Mmarakeng oa lichelete, lik'hamphani tse thathamisitsoeng li na le tšepo ea ho hlahisa phello ea 1 + 1> 2 ka ho fumana thepa ea boleng bo phahameng.

Haufinyane tjena, moetapele oa indasteri ea tlhahiso ea makotikoti a aluminium o entse mohato o moholo oa ho ithaopela ho reka taolo ea liphutheloana ea COFCO ea li-yuan tse ka bang limilione tse likete tse 5.5. Tabeng ea China Baowu, k'hamphani ea motsoali ea Baosteel Packaging, mohlolisani, mahlakore ka bobeli a ile a etsa moferefere. Ke mang ea ka etsang betere? Liphetho ha li e-so tsejoe.

Phatlalatsong ea liphetho tsa selemo sa 2023, org e ile ea araba batseteli ka melemo ea kopo, ea re, "Khamphani e na le boiphihlelo bo bongata lefapheng la ho kopanya liphutheloana tsa tšepe le kopanyo ea ho reka, ho tloha ha e e-ba setho sa CoFCO Packaging, mahlakore ana a mabeli a ntse a ts'oara. tšebelisano e ntle ea khoebo. ”

Ke habohlokoa ho hlokomela hore ka mor'a ntoa ea ho nka thepa ea org, ho sa tsotellehe hore na ho na le ts'ehetso ea lichelete le hore na ho na le bokhoni bo phahameng ba ho lefa likoloto le tsona li amehile ka lefatše le ka ntle.

Ho tloha qetellong ea khoebo ka la 11 Phuptjane, theko ea kabelo ea Aoruijin e ne e le li-yuan tse 4,5, 'me kakaretso ea 'maraka e ne e le li-yuan tse limilione tse likete tse 11.58.

Ke hobane'ng ha ntoa ea ho inkela thepa?

Khoebo ea rona ea mantlha ke ho fana ka litharollo tse felletseng tsa ho paka bakeng sa mefuta eohle ea bareki ba FMCG. Ho elella bofelong ba selemo sa 2023, lihlahisoa le lits'ebeletso tse pakang tšepe li ile tsa nka karolo ea 86.97% ea lekeno la k'hamphani.

Bakeng sa ho kopanya khoebo ea mantlha, ho holisa bareki ba maqheka, joalo-joalo, ka la 7 Phuptjane selemong sena, Ao Ruijin o ile a fana ka leano le leholo la ho reka thepa, k'hamphani e ikemiselitse ho fana ka likarolo ka theko ea theko ea lidolara tse 7.21 Hong Kong, ho bohle ba nang le kabelo CoFCO. phuthela ka boithaopo dipehelo tse akaretsang tlhahiso.

Ts'ebetso e fihlile ho liranta tse limilione tse likete tse 6.06 tsa Hong Kong (hoo e ka bang li-yuan tse limilione tse likete tse 5.57 ka sekhahla sa morao-rao sa phapanyetsano). Haeba khoebo e phethiloe ka katleho, Oregin e tla nka taolo ea liphutheloana tsa CofCO.

Ho utloisisoa hore transaction e kaholimo ke tlhahiso ea thekiso ea 'maraka, ho na le bafani ba hlolisanang. Ka la 6 Tšitoe 2023, China Baowu, k'hamphani ea motsoali ea Baosteel Packaging, e phatlalalitse tlhahiso e felletseng ea ho reka CoFCO Packaging ka matsete a macha a Machaba a Kopaneng. Jwale, ke diphiri tse pedi tse lelekisang sengoathoana sa nama.
Hobaneng ha sephutheloana sa COFCO se batloa hakaale? Lebaka le ka sehloohong ke hore mang kapa mang ea hapang taolo o tla ba le monyetla oa ho arolelana 'maraka ka lehlakoreng le leng.

Ho latela lintlha tse senotsoeng ke Prospective Industry Research Institute, 'marakeng oa litanka tse nang le likarolo tse peli, karolo ea mmaraka ea liphutheloana tsa ORG Baosteel, CoFCO packaging le Sheng Xing Holding ke 20%, 18%, 17% le 12% ka ho latellana. Sehlopha se seng sa data se bonts'a hore sekhahla sa lekeno la org , CoFCO Packaging le Baosteel packaging ka 2023 ke li-yuan tse libilione tse 13.84, li-yuan tse libilione tse 10.27 le li-yuan tse libilione tse 7.76 ka ho latellana.

Bahlahlobisisi ba China Galaxy Securities ba boletse tlalehong ea lipatlisiso hore haeba org e atlehile ho fumana thepa, karolo ea 'maraka ea makotikoti a mabeli e lebelletsoe ho ba haufi le 40%,' me karolo ea mmaraka ea makotikoti a mararo e lebelletsoe ho ntlafatsoa haholo, le sekala. phello ea k'hamphani e tla matlafatsoa le ho feta.

Hajoale, karo-karolelano ea kabelo ea beng ba liphutheloana ba COFCO e batla e qhalakantsoe, 'me ha ho na molaoli oa 'nete. E le ho boloka melemo ea karolo ea 'maraka le ho qoba ho haptjoa ke bahlolisani, org e ile ea khetha ho loana le ho tsitlella ho reka bakeng sa taolo ea liphutheloana tsa CoFCO.

Ka mor'a moo, u se ke ua thibela "ntoa ea ho nka" e matlafetse.

Lintlha tsa kotsi ka mor'a ho fumana

Phatlalatsong, org e ile ea lemosa ka "kotsi ea ho felisoa ka lebaka la ho hlōleha ho fumana tumello", "kotsi ea tlhōlisano", "kotsi ea ho eketseha ha likoloto tsa lik'hamphani tse thathamisitsoeng" joalo-joalo.

Har'a bona, lefats'e le kantle le amehile haholo ka "matlotlo a lichelete" le "solvency" ea Org.

Qetellong ea kotara ea pele ea selemo sena, lichelete tsa lichelete tsa Org e ne e le li-yuan tse limilione tse likete tse 1.427. Sekoahelo sa khoebo se ka bang li-yuan tse limilione tse likete tse 5,57, ho ka bonoa hore chelete eo Orj e lokelang ho e phahamisa ha e nyane.

Org e khethile ho fumana chelete mme e ikemiselitse ho lefa theko ea transaction ka lichelete tsa eona le lichelete tse iketselitseng tsona (ho kenyeletsoa le ho etsa kopo ea likalimo libankeng).

Ho latela pono ea karo-karolelano ea mekoloto ea thepa, ho tloha ka 2021 ho isa ho 2023, karo-karolelano ea boikarabello ba thepa e ne e le 53.47%, 50.47 le 45.66%, ka ho latellana, e theohileng ka liperesente tse 7.81 lilemong tse tharo tse fetileng. Karolong ea pele ea 2024, karo-karolelano ea likoloto e ne e le 44.48%, e theohile ka liperesente tse 4.34 selemo le selemo.
Ho ea ka pono ea matšoao a puseletso ea mekoloto ea nako e khuts'oane, ho tloha 2021 ho isa 2023, karolelano ea hajoale ea Oregold ke 1.069, 1.160 le 1.109, 'me karo-karolelano e potlakileng ke 0.740, 0.839 le 0.835, ka ho latellana, ho bonts'a mokhoa o ntseng o phahama oa pele. . Karolong ea pele ea 2024, karolelano ea hajoale ea org le karo-karolelano e potlakileng e ne e le 1.137 le 0.896, 'me boleng kotareng ea pele ea 2023 e ne e le 1.227 le 0.876, ka ho latellana.

Boitsebiso ba sechaba bo bontša hore karo-karolelano ea hona joale hangata e nkoa e le 2: 1, 'me karolelano e potlakileng hangata e nkoa e le 1: 1.

Ho feta moo, qetellong ea kotara ea pele ea selemo sena, kakaretso ea likalimo tsa nako e khuts'oane + tseo e seng tsa hona joale tse lokelang ho etsoa nakong ea selemo se le seng sa org e ne e le li-yuan tse limilione tse likete tse 3.087, hoo e ka bang li-yuan tse limilione tse likete tse 1.66 ho feta lichelete tsa lichelete.

Nakong e fetileng, org e ile ea lemosa ka kotsi ea hore "mokhoa oa ho iphelisa oa k'hamphani oa ho bokella chelete ea transaction o tla eketsa litšenyehelo tsa lichelete, 'me tekanyo ea likoloto ea k'hamphani le tekanyo ea boikarabelo ba thepa e tla eketseha." Haeba khoebo e sa khone ho fihlela likamano le ho ntlafatsa sebopeho sa chelete nakong e haufi, ho na le kotsi ea hore khaello ea nako e khuts'oane ea ho lefa le bokhoni ba ho fumana mekoloto bo tla ameha hampe.

Re tla tsoelapele ho shebella hore na transaction ena ea org e ka kengoa tšebetsong ka katleho.

Erjin PackagingE 'nile ea boloka tšebelisano-'moho le lifeme tse tharo tse kholo tsa tšepe tsa China ka lilemo tse 15, ho fa bareki ho pota lefatše ka lisebelisoa tsa tšepe tsa ho paka le lits'ebeletso tsa tlhahiso, mekhoa e fapaneng ea khatiso, le litšebeletso tsa sampole tsa tšehetso.