|
<span class="Apple-style-span" style="font-size: 14px; line-height: 18px; "><p>零售商<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>商业(3368.HK),正在加速从合作伙伴中收回合资公司的权益。今年5月份,<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>连续完成多单收购,完成对西安长安<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>、天津<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>所有股权的收购,同时还通过收购南宁<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>70%股权完成对其控股。 <br/> <br/> 此前,<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>就开始了对地方<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>商业的集权收购,2006年和2007年,<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>商业已经全资收购了北京<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>、昆明<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>、鞍山天兴<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>、绵阳富临<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>和西安时代<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>等多家门店。</p><p> <strong>收购加速集权</strong></p><p> 从<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>几次收购地方<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>情况来看,<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>均在收购地方<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>剩余股权后完成对其全资拥有。百货商业协会秘书长范艳茹认为,在国家政策放宽的宏观条件下,<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>商业实现内部的资产收购是合理的,这将有助于避免再开店的经营风险,<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>要在国内零售市场做大做强,收购和整合现有资源比收购其他同类企业风险较小,收益更快。</p><p> <a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>从1994年进入中国内地、在北京开设了首家门店之后,至今在中国内地26个主要城市拥有及管理着39家“<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>”品牌的百货店及两家“爱客家”品牌的超级购物中心,其中29家为公司对其业务经营拥有多数股权的自有百货店,余下12家为公司无任何股权但提供管理服务的管理百货店。此12家未被全资拥有的地方<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>,正是<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>在集权过程中率先要收购的对象。</p><p> 除了收购关联性股权,<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>也以有利的价格收购现有附属公司的少数股东权益及管理店铺的控股权,并物色符合需求的第三方收购。2007年3月,<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>商业以5.1亿元的价格从第三方手中收购了江西南昌的凯美百货并成功翻牌为<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>。此外,<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>分别在北京、西安、成都三地开设新店,总建筑面积超过6.5万平方米。根据<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>的计划,<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>2008年还将开设至少5家新店。</p><p> <strong>政策松绑</strong></p><p> 目前,外资零售企业已获准在中国境内所有省级城市合法开设店铺,并且没有地域、股权和数量等方面的限制。分析人士认为,<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; "><span class="Apple-style-span" style="font-weight: bold; ">百盛</span></font></a><span class="Apple-style-span" style="font-weight: bold; ">商业完成对上海、重庆、新疆、无锡、扬州、贵州等未完成全资拥有或控股的地方</span><a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; "><span class="Apple-style-span" style="font-weight: bold; ">百盛</span></font></a><span class="Apple-style-span" style="font-weight: bold; ">的收购,那只是时间问题</span>。<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>商业完成“****集权”将指日可待。</p><p> 联合证券行业分析师徐文武认为,<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>商业收购地方<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>,相比开设新店或收购其他零售企业,则来得更直接。此外<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>商业还可以在政策放开的情况下,通过收购地方<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>股权完成独资。</p><p> 海通证券研究员路颖表示,受惠于国家政策的放开,<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>商业通过收购走向独资,还可以借此转变中国百货“联营+佣金”的经营模式,实现买断和自有品牌的经营,提高利润率。</p><p> 但有人士认为,<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>通过收购地方<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>降低风险及成本的同时,也增加了一次性收购所带来的资金压力。2005年<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>香港上市融资约10.34亿港元,主要用途即是在两到三年内收购内地城市10到14家百货商店及开设新店。但从2006年收购北京<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>至今,<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>用以收购地方<a href="http://www.linkshop.com.cn/Club/list.aspx?classid=6&boardid=48" target="_blank" style="font-size: 12px; color: rgb(13, 103, 18); line-height: 140%; text-decoration: none; "><font class="doc" style="font-size: 14px; line-height: 135%; ">百盛</font></a>门店及江西凯美百货的支出金额已达27.87亿元。 <br/> (投资者报 记者 官营铜)</p></span> |
|