows that there are 36 cement enterprises in the list in 2024 and 2025.

2025-04-24 10:52:51

The existing new dry process cement clinker production line with a daily output of 2500 tons (Φ4.0 * 60m) will be merged into a new dry process cement clinker production line with a daily output of 4000 tons (Φ4.8 * 72m) (i.e. 2 # clinker line). The total capacity will remain unchanged after the merger.

2025-04-24 10:42:22

On the evening of April 23, Tianshan Stock Company issued a quarterly performance announcement, saying that the revenue in the first quarter of 2025 was about 14.947 billion yuan, a decrease of 8.64% compared with the same period last year. The net profit loss attributable to shareholders of listed companies was about 1.494 billion yuan. The basic earnings per share loss was 0.2101 yuan. The revenue in the same period last year was about 16.359 billion yuan; The net profit loss attributable to shareholders of the listed company was approximately RMB1.923 billion, and the basic earnings per share loss was RMB0.222.

2025-04-24 10:03:28

Beginning in 2024, according to the requirements of the relevant policy documents of the Ministry of Industry and Information Technology, the cement industry began to fill the overcapacity. According to the statistics of China Cement Network, as of April 23, 57 production lines in the national cement industry had completed their production capacity, with a total of 19.45 million tons of cement clinker production capacity, and at least 41 production lines had been withdrawn, with a total capacity of 31.65 million tons.

2025-04-24 10:01:53

In 2024, the output of cement industry in the United States declined by 4.44%, and the dependence on imports increased. The decline in production was affected by factors such as factory closures, and domestic consumption was generally stable but seasonal differentiation. It imports 24 million tons of cement from many countries. Rising cement prices in the United States, the Trump administration's tariff policy brings uncertainty, if the tariff on Canada and Mexico has a significant impact, although American cement companies may benefit, there are also risks such as supply shortage, and some enterprises are more "Americanized".

2025-04-24 10:00:03

Xizang Langxian Gaozheng Building Materials Co., Ltd. intends to build a 4000t/d cement clinker production line project (hereinafter referred to as "Langxian Project") in Nyingchi City Langxian County by means of capacity replacement within the autonomous region.

2025-04-24 09:43:00

How to meet the "new deal of carbon emissions"? Li Kunming suggested that enterprises should work in a "three-pronged approach" from the production side, management side and market side to improve energy efficiency, increase investment in technology, establish professional teams, strengthen accounting and monitoring, and use financial instruments to actively participate in the market.

2025-04-24 09:24:04

Since April 23, the main cement enterprises in Liaozhong area have again notified the increase of cement price by 10 yuan/ton.

2025-04-23 17:24:32

The market price range of C30 concrete in Tianjin is between 280 yuan/m3 and 290 yuan/m3, showing some regional differences. Jinnan District has the highest price of 290 yuan per square meter, while Jizhou District and Xiqing District have the lowest price of 280 yuan per square meter.

2025-04-23 17:14:42

Recently, affected by the market situation, coupled with the poor implementation of the policy of staggering peak and stopping kilns, cement prices in Wuhan have fallen again, with a cumulative decline of about 30 yuan/ton..

2025-04-23 16:45:10

Relevant technicians of Suzhou Shijing Science and Technology Co., Ltd. pointed out that SCR is a very mature denitrification technology, which has been widely used in power and other industries. However, the cement industry still needs to focus on the catalyst, soot blower and reaction tower flow field to further optimize the three aspects.

2025-04-23 15:08:00

For a long time, cement has been the main loading and unloading cargo in Changgang Port. Faced with the continuous decline of domestic cement market demand in recent years, Changgang actively responded to the situation, actively sought change, timely adjusted the market development strategy, and took the development of foreign trade cement market as an important breakthrough in transformation and upgrading through comprehensive consideration of the domestic and foreign cement market.

2025-04-23 13:40:23

On April 21, information from the Beijing Property Exchange showed that 51% of the shares of Xin'an Zhonglian Wanji Cement Co., Ltd. held by China United Cement Group Co., Ltd. were listed for transfer at a base price of about 200 million yuan.

2025-04-23 11:50:52

Price governance is an important part of macroeconomic governance. In order to further deepen the price reform and improve the price governance mechanism, with the consent of the Party Central Committee and the State Council, the following opinions are put forward.

2025-04-23 10:34:13

The two sides will deepen cooperation around green building materials, new energy materials, circular economy and other fields, jointly create a new benchmark for the coordinated development of the industrial chain, and inject new momentum into the construction of "three places and one district" in Anhui.

2025-04-23 10:18:33

According to the announcement, the production capacity of Luoyang Huanghe Tongli Cement Co., Ltd. is 5000t/d after the cement clinker production line with a daily output of 4500 tons is completed. The replacement capacity for this project is 1000t/d of the 2000t/d clinker production line of Henan Tongli Cement Co., Ltd., and the replacement ratio is 2:1.

2025-04-23 10:13:11