ST廈華（600870）日前公(gong)告，收到上海證券交易所“關(guan)于(yu)對廈門華僑電子股份有限公(gong)司(si)停牌相關(guan)事項的(de)問詢函(han)”。

該(gai)函(han)稱(cheng)，“今日(ri)(ri)(ri)，你(ni)公(gong)(gong)司(si)公(gong)(gong)告(gao)，擬(ni)(ni)終(zhong)(zhong)(zhong)止(zhi)非(fei)(fei)(fei)公(gong)(gong)開(kai)發(fa)行(xing)，并(bing)進入(ru)重(zhong)(zhong)(zhong)大(da)資(zi)產(chan)重(zhong)(zhong)(zhong)組(zu)(zu)停(ting)(ting)(ting)牌(pai)(pai)程(cheng)序。現請你(ni)公(gong)(gong)司(si)核實并(bing)披露以下事(shi)項：2015年(nian)1月(yue)(yue)(yue)6日(ri)(ri)(ri)，你(ni)公(gong)(gong)司(si)申請重(zhong)(zhong)(zhong)大(da)資(zi)產(chan)重(zhong)(zhong)(zhong)組(zu)(zu)停(ting)(ting)(ting)牌(pai)(pai)。停(ting)(ting)(ting)牌(pai)(pai)6個月(yue)(yue)(yue)后更換重(zhong)(zhong)(zhong)組(zu)(zu)標的，停(ting)(ting)(ting)牌(pai)(pai)8個月(yue)(yue)(yue)后，公(gong)(gong)司(si)于9月(yue)(yue)(yue)7日(ri)(ri)(ri)終(zhong)(zhong)(zhong)止(zhi)重(zhong)(zhong)(zhong)大(da)資(zi)產(chan)重(zhong)(zhong)(zhong)組(zu)(zu)。同時，公(gong)(gong)司(si)再行(xing)啟動非(fei)(fei)(fei)公(gong)(gong)開(kai)發(fa)行(xing)。12月(yue)(yue)(yue)28日(ri)(ri)(ri)，公(gong)(gong)司(si)股票因擬(ni)(ni)調(diao)整非(fei)(fei)(fei)公(gong)(gong)開(kai)發(fa)行(xing)方案停(ting)(ting)(ting)牌(pai)(pai)。2016年(nian)1月(yue)(yue)(yue)5日(ri)(ri)(ri)，公(gong)(gong)司(si)決定(ding)不調(diao)整非(fei)(fei)(fei)公(gong)(gong)開(kai)發(fa)行(xing)方案。3月(yue)(yue)(yue)7日(ri)(ri)(ri)，公(gong)(gong)司(si)股票再次因擬(ni)(ni)調(diao)整非(fei)(fei)(fei)公(gong)(gong)開(kai)發(fa)行(xing)方案停(ting)(ting)(ting)牌(pai)(pai)。3月(yue)(yue)(yue)11日(ri)(ri)(ri)，公(gong)(gong)司(si)擬(ni)(ni)終(zhong)(zhong)(zhong)止(zhi)非(fei)(fei)(fei)公(gong)(gong)開(kai)發(fa)行(xing)，并(bing)公(gong)(gong)告(gao)進入(ru)重(zhong)(zhong)(zhong)大(da)資(zi)產(chan)重(zhong)(zhong)(zhong)組(zu)(zu)停(ting)(ting)(ting)牌(pai)(pai)程(cheng)序。”

看來對ST廈華來說，到底是要重組還(huan)是要定增，確(que)實(shi)是個(ge)問題(ti)。不過，如此(ci)隨意的(de)“停復(fu)牌”終究還(huan)是引(yin)起了監管部門的(de)關(guan)注(zhu)。

回顧ST廈(sha)(sha)華近年來的重(zhong)(zhong)組(zu)(zu)，可謂讓人眼花繚亂。早年，一度(du)傳出宏東遠洋有意借殼上市；2015年1月(yue)，ST廈(sha)(sha)華開(kai)始與上海九城前子(zi)公司(si)(si)火瀑云(yun)洽談重(zhong)(zhong)組(zu)(zu)；2015年7月(yue)，公司(si)(si)轉(zhuan)而與杭州愛財網絡科技(ji)有限公司(si)(si)商談重(zhong)(zhong)大資(zi)產重(zhong)(zhong)組(zu)(zu)；2015年9月(yue)，ST廈(sha)(sha)華終止與愛財網絡的重(zhong)(zhong)組(zu)(zu)，轉(zhuan)而籌劃以(yi)定增方式收購北京蘋果信息咨詢有限公司(si)(si)股權(quan)并對(dui)其(qi)進行增資(zi)。不過，該預案一披露就(jiu)遭遇(yu)投資(zi)者廣泛質疑。

此后(hou)，就是上交所關(guan)注函中(zhong)指出的，“12月28日(ri)，公(gong)司股(gu)票因擬調整(zheng)非(fei)公(gong)開(kai)發(fa)行(xing)方(fang)案停(ting)牌(pai)。2016年(nian)1月5日(ri)，公(gong)司決定不調整(zheng)非(fei)公(gong)開(kai)發(fa)行(xing)方(fang)案。3月7日(ri)，公(gong)司股(gu)票再次因擬調整(zheng)非(fei)公(gong)開(kai)發(fa)行(xing)方(fang)案停(ting)牌(pai)。”

投資(zi)(zi)者沒想到(dao)的是，3月11日，ST廈(sha)華(hua)的最終(zhong)決定(ding)(ding)并(bing)非調(diao)整定(ding)(ding)增方(fang)案，而(er)(er)是決定(ding)(ding)終(zhong)止該(gai)定(ding)(ding)增，并(bing)轉(zhuan)而(er)(er)進入重大(da)資(zi)(zi)產重組停牌(pai)程序。

該意圖引來上(shang)交所關(guan)注。上(shang)交所指出，“上(shang)市(shi)公(gong)司(si)重(zhong)(zhong)大資(zi)(zi)產(chan)重(zhong)(zhong)組(zu)(zu)(zu)和(he)(he)非(fei)(fei)公(gong)開發(fa)行(xing)事(shi)(shi)項對(dui)公(gong)司(si)和(he)(he)投資(zi)(zi)者(zhe)影響重(zhong)(zhong)大，公(gong)司(si)董事(shi)(shi)會應當勤勉(mian)盡責，審慎決定(ding)。公(gong)司(si)近一年(nian)來先后終(zhong)止(zhi)重(zhong)(zhong)大資(zi)(zi)產(chan)重(zhong)(zhong)組(zu)(zu)(zu)和(he)(he)非(fei)(fei)公(gong)開發(fa)行(xing)，公(gong)司(si)股(gu)票長期停(ting)牌(pai)。請公(gong)司(si)董事(shi)(shi)會核(he)實(shi)重(zhong)(zhong)大資(zi)(zi)產(chan)重(zhong)(zhong)組(zu)(zu)(zu)和(he)(he)非(fei)(fei)公(gong)開發(fa)行(xing)啟動、調整和(he)(he)終(zhong)止(zhi)等事(shi)(shi)項的具體(ti)過程和(he)(he)主要原因(yin)，并提供董事(shi)(shi)會勤勉(mian)盡責的事(shi)(shi)實(shi)依據，并請重(zhong)(zhong)大資(zi)(zi)產(chan)重(zhong)(zhong)組(zu)(zu)(zu)和(he)(he)非(fei)(fei)公(gong)開發(fa)行(xing)的相關(guan)中介機構發(fa)表專業意見(jian)。”

上交所還表示，對于公(gong)司涉嫌籌劃(hua)重大資產重組和非公(gong)開發(fa)行不勤勉盡責、停牌辦(ban)理(li)不審慎等行為，將啟動(dong)紀律處(chu)分程序，予以嚴(yan)肅處(chu)理(li)。上交所要求公(gong)司于2016年(nian)3月15日之前落實上述事項，并履行信息披露義務(wu)。