欢乐彩

各方较量,谁是赢家?国泰航空的资本重组计划的观察与思考

 2019-06-14 来源:欢乐彩_欢乐彩票-老品牌最信誉 民航资源网 作者: 熊维  [投稿排行榜]
2019-06-14 10:03:17

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    欢乐彩  minhangziyuanwang2020nian6yue14rixiaoxi: 2020nian6yue9ri,fabugonggao,xuanbule390yigangyuandezibenzhongzujianyi。zhici,jingguolezhangdasangeyuedeyanjiuyucuoshang,zhenduiguotaihangkongde“yiqingyuanzhu”jihuazuizhongchutai(houxuhaijiangyouyixiliedegudonghuitoupiaoquerenliucheng)。

    欢乐彩  jintianjiulaijieduxiazheicigangfuweiguotaidingzhidejiuzhufanganyounaxieliangdian,yeliaoliaozijiduiguotaihangkongweilaifazhandekanfa。

      1. 疫情对国泰航空的冲击与影响

      youyuguotaihangkongquanguojihangxiandexingzhi,zaizheichangquanqiuyiqinghegeguodexianzhirenyuanliudongcuoshixia,suozaochengdeyingxiangjiaoqitahangsigengweiyanzhong。

    欢乐彩  genjuqigongbudeshuju,jinnianqian4geyue,guotaidezaikerenshujiaoquniantongqixiajiangle64.4%,yunlixiajiangle49.9%,muqiande6yuefen,zongyunliyejinyouquniantongqide5%。

    欢乐彩  ▲ jinnianqian4geyue,daluyijidongbeiyahangxianchengweiguotaishouyingxiangzuiweiyanzhongdequyu。dansuizheoumeiyiqingdefazhan,qitadiqudeyingxiangqishizai4yueyihoudouzhujianxianxianbingqutong。

    欢乐彩  ▲ guotaihangkongzi19nian7yueqichixuzaodaoxianggangshehuishijianyijiyiqingdeshuangzhongdaji

      weileyingduiyiqing,guotaizaizheijigeyueyijingshishileyixiliedediaozhengcuoshi。baokuoguanlicengjianxin,yugonghuidachengyuangongziyuanwuxinjiajihua,tuichixinjijiaofuyijifeijitiqiantuiyidengfangshilaijiangdiqiyedeyunyingchengben。

      即使在这些措施之下,国泰目前的客运收入也仅为去年同期的1%。国泰在公告中更是直言“意味着国泰自2020年2月以来每月亏损现金25-30亿港元。”

      ▲ jinnianyilai,guotaidegujiayeshiyiluxiaxing

    欢乐彩  mianduiqiansuoweiyoudexianjinxiaohaochengdu,weiquebaoguotaibuzaizheichangyiqingzhongbeijidao,cushiqibudebuzuochuxunqiu“shuxue”deanpai。

      2. 资本重组方案

    欢乐彩  zheiciguotaijiangcaiyongzhengfurugu、guodudaikuanyijixianyougudongrengusanzhongfangshimuzi。qizhong,qianliangzhongtujingjiangtongguogangfutebiechenglideaviation 2020 limitedmingyichuzi。

    欢乐彩  weilai,gangfujiangchiyouguotai6.08%degufen。zheiyeshiyoushiyilaigangfudiyiciyirugufangshi,zhijietouziyijiasirengongsi。

      • 港府认购优先股: 优先股价格每股100港元,总认购金额195亿港元,港府还可根据需要再行使19.5亿港元的认股权证。

      • 过渡贷款: 金额78亿港元

      • 现有股东供股: 以认购价4.68港元,按每11股获发7股的方式向现有股东筹集117亿港元。该价格较国泰目前的市价8.81港元折价46.9%。

    欢乐彩  congguotaideyishangmuzitujingkekanchu,yuyiqingxiaqitaguojiapubiancaiquzhengfutigongyingjidaikuanmoshibutong,zheiciguotaideshuxuefanganshijibingbuwanquanyougangfuchuzi,ershicaiyongleduoguanqixiadefangshi。

      gangfucongtudishouyijijinzhongnuochu292yitourubencirongzi,zhanju2/3debili,danzuoweisandagudongdetaigu、、kataerhangkongyejiangnachuchaoguobaiyigangyuandezhenjinbaiyinlai“zhengjiu”guotai。bufenmeitisuoxuanchuandegangfuwanquanyuanzhudeshuofaqishibingbuzhunque。

      youqishiliangweitongweihangsi,yetongyangjinglizheyiqingkaoyandeguohanghekahangnengzaicikeqiandingbukechexiaochengnuo,yutaiguyijigangfudachengfangangongshi,queshishishubuyi。zheiyangdejucuojifangzhileyuanyouguquandexishi,yezhangxianchugedagudongduiguotaiweilaidejiandingzhichi。

    欢乐彩  anzhaomeiyue30yigangyuandexiaohaojisuan,zheici390yigangyuandemuzizhishaoweichiguotaipingwenduguo2020nianzheiduanzuiweijideshijian。congzongmuzideguimolaikan,guotaidezongmuzijine(50yimeiyuan)haishiyaoshaoyuxinjiapohangkongzaijinnian3yuecongzhengfudedaodejinjiyuanzhu(yue130yimeiyuan)。

      3. 寻求港府是欢乐彩的唯一选择

      zaijieshounanhuazaobaocaifangshi,guotaihangkongdezhuxipatrick healyfeichangzhibaidibiaodalezheicirongzizhongzudecankuxianshi,“xianshishimuqiandezhongzufanganshiguotaisuonengzuochudeweiyixuanze。ruguomeiyouzheigefangan,guotaizhongjiangmianduiqiyedepochan。”

    欢乐彩  muqian,mianduihangkongyedexiaotiao,congfengxiankongzhijiaodu,shangyeshichangbingmeiyouduoshaorenzhenzhengduihangkongyeganxingqu,xiangxiangzhiqianbafeiteduimeiguohangsidequanshenertui,jiubunanlijiehangkongyemuqianzairongzishichangdejiongjing。

      来源:欢乐彩_欢乐彩票-老品牌最信誉

      danzuoweiguotailaishuo,suomianlindefengxianquebiqitadiqugengweifuza。jinrongjigouzaipinggudaikuanfengxianshi,bujinyaokaolvyiqingdeyingxiang,gengyaoyumuqianxianggangsuomianlindeshehuidongdangxianglianxi。quniandifashengzaixianggangjichangdesaoluanyijizhongguoyinhangkonganquanyuetantaigujituanfuzerenjiushiyixiangbudebuguanzhudejingbao。

      zaiqunianguotaishijianhou,guanlicengjinxingledahuanxue,sanmingzhongyaodeguotaiyuanlaojinxinglediaozheng。jishizaizheiyangdecuoshixia,guotaidagudong“taigujituan”deyingzibeijingsihushizhongshiguotaizaixianggangfazhande“yuanzui”。

      junanhuazaobaoxiaoxibiaoshi,guotaikonggugudongmingandezhengzhiyinsuyeshiyingxiangsirenjinrongjigoujujueduiguotaizuochuzijinyuanzhudeyidayuanyin。

      4. 太古集团或许是本次重组中最大赢家

      suiranshiguotaiwunaidexuanzelegangfuchushouxiangzhu,dancongjieguokan,zheicidezibenzhongzujibenweichileguotaiyuanyoudeguquanjiegou,chulegangfuanpailiangmingguanchayuanjinrugongsiwai,duiqiyedejingyingguanlibingbuhuidailaitaiduoyingxianghebiandong。

    欢乐彩  meiyoubianhuajiushizuihaodebianhua,zheigejieguowuyishikonggugudongtaigujituanzuileyikandaode。

      ▲ 虽然引进了港府作为新的股东,原有太古、国航以及卡航在国泰的股份仍维持着与之前相一致的相对水平。来源:欢乐彩_欢乐彩票-老品牌最信誉

      gangfuzaizheicideyuanzhuzhong,suiranjiangchiyouguotai6.08%deguquan,danconggezhonganpaishangkeyikanchu,jinzaochoushentuoliguotaiqueshigangfumingquedemubiao。guotaixianggangfudingxiangfaxingdeyouxianguguxicongqiansanniande3%yiluzengzhangzhidiwuniande9%。chiyoushijianyuezhang,guotaijiangmianlingengweichenzhongdecaiwuyali。

    欢乐彩  zhengquzai3nianneishuhui,zhengfutuichu,yinggaishigefangsuoxiwangkandaodejieguo。gangfudejinjiguodudaikuanqixiangengshizhiyou18geyuedeshijian。gangfuwuyizhangqichiyouguotai。zaiweijijiechuhou,aviation 2020deshimingjiujiangzhongjie,qisuochiyoudeyouxiangudagailvjianghuibeifaxingrenguotaihuigoubingyuyizhuxiao。

      zaigangfujinruhetuichuguotaidelianggejiedian,taigubixudouyaochengnuozuoweikonggugudongdediwei。zaizheiyangdeanpaixia,guotaijibenweichizhexianyoudeguquanheguanlijiegou。

      yuguquanjiegoujiaoweijiandandexinjiapohangkongzaozaozaijinnian3yuejiusuodingzhengfu“shuxue”butong,guotaidezheicizibenzhongzuqueshishi“shanshanlaichi”,qijiansuomianlindegefangzibenboyiyinggaiyeshixiangdangbozhe。zhiqian,yizhiyouchuanwen,zuoweiergudongdeguohangjianghuiliyongzheicijihuitigaozaiguotaidegubi,xiangtaiguzhengduogengduodehuayuquan。jieguoyinzhenglezheizhongcaicebingmeiyouchengweixianshi。

      gangfudechuxianhezhuzi,qiaomiaodebaochilemuqian“weichixianzhuang”dejumian。huanlecairenweiyeshidangxiazuiweiheshidexuanze。

    欢乐彩  bencidefangandeyitongguo,zhishaoguohangkendingshibixumoxu,erqiehaichengnuoleyidingdezhuziyiwu。zheigejudongkenengbunengjincongguohangdeshangyejiaodulaijiedu,zhishaokeyijieduchu,zheigefangankendingshidedaozhongyangcengmianderenke。

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      kaolvdaomuqiandeshehuijushi,congdajuchufa,kenengguohangzijizaoyimeiyouledangnianzaixianggangkaijiangtuotudexingqu。

      dangnianguotaixiangguohangshenchuganlanzhishi,suiranpoyoudiantouchengzhiyi,dantaiguyeduizijidekongzhiquanyanjiafangfan。gefanggengshizairuguzhishichengnuo,guohangjiqiyizhixingdongren(dangnianshizhongxinjituan)budetongguozengjiagubidefangshishitaigushiquguotaikongzhiquan。dangniandezheigechengnuo,huanlecaixiangxianzaiyinggaiyeshirengranyouxiaode。

      zaiyigewending、keyuqidezhuangtaixiagongkeshijian,zheicidefanganyeweiguotaideguanlicengkeyianxinmoufazhan,bubiweiqitadeyinsusuoganrao。guquanjiegoushangweichigefangdepingheng,queshishidangxiaguotaizuijiadelujingxuanze。

      5. 为何港府要出手救国泰?

      anxianggangcaizhengsisizhangchenmaobodehualaishuo,“baohuxianggangdehangkongshuniuhenzhongyao,ruguoguotaizuobuxiaqu,hangquanhuichuxianwenti,yinweibendiqitahangkonggongsiguimojiaoxiao,wufaqudeduiwaihangquan,ruguorangdaluhuohaiwaihangkonggongsiqude,zheiduixianggangbuhao。”

    欢乐彩  gangfuchushoukeyicongguotaizhiyuxiangganghangkongyedediweiyijihangkongyeduiyuxianggangjingjidezuoyonglianggeweidulaifenxi。

      国泰航空作为香港航空业当之无愧的老大

    欢乐彩  youliangweilaizimeiguoheaozhoujishichuangliyu1945niandeguotaihangkong,keyishuoyilujianzhenglexianggangdetengfeiyufazhan。muqian,guotaiyongyou238jiaguimodejidui,jin50%dexianggangjichangshike,4jiajuyouxianggangminhangyunshuzizhideshiti,2019niangengshiyunshulechaoguo3500wandechengke。

    欢乐彩  zuoweiquanqiudi8daguojilvkechengyunrenyijidiwudahangkonghuoyungongsi,guotaizaixiangganghangkongyedediweiqueshinanyihandong。suiranyechixuyouganglong、xiangganghangkongzheiyangdetiaozhanzhexiwangfendeyibeigeng,danquedoumeinenghandongguotaidediwei。

      gengweizhongyaodeshi,genjuxianggangyugediqudehangquananpai,guotaigengshizuoweixianggangbendihangsichengdanzheshushitiaodufeihangxiandehangquananpai。yidanguotaipochan,xianggangbingmeiyourenhebendishitinenggoutianbusuoliuxiadehangquankongbai。hangkongyedexitongxingfengxian,zheishigangfusuobudebumianduidexianshi。

      航空业是香港经济活力的基石

      dangnian,zhongyingshuangfangzai《lianheshengming》fujianyidi9tiaozhongjiuyouduixiangganghangkongyedediweizuochuchengnuo。“xianggangtebiexingzhengqujiangbaochixianggangzuoweiguojihequyuhangkongzhongxindediwei。zaixianggangzhucebingyixianggangweizhuyaoyingyedidehangkonggongsiheyuminyonghangkongyouguandexingyekejixujingying。”

      suiranrujinzheiyichengweiyifen“lishixingwenjian”,danhangkongyequeshizaihuiguihourengranweixianggangdejinronghemaoyitigongyuanyuanbuduandehuoli。

    欢乐彩  xianggangzuoweiyudaluqubieduidaide“xingzhengqu”,tongshihaixiangyouyugeguodanduqiandingminyonghangkongyunshuhangquananpaidequanli。zheixieziyuanqishishiguoneiqitachengshisuobujubeide。

      ▲ 国泰占据了香港机场55.3%的旅客吞吐量,航空业更是与旅游业一起撑起了10%的香港GDP,创造近33万个本地就业岗位。来源:欢乐彩_欢乐彩票-老品牌最信誉

    欢乐彩  weilai,suizhexianggangjichangdisanpaodaodeluocheng,xiangganghangkongyedeqianlihaijiangdedaojinyibushifang。suiranjinnianlaizaodaozhusanjiaoshenzhenyijiguangzhoujichangzaiguojihangxiandezhengmianjingzheng,danzuoweiquanqiuhangkongkeyunxuqiuzuidadezhusanjiaoshichanglaishuo,zheiyangdejingjitilianghefazhanqianlizuyirongnaxiashujiaguojijidehangsi。erqie,zheizhongduoyuandeliangxinjingzhengguanxiyeshizhangsanjiaoyijijingjinjisuobujubeide。

      6. 救国泰不救香港航空,港府是否偏心?

      henduorennajinrigangfuduiguotaidechushouxiangzhuyuqunianchadianquxiaoxiangganghangkongdezhizhaoshijianxiangbi,shitushuominggangfuzaiduidaibentuhangsidaizhemingxiandeyouseyanjing,qubieduidai。

      danlejiexiangganghangkongkunjingdepengyoumenbunanfaxian,liangjiahangsizaiyiqingqiandecaiwuzhuangkuangheweilaideyinglinengliqueshiyouzhejidadequbie。jishishizhengfujijin,bijingdoushinashuirendeqian,touzihuibaolvhezijinfengxianyeshiyaojinshenkaolvdeyinsu。

    欢乐彩  zaizheicideguotaijiuzhujihuazhong,zhengfujingguopinggu,yucenianhuibaoshouyiyuewei4.5%-7%deshuiping。guotaizaiyiqingqianyebaochizheyinglidecaiwuzhuangkuang。zaijiashangqisuoyongyoudehangxianziyuan,yidanyiqinghuanjie,congzhangyuankan,zhengfudezheixiangtouzibiancheng“daihuaizhang”defengxianyaodihenduo。

    欢乐彩  erxiangganghangkongdezhuangkuang,jishimeiyouyiqingdeyingxiang,yeyizhizaishengsixianshangkukuzhengzha。jiuzaijinnianyiqingbaofaqian,xiangganghangkonghaishejiliangqiguanyuzhaiwutuoqiandeanjianzhengzaixianggangfayuanshenlizhong。huanjuhuashuo,cikejishizhengfuyinyiqingchushouxiangzhu,xiangganghangkongsuohuodezijingengjixudemudeshiyongyumibuzhiqianjingyingbushansuodaozhideqiankuan。

      zaichushouyijixiangjitingfeibeimeizhoujihangxianhou,xiangganghangkongmuqiandeshichangfeneyeshijinfeixibi。xiangganghangkongwentidegenyuanhaishichuzaizishen,erfeiyiqing。

      xiangganghangkongdechujingqishigenweizhenaozhouyeyoujifenleisi,tongyangshizuoweidiqudedierdahangsi,tongyangyeshiyiqingqianjiuxianrucaiwujiongjing,zaizhiqiandetuiwenzhongjiuyouzhuanmenfenxiguoaodaliyazhengfuheyulunduizhengfuzhengjiuweizhenaozhoudetaidu。aozhouzhengfuzuihouyebingmeiyouduiweizhenaozhou“shuxue”,yezhengshijiyuqizishenjingyingshibaidekaolv。

      ▲ zhengfubuyingzhengjiuneixieguanlibushandegongsi

      gangfuhuademeiyifenqianqishidoukenengbeilifayuanyiyuansuozhixun。duonianhou,yidanyuanzhuzijinhuishoukunnanshi,yunshubuzhangyouruhexianggongzhonghuiying?gangfudechushouyuxuanze,shizhonghaishixuyaoweiraogonggongliyizheigehexin。zhiyuyuanzhuduixiangxing“jiang”haishixing“wang”,kenengzaixianzaizheigeshihoubingmeiyouneimezhongyaole。

      conghangkongyedezhengtikan,zaozaijinnian3yueyiqingdechuqi,gangfujiuzhenduisuoyoubentuhangsijianmianlexianggangjichangdeshoufei,yesuanshiduiquanxingyedeyicigongpingduidaile。

    欢乐彩  zhiyuyoushengyinbiaoshigangfucijushipiantanguotai“yingguo”xuemaidesixin,huanlecaizhixiangshuo,ruguozixikanguomuqianxianggangdejushiheguanyuanbiaotai,bunanfaxian,tequzhengfugenyingguohuaqingjiexianhailaibuji,genghelaipiantanyishuo。

      7. 国泰的“后疫情”时代,复苏仍将是荆棘密布

    欢乐彩  guotaizaizheicidezibenzhongzuzhongbiaoshi,jiangzaijinniande12yueqianchutaiyifenzhenduiweilaifazhanzhanlvedexinjihua。zhenduijinnianyiqingdetufazhuangkuang,zhongxinzhengliyijiguihuaweilaidezhangyuanjihua。zheifenjihuawuyijiangzhidaoguotaizai“houyiqing”shidaidefusuyufazhan。

      jinnianlai,guotaichulezhengchangjingyingwai,zaitourongzilingyudemeiyibuqisihudoubushunli。conghangyouqihuotaoqibaozhidejukuidaoqunian“yijia”shougouxianggangkuaiyun,zaijiashangyuangongshejishehuishijian,dongdangyubuanzaijiashangyiqingdeyingxiang,haishilongzhaozaiguotaideweilaifazhandebuquedingyinsu。

    欢乐彩  zuoweiguotaidagudong“taigujituan”zuoweixianggangzhiminlishideyichan,zheiyangdeqiyexingzhisihuzongyushizheguotaishenshangde“yuanzui”,dantaiguyebingfeidangniandedongyindugongsi,congqijituanbenshendegenjilaikan,taigusihuyeyuelaiyuelibukaixianggangyudalu。

    欢乐彩  zaishehuihuanjingfashengbianhuazhishi,zheiyangyijiagefangshenduronghedeqiye,ruhequdepingheng,shizhongjiangshiguotaizaiweilaisuoyingmianduidewenti。

      zhiyaoxianggangdeguojidiweibubian,teshudehangquanzhengcebubian,guotailizuxianggangdechuxinbubian,yongyouzhelingrenxianmuziyuanyoushideguotai,weilaizhilusuiranbumanjingji,danqiantuyiranguangming。

      8. 一点思考

    欢乐彩  zi97huiguiyilai,xiangganghangkongyedezhongzi、yingzizhizhengjiucongmeiyoutingzhiguo。zheiyangdedouzhengsiweizhijinrengyingxiangzhexianggangdehangkongye。congzheiciguotaidezibenzhongzusuoyanshengdehuatiyekeyihuoduohuoshaokandaozheiyangdeyingzi。1985nian,shangrencaoguangbiaoliantonglijiacheng、huoyingdong、guohenian、fengbingfenyijizhongzijigouzhongyin、huarun、zhaoshangjuhezugangaoguojiyouxiangongsi,bingzaixianggangchengli。qiyongyichuletiaozhanguotaizaihangkongyedelongduandiwei,beihoudezhengzhiyiweiyefeichangmingxian。

      chuangbanyijiajuyouzhongzibeijing,yixianggangweijididehangkonggongsi,tixianxiangganghuigui,burangyingzisecaideguotaidaibiaoxianggang,duzhanxianggangdabufenhangquan。

      ▲ 如今的港龙航空早已被国泰收入麾下,成为主打内地航线的区域航司。来源:欢乐彩_欢乐彩票-老品牌最信誉

    欢乐彩  shizhijinrihuitoukan,guotaisuiwanchenglezishenguquandeduoyuanhua,queyiranrengmianlinzhe35nianqiantongyangdejumian。zheigejumianruhejiejue,zexuyaogefangdezhihuigongtongnuli。huoxu,zhengruhangkonggongsizhongwenmingchengsuoqixudeneiyang,guotaicainenggexinganjuleye。

    欢乐彩  qishizaiganglongchenglidangnian,lingyigebingbuyinrenzhuyideyuanyinshijixiwangtongguoxianggangzheiyangyigegaoduchengshudeshangyeshichangchenglihangkonggongsi,yinjinwaijiedeguanlijingyan,gaishanzhongguominhangguanli。

      suiranrujindeneidiyuxianggangdeguanxiyujingjishiliyijingyu35nianqianbunengtongrieryu,danqishiyinjinguanlijingyanzheiyidian,rengranjuyouxianshiyiyi。guotaizaimouzhongyiyishang,yiranshizhideneidihangsixuexijiejiandebangyang。

    欢乐彩  congneididejiaodukanxianggangdehangkongye,yongyuanbaochiqianbeizhixin,huanlecaicainengzoudegengyuan。

    3荐闻榜

    延伸阅读: 港府持股国泰航空
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