11日，中(zhong)(zhong)國遠(yuan)(yuan)洋(yang)控股(gu)股(gu)份有限公(gong)(gong)司(si)(si)(si)、中(zhong)(zhong)海發展股(gu)份有限公(gong)(gong)司(si)(si)(si)、中(zhong)(zhong)海集(ji)裝箱運(yun)輸股(gu)份有限公(gong)(gong)司(si)(si)(si)、中(zhong)(zhong)遠(yuan)(yuan)太平洋(yang)有限公(gong)(gong)司(si)(si)(si)四家上市(shi)公(gong)(gong)司(si)(si)(si)同(tong)時發布(bu)(bu)公(gong)(gong)告，宣布(bu)(bu)簽(qian)訂(ding)一(yi)系列資產重(zhong)組交易和服務協議。4家上市(shi)公(gong)(gong)司(si)(si)(si)已于今(jin)年(nian)8月10日停牌，按照停牌的市(shi)值估算，總市(shi)值超(chao)過兩千億元。根據(ju)重(zhong)組方案的整體計劃，中(zhong)(zhong)遠(yuan)(yuan)及中(zhong)(zhong)海所控股(gu)的上市(shi)公(gong)(gong)司(si)(si)(si)將在下周(zhou)陸續復(fu)牌。

此次資本(ben)重(zhong)組項(xiang)目(mu)的整體財務顧問——中金公(gong)司有關人士評價說，這次重(zhong)組范圍最終涉及4家上市(shi)公(gong)司共7支股票，包含70多項(xiang)資產交(jiao)易，其(qi)復雜程度居(ju)中國資本(ben)市(shi)場之首，也是國際資本(ben)市(shi)場極其(qi)罕見的復雜交(jiao)易。

為什么會如此復雜和高難度(du)？相關人士分析指出，這是由當前的(de)環(huan)境所決(jue)定的(de)。

首先是重(zhong)(zhong)組的(de)時(shi)(shi)(shi)機正處(chu)(chu)于全(quan)球航運業(ye)景(jing)氣度(du)較低(di)的(de)時(shi)(shi)(shi)期(qi)(qi)，集(ji)裝(zhuang)箱及(ji)干(gan)散貨均(jun)處(chu)(chu)于歷(li)史低(di)谷階段。在這種背景(jing)下(xia)重(zhong)(zhong)組，如何讓(rang)上市公司有好的(de)前途，給中小(xiao)(xiao)股東以信心(xin)，需(xu)要下(xia)大(da)(da)(da)決心(xin)和付出大(da)(da)(da)調整。其次，資(zi)本(ben)市場背景(jing)也令重(zhong)(zhong)組壓力巨大(da)(da)(da)。資(zi)本(ben)市場處(chu)(chu)于波動期(qi)(qi)，指數停牌時(shi)(shi)(shi)比現在高出400多點(dian)。如何重(zhong)(zhong)組后，能確(que)保中小(xiao)(xiao)股東利益(yi)，不會造成股價出現大(da)(da)(da)波動，是重(zhong)(zhong)組必須考(kao)慮的(de)問題。第(di)三(san)個(ge)原因是兩(liang)家集(ji)團本(ben)身業(ye)務(wu)(wu)量(liang)巨大(da)(da)(da)，業(ye)務(wu)(wu)涉(she)及(ji)的(de)鏈(lian)條(tiao)和環節眾多，互相交叉，重(zhong)(zhong)復(fu)多頭，互相制約。

對四(si)家上(shang)市公司有哪些動作？

相關人士認(ren)為，重組后中遠、中海將(jiang)形成集裝箱運(yun)輸、碼頭、油(you)氣(qi)運(yun)輸、航(hang)運(yun)金(jin)融四大(da)板塊。

中(zhong)(zhong)(zhong)(zhong)(zhong)國遠(yuan)(yuan)洋(yang)(yang)租入并經(jing)營中(zhong)(zhong)(zhong)(zhong)(zhong)海(hai)(hai)集(ji)(ji)(ji)運(yun)集(ji)(ji)(ji)裝箱(xiang)(xiang)船(chuan)(chuan)舶和(he)集(ji)(ji)(ji)裝箱(xiang)(xiang)，并收購中(zhong)(zhong)(zhong)(zhong)(zhong)海(hai)(hai)集(ji)(ji)(ji)運(yun)網絡資(zi)產(chan)、出售(shou)(shou)干(gan)散貨航(hang)運(yun)資(zi)產(chan)予中(zhong)(zhong)(zhong)(zhong)(zhong)遠(yuan)(yuan)集(ji)(ji)(ji)團(tuan)。中(zhong)(zhong)(zhong)(zhong)(zhong)遠(yuan)(yuan)太平(ping)洋(yang)(yang)收購中(zhong)(zhong)(zhong)(zhong)(zhong)海(hai)(hai)集(ji)(ji)(ji)團(tuan)和(he)中(zhong)(zhong)(zhong)(zhong)(zhong)海(hai)(hai)集(ji)(ji)(ji)運(yun)持有(you)的碼頭資(zi)產(chan)——中(zhong)(zhong)(zhong)(zhong)(zhong)海(hai)(hai)港口發(fa)展有(you)限(xian)公司(si)、將旗下(xia)的佛羅倫公司(si)出售(shou)(shou)予中(zhong)(zhong)(zhong)(zhong)(zhong)海(hai)(hai)集(ji)(ji)(ji)運(yun)。中(zhong)(zhong)(zhong)(zhong)(zhong)海(hai)(hai)集(ji)(ji)(ji)運(yun)將集(ji)(ji)(ji)裝箱(xiang)(xiang)船(chuan)(chuan)舶和(he)集(ji)(ji)(ji)裝箱(xiang)(xiang)租賃給中(zhong)(zhong)(zhong)(zhong)(zhong)遠(yuan)(yuan)集(ji)(ji)(ji)運(yun)、將集(ji)(ji)(ji)運(yun)配套業務股權(quan)出售(shou)(shou)給中(zhong)(zhong)(zhong)(zhong)(zhong)國遠(yuan)(yuan)洋(yang)(yang)及中(zhong)(zhong)(zhong)(zhong)(zhong)海(hai)(hai)集(ji)(ji)(ji)團(tuan)、同時收購中(zhong)(zhong)(zhong)(zhong)(zhong)遠(yuan)(yuan)和(he)中(zhong)(zhong)(zhong)(zhong)(zhong)海(hai)(hai)集(ji)(ji)(ji)團(tuan)租賃類、金融類資(zi)產(chan)/股權(quan)、出售(shou)(shou)所持中(zhong)(zhong)(zhong)(zhong)(zhong)海(hai)(hai)港口股權(quan)。中(zhong)(zhong)(zhong)(zhong)(zhong)海(hai)(hai)發(fa)展收購中(zhong)(zhong)(zhong)(zhong)(zhong)遠(yuan)(yuan)集(ji)(ji)(ji)團(tuan)持有(you)的大(da)連遠(yuan)(yuan)洋(yang)(yang)100%股權(quan)、向(xiang)中(zhong)(zhong)(zhong)(zhong)(zhong)遠(yuan)(yuan)集(ji)(ji)(ji)團(tuan)或其子公司(si)出售(shou)(shou)完(wan)成(cheng)內(nei)部散運(yun)整合后的中(zhong)(zhong)(zhong)(zhong)(zhong)海(hai)(hai)散運(yun)100%股權(quan)。

交易(yi)完成(cheng)(cheng)以后，中國(guo)遠(yuan)洋將成(cheng)(cheng)為專注于集裝(zhuang)箱航運(yun)(yun)服(fu)務的上(shang)市(shi)平(ping)(ping)臺(tai)；中遠(yuan)太(tai)平(ping)(ping)洋將成(cheng)(cheng)為專注于全(quan)球碼(ma)頭業(ye)務的上(shang)市(shi)平(ping)(ping)臺(tai)；中海集運(yun)(yun)將成(cheng)(cheng)為專業(ye)化的航運(yun)(yun)金融(rong)服(fu)務上(shang)市(shi)平(ping)(ping)臺(tai)；中海發展將成(cheng)(cheng)為專注于油品運(yun)(yun)輸(shu)業(ye)務、液化天(tian)然氣(qi)運(yun)(yun)輸(shu)業(ye)務的油氣(qi)運(yun)(yun)輸(shu)上(shang)市(shi)平(ping)(ping)臺(tai)。相關人士認(ren)為重組后，原有(you)兩大航運(yun)(yun)業(ye)巨頭的相關業(ye)務進(jin)行了深度融(rong)合調(diao)整(zheng)，無論(lun)是散貨、集裝(zhuang)箱、油輪(lun)，乃至金融(rong)平(ping)(ping)臺(tai)，業(ye)務結構(gou)條(tiao)縷清晰，把強勢項(xiang)目攥成(cheng)(cheng)了拳頭。

據透露，這次重(zhong)組(zu)方(fang)案尚需經過股東大會批準后，預計明年開始實(shi)施。

安信證券分析師姜(jiang)明認為陷(xian)入(ru)低谷(gu)的(de)全球航(hang)運(yun)業已(yi)進(jin)入(ru)“大航(hang)海(hai)時代下(xia)的(de)并(bing)購高(gao)峰期(qi)”，基于規模優(you)勢的(de)成本(ben)節約和(he)服務能力(li)提升是核心驅動(dong)力(li)，行(xing)業里達(da)飛并(bing)購海(hai)皇、馬士基對鐵行(xing)渣(zha)華(hua)、美(mei)國海(hai)陸的(de)并(bing)購、哈勞對智利(li)(li)南美(mei)輪船有(you)限公司的(de)并(bing)購、招(zhao)商與外(wai)運(yun)的(de)油運(yun)船隊整合，都正(zheng)在或已(yi)經(jing)進(jin)行(xing)。中遠(yuan)、中海(hai)本(ben)輪的(de)重組核心在于集運(yun)及相(xiang)關(guan)碼頭資(zi)產，其次為油輪和(he)散(san)貨，雙(shuang)方的(de)優(you)勢互(hu)補有(you)利(li)(li)于中長期(qi)提升企(qi)業的(de)競爭力(li)和(he)盈利(li)(li)水平。

招商基金(jin)研究(jiu)部(bu)副總監張西林(lin)認為，當(dang)前(qian)國(guo)(guo)(guo)(guo)家(jia)倡導深化國(guo)(guo)(guo)(guo)企改革，多家(jia)國(guo)(guo)(guo)(guo)企將各(ge)方的(de)優(you)質資(zi)(zi)產(chan)進(jin)行(xing)(xing)充分的(de)整合，有利于(yu)增強國(guo)(guo)(guo)(guo)企的(de)抗風險能力(li)。若將優(you)質的(de)金(jin)融資(zi)(zi)產(chan)與產(chan)業資(zi)(zi)本進(jin)行(xing)(xing)融合，依照國(guo)(guo)(guo)(guo)內外(wai)經驗，運行(xing)(xing)良好將能夠產(chan)生較強的(de)協同效應，促進(jin)各(ge)自(zi)發展。