仙股上的“壳”博弈：比亚迪系二代要约收购通天酒业5632.02万股

蓝鲸财经09-08

蓝鲸新闻9月8日讯（记者朱欣悦）老牌葡萄酒企业中国通天酒业集团有限公司（以下简称：通天酒业，00389.HK）正卡在上市以来最敏感的一道关口。近日，通天酒业第三大股东王赫以每股0.20港元、收购5632.02万股的附带先决条件自愿现金部分要约，并于2026年9月初进入实质推进期。同时，这也把这家吉林通化起家的老牌葡萄酒企业，重新推到台前。比亚迪高管之子二度要约近日，一盈证券代表王赫向通天酒业发出...

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朱欣悦）老牌葡萄酒企业中国通天酒业集团有限公司（以下简称：通天酒业，00389.HK）正卡在上市以来最敏感的一道关口。近日，通天酒业第三大股东王赫以每股0.20港元、收购5632.02万股的附带先决条件自愿现金部分要约，并于2026年9月初进入实质推进期。同时，这也把这家吉林通化起家的老牌葡萄酒企业，重新推到台前。比亚迪高管之子二度要约近日，一盈证券代表王赫向通天酒业发出部分要约通知，拟以每股0.20港元现金收购 5632万股，占已发行股本约18.68%，最高耗资约1126.4万港元。要约前王赫及一致行动人合计持股约3383 万股，占比 11.22%，若足额接纳，持股比例将升至29.9%，成为第一大单一股东；要约明确不触发全面要约，亦不以取得控制权为目的。值得注意的是，据21世纪经济报道，王赫系比亚迪集团执行副总裁王念强之子，他通过伯翰投资（深圳）有限公司（2017年成立，其本人为控股股东、执行董事兼总经理）直接及间接投资超过10家高新技术企业，包括比亚迪半导体、合肥晶合集成（688249.SH）、豪鹏科技（001283.SZ）、信宇人（688573.SH）、安达科技（830809.BJ）等，覆盖半导体、新能源、新材料、医疗科技等领域。这位现年36岁的深圳投资人早在2024年便已开始布局通天酒业，其通过高裕证券提出首轮部分要约，以每股0.60港元收购3016万股，占 10%，总代价约1809.6万港元，当年8月完成，王赫系持股达10.00%跻身第三大股东。此后两年间持续增持至11.22%，直至此番 0.20港元/股的二轮要约将持股比例推至29.9%——从财务投资人到第一大单一股东，王赫对通天的定位已悄然生变。据当时的收购公告提到，王赫“相信通天酒业迟早能够实现更高的销售目标，进入国内白酒企业20强，并成为最有价值的白酒企业之一。”图壳不图酒？据了解，通天酒业由前董事会主席王光远2001年参与创立，主营葡萄酒业务，2009年登陆港交所。主打品牌为通天、通天红、轩妮雅和鸭绿江河谷等。上市十余年来，其营收长期徘徊在1-2亿元间，且多年亏损。通天酒业股价自2024年9月起停牌约18个月，2026年2月复牌后沦为仙股，现价不到0.4港元，市值较历史峰值缩水97%以上。据财报显示，今年上半年，通天酒业实现收益约7475.5万元人民币，同比增25.2%；毛利约1608.3万元，同比飙升115.8%，毛利率22%，上升10个百分点，改善主要来自销售增长及烈酒、日本酒毛利率提升；但受销售及分销开支、行政开支放大拖累，期内总亏损及全面开支约 480.1 万元，去年同期为全面收益46万元，其中公司拥有人应占亏损496.9万元，由去年同期微盈6.2万元转为亏损。驱动营收增长的并非传统主业。按产品类别来看，烈酒单品类贡献收入3480.3万元，占 46.6%，同比暴增 324.3%；日本酒收入 859 万元，占 11.5%，同比增长 347.9%；两者合计占总收入 58.5%，成为拉动增长的核心引擎。反观传统葡萄酒业务，甜葡萄酒收入仅305.2万元，同比下滑 40.8%；干葡萄酒收入 2780 万元，同比下降35.9%；甜干合计3080万元，占总收入四成出头。业绩之外，内部股东博弈同样白热化。2024年6月，创始人王光远因健康问题辞任董事长，同日执行董事王丽君获委任为主席；据21世纪经济报道，王丽君系王光远胞妹。同年7月，持股约13.27%的顺途发展书面要求召开股东特别大会，提议罢免张和彬、王俊尧、郑嘉福、杨强、张仕青5名董事并改派5名新董事，理由为“近期表现未如理想”及质疑董事会重启郑嘉福任职，罢免案以69.02%赞成票通过，王光远一方董事离任。但离场前，王光远被指将通天商贸、集安雅罗酒庄、通天绿色三家核心子公司股权私自转予第三方，致使上市公司业务进一步失血。据通天酒业披露，董事会拟向6名承配人配售6031万股新股，筹资不足900万港元用于偿债，该计划随后遭持股约13.27%的顺途发展及王赫方面分别提出法律挑战，并于2026年8月20日公告终止。与此同时，顺途发展提出的罢免现任董事议案定于2026年9月11日股东特别大会表决，系2024年9月首轮罢免后的又一轮罢免攻势；而王赫部分要约首个截止日为10月2日，两件事前后脚，控制权博弈进入高潮。一家基本面持续承压、常年亏损的仙股酒企，为何引来比亚迪系二代两轮要约？白酒分析师蔡学飞对蓝鲸新闻表示，0.20港元/股的二轮要约价对应通天酒业总市值不足1.2亿港元，近乎以买壳价拿筹码。王赫以29.9%持股成为通天第一大单一股东却不触发全面要约，得以在不取得控制权的前提下深度介入公司治理，白酒深度调整期，这个低价、干净、可控的港股酒业“壳”，可能比“酒”本身更值钱。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"shareholding,merge","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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