【评论】Luminent宣布取消收购华工正源

an lang="EN-US">an">2006an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">年an>an lang="EN-US">an">5an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">月an>an lang="EN-US">an">23an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">日an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">，an>an lang="EN-US">an">MRV Communicationsan>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">（纳斯达克交易代码：an>an lang="EN-US">an">MRVCan>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">）旗下全资子公司an>an lang="EN-US">an"> Luminent Inc.an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">宣布同意收购和华工科技产业股份有限公司旗下子公司华工正源光子技术有限公司。根据协议，an>an lang="EN-US">an">Luminent an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">将以an>an lang="EN-US">an">4000an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">万美元现金外加an>an lang="EN-US">an"> Luminent an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">即将在这次收购结束时发行的普通股的an>an lang="EN-US">an">15%an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">这样的价格来收购华工正源。

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an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">一个多月过去了an>an lang="EN-US">an">……

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an lang="EN-US">an">2006an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">年an>an lang="EN-US">an">7an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">月an>an lang="EN-US">an">19an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">日an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">，an>an lang="EN-US">an">MRVan>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">子公司an>an lang="EN-US">an">Luminentan>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">公司今天宣布他们已经和华工科技正源光子取消原定的收购合作。根据《框架协议》关于解约条款之规定，an>an lang="EN-US">an">G an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">华工于an>an lang="EN-US">an">2006 an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">年an>an lang="EN-US">an">7 an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">月an>an lang="EN-US">an">1an>an lang="EN-US">an">9 an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">日与an>an lang="EN-US">an">MRVan>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">、an>an lang="EN-US">an">Luminent an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">及华工正源签署了一份终止函，同意协议终止《框架协议》，且任何一方均不就该种终止对任何其它方承担任何义务或责任。

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an lang="EN-US">an">5an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">月，an>an lang="EN-US">an">Gan>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">华工转让华工正源一事已经被国内外市场广泛关注。an>an lang="EN-US">an">7an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">月协议的终止，业界闹得沸沸扬扬的“an>an lang="EN-US" style="mso-bidi-font-size: 10.5pt">ank" href="http://www.gtja.com/gtja/information/stock/content.jsp?id=50000315831">an style="color: windowtext; text-decoration: none; text-underline: none">an">Gan>an lang="EN-US" style="color: windowtext; font-family: 宋体; text-decoration: none; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'; text-underline: none">an lang="EN-US">华工an>an>an style="color: windowtext; text-decoration: none; text-underline: none">an">(000988)an>an lang="EN-US" style="color: windowtext; font-family: 宋体; text-decoration: none; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'; text-underline: none">an lang="EN-US">有意将华工正源分拆上市an>an>an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'">”的预测也都泡汤。an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">　而an>an lang="EN-US">an">Gan>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">华工此前预计，这笔交易如果成交，将给公司带来约an>an lang="EN-US">an">1.43an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">亿元人民币转让收益an>an lang="EN-US">an">,an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">并直接影响公司an>an lang="EN-US">an">2006an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">年净利润。an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'">美好的预想终成幻影。而股票市场也马上有了反映，an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">收购协议终止当天，an>an lang="EN-US">an">Gan>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">华工股价下跌an>an lang="EN-US">an">3.85%an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">，以an>an lang="EN-US">an">5.75an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">元收盘。an>

an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">原因：an>an lang="EN-US">an"> an>

an lang="EN-US">an">Gan>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">华工：尽职调查过程中，对现有客户资源的界定存在分歧。an>an lang="EN-US">an">

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an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">据an>an lang="EN-US">an">Gan>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">华工公告称，在签署上述协议之前，由于an>an lang="EN-US">an">Luminentan>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">对该项交易比较积极，并未对华工正源进行前期的尽职调查。而在该协议签署后的尽职调查过程中，双方对华工正源现有的某些主要客户的界定存在分歧。如an>an lang="EN-US">an">Luminentan>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">不认同新增加尚处于小规模送样期间的客户；同时，按照美国惯例，主要客户会在年初下达全年订单，而华工正源国内客户大多在月初下达当月订单。因此an>an lang="EN-US">an">Luminentan>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">认为华工正源未来销售收入存在不确定性，双方最终未能达成一致。

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an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">国外报道称：an>an lang="EN-US">an">The termination is based on current market valuations of comparable companies and further due diligence.an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">主要原因为目前可比较公司市场价值的变化和尽职调查问题。

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an>an">(Due diligence：尽职调查an>an>an">: 交易完成之前对收购目标、公司供应商或其他潜在的业务伙伴的财务状况和经营状况所作的详细调查。也指承销新发行证券的券商或向投资者推销这些证券的经纪人对发行机构可信度的调查，发行机构、主承销商以及与发行机构有关的其他机构之间可能会因此召开一个尽职审查会议。)

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an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">也有论坛人事报料：“听内行人说，是价格问题导致失败，主要是an>an lang="EN-US">an">MRVan>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">公司砍价，结果华工不同意，说是一分也不能少，就这样结束了。”

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an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">不管谁说的有理，这一宗影响国内外的收购案就这样被吹了，总有些让人惋惜，在惋惜的同时更多的是思考。an>

an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">影响：an>an lang="EN-US">an"> an>

an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">转让协议已告终止，an>an lang="EN-US">an">G an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">华工表示，公司将继续积极发展光通信器件业务，同时承诺自公告之日起至少an>an lang="EN-US">an">6an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">个月内不出售所持华工正源的股权。

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an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">同时an>an lang="EN-US">an">G an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">华工特别提醒，公司曾预计该项交易获得的转让收益将约为an>an lang="EN-US">an">1.43 an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">亿元人民币，交易项下的转让收益可能使公司an>an lang="EN-US">an">2006 an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">年净利润较上一年度有显著增加。现在由于协议终止，公司将不能获得该转让收益。由于对该项交易的不确定性和风险性未能进行充分揭示，公司由此向广大投资者致歉。an>an lang="EN-US">an">

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an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">　an>an lang="EN-US">an style="mso-spacerun: yes">an">     an>an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">这次an>an lang="EN-US">an">G an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">华工宣布该项转让告吹，主要的影响将表现在收益方面。数据显示，截至an>an lang="EN-US">an">2006an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">年an>an lang="EN-US">an">3an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">月an>an lang="EN-US">an">31an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">日，an>an lang="EN-US">an">G an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">华工未经审计的净利润为an>an lang="EN-US">an">1018.86an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">万元。an>an lang="EN-US">an">G an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">华工an>an lang="EN-US">an">5an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">月份在披露该项转让时曾预计，该项交易项下的转让收益可能使公司an>an lang="EN-US">an">2006an>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">年净利润较上一年度有显著增加。公司预计将能从an>an lang="EN-US">an">luminentan>an style="font-family: 宋体; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">未来的上市中获得进一步的收益。an>

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