当中国建陶媒体人“一哥”罗杰先生将帝王和欧神诺的并购故事，通过国际长途和中国微信讲述给我听的时候，我凭借我的经验判断，这并不是一个充满血腥的“门口野蛮人”的资本并购故事，而是在新时代新节点之下，处于红海市场的建陶行业，面临国际国内环境调整，在2017年大拐弯的标志性事件。

　　When Chinese ceramic media people "Yi Ge" Mr. Roger told me a story about Emperor and Oushennuo M & A through the international long-distance and WeChat, I rely on my experience. This is not a bloody "barbarians at the gate" capital story, but under the new era of the new node. In the Red Sea market ceramic industry, facing domestic and international environment adjustment, it is a sign of great bend of the event in 2017.

　　帝王卫浴刮起来的蝴蝶效应，将不仅仅与南粤欧神诺有关，这是一个席卷行业的历程碑事件。The butterfly effect of Imperial bathroom blew, will not only related to Guangdong Oushennuo. This is a milestone event across the industry

　　1

　　信息披露背后的资本垂帘听政

　　Information disclosure of capital behind the throne

　　回到事件的原点，所有上市公司的新闻事件，都可以从“信息披露”中一窥全貌。Back to the origin of the event, all listed companies news events can be from the disclosure of information in a glimpse of the whole picture.

　　11月30日，002798帝王洁具发布《关于筹划重大资产重组停牌进展暨延期复牌公告》，显示，帝王洁具拟收购佛山欧神诺陶瓷股份有限公司（以下简称“欧神诺陶瓷”）100%的股权。In November 30th, 002798 Imperial ware released about “Planning a Major Reorganization of the Suspension Progress Cum Postponed Resumption Announcement”. Imperial ware proposed acquisition of Foshan Oushennuo ceramic Limited by Share Ltd (Oushennuo ceramics ) 100% of the shares.

　　帝王洁具并不是沪深主板的建材老股，排在前面的曾有四维卫浴（600145），虽然身处西南的四维卫浴，命运多舛、多年业绩存疑，一直被ST,虽然现在也沦为资本的盘口之菜，但放眼翻开沪深主板，从华意压缩、格力电器、华帝股份到禾盛新材，细细数下去，泛建材行业可是ST遍地。

　　Imperial ware is not the old shares in Shanghai and Shenzhen motherboard building materials, the row in front of the bathroom had Siwei (600145), although the four-dimensional bathroom,in the southwest of the ill fated performance over several years of doubt. It has been ST, although it also became the capital of the dish dish, but at the turn of Shanghai and Shenzhen main board.From Huayi compression, GREE electric appliances Vatti shares and Mushengxincai, to fine count down, pan building materials industry ST everywhere.

　　从000509 S*ST华塑到000856 ST唐陶（冀装）；再从600145 *ST四维再到600562 *ST高陶，满目ST，大环境哀鸿遍野，小环境，企业的救赎，也回天无数。但帝王洁具几乎是低迷的建材行业中，这几年能够超越衰败的当红“炸子鸡”。

　　From 000509 S*ST to 000856 ST Tang Tao HuaSu (Hebei installed); and from 600145 *ST to 600562 *ST four gaotao, everywhere ST. Big environment, small environment, enterprise Starving people fill the land redemption, also to the countless. Imperial ware is almost the downturn in the building industry, in recent years to go beyond the decline of the popular “fried chicken”.

　　2015年12月11日四川帝王洁具股份有限公司在中国证券监督管理委员会主板发行审核委员会2015年第204次发审委会议中首发获通过，到 2016年5月13日成功发行新股，5月16日公开发行A股，5月25日帝王洁具，登陆深交所中小板，股票代码为0027 98，当日发行价为10.57元，紧接着连拉19个涨停板。

　　December 11, 2015. Sichuan imperial ware Limited by Share Ltd in the China Securities Regulatory Commission Board issued the audit committee 2015 204th trial first committee meeting agreed to May 13, 2016 issue of new shares. A shares publicly issued in May 16th, May 25th Imperial ware landed the Shenzhen SME board, stock code 002798. The issue price of 10.57 yuan, followed by even pull 19 daily limit.

　　我注意收集了中国各路财经媒体，对于帝王上市后的媒体报道，发现帝王的价值一直是处于被潜在低估之中的。

　　I pay attention to the collection of China's various financial media, for the emperor after the listing of media reports, found that the value of the emperor has been in the potential underestimated.

　　5.25帝王上市集合竞价阶段，该股顶格高开大涨19.96%，开盘后股价无悬念直线拉升，股价暴涨41.91%，复牌后股价涨幅扩大至43.99%，达到上市首日限制,直接是一个逼停的节奏。In May 25th the emperor listed auction stage, the shares of the top grid opened up 19.96%. After the opening price is no suspense pulled straight, the stock soared 41.91%, after the resumption of the stock or expanded to 43.99%. Reaching the first day of listing, is a force to stop the pace.

　　但看得见的是市值，看不见的是背后的资本布局。先把浮在表面的欧神诺撇开，静心来看看隐在背后的九鼎投资。

　　But what is the market value, the invisible is behind the layout of the capital. The first floating on the surface of Oushennuo aside, meditation to see hidden behind the Jiuding investment.

　　帝王洁具是九鼎投资“璀璨九星”布局的显著一环，按照九鼎消费助推产业的投资逻辑，在长达9年的时间里，九鼎一直像一个目光锐利的猎人一样，在寻找适合的猎物。

　　Imperial ware is Jiuding investment "bright nine" layout was a ring, according to the investment logic Jiuding consumption boost industry. In 9 years time, Jiuding has been like a sharp eyed hunter, looking for prey.

　　从已经IPO的爱迪尔、帝王洁具、红旗连锁、朗姿；已获得批文等待发行的富森美；并购退出的有金丝猴食品；已经上新三板的吉芬设计、威丝曼、南菱汽车；以及拟在A股市场发行的荣泰健身、博士眼镜、紫林醋业、绝味食品等，可谓是涉猎广泛，目标精准。

　　From the IPO Aidier, Imperial ware, Red Flag and Langzi; Won the approval and waiting for issued; merger and exit have monkey food; Has been on the new board of Giffen design, WSM and Nanling car; Intends to issue A shares in the market, RongTai fitness, Boshi glasses, Purple Forest vinegar industry, The taste of food and so on. It is wide-ranging, objective and accurate

　　早在帝王上市前后，就有证监会指定信批媒体爆出，在帝王上市之前，九鼎系就已经埋下了近亿元资金池，提前蛰伏等候兵强马壮鱼跃龙门之际。要知道，帝王卫浴与九鼎投资可谓世交，都属于巴蜀之地的人中龙凤的关联企业。As early as the emperor after the listing, the Commission designated the letter group reported in the media, when Diwang before listing, Jiuding department already planted nearly billion yuan of funds pool, waiting out of the occasion of advance dormant strong soldiers and sturdy horses. You know, the imperial sanitary and Jiuding investment is Shijiao, related enterprises belong to the dragon people in Sichuan.

　　帝王洁具于1994年在四川省简阳市成立，是中国卫浴十大品牌之一，是一家集设计、研发、生产、销售高品质卫浴及配套产品为一体的现代化大型卫浴集团，是国内颇具影响力的亚克力洁具制造商，同时也是中国最早一批的知名卫浴品牌。

　　Imperial ware was founded in Jianyang city in Sichuan Province in 1994, it is one of the ten Chinese bathroom brands. It is a set design, development, production, sales of high-quality bathroom products as one of the large modern bathroom group, is the manufacturer of acrylic ware domestic influential and well-known brand bathroom in China.

　　而九鼎投资由川人吴刚一手建立，1977年的吴刚曾任证监会最年轻的处长，曾经也一度是新三板的首富。我在你们中国文化中，可是知道，帝王九鼎是天作之合，可是权力财富甚至是时运的象征。

　　While Jiuding investment Sichuan people set up by Wu Gang in 1977, Wu Gang served as the youngest director of the Commission, also once the new board of the richest man. But I know you Chinese culture, the emperor, Jiuding is even a heaven-made match, but the power of wealth and fortune symbol.

2

　　帝王蝴蝶的市场效应The market butterfly effect of Imperial ware

　　我一说中国文化，风水时运这些东西，你们都笑了，你们说，你一个外国老头，又不是中国资本市场上的白求恩，充其量就是一个“散户”国际友人。

　　When I said China culture, Feng Shui fortune of these things, you will laugh and say, you are a foreign man and not Chinese in the capital markets, at best a "retail" international friends.

　　我不由得又搬一个蝴蝶理论和你们讨论一下，以供中国各大读者捧场砸砖。

　　I want to say a butterfly theory to talk with you. For the readers to join China smashed bricks.

　　上帝的归上帝，凯撒的归凯撒，捧场的继续捧场，砸砖的我马老头绝不退缩。God's return to God, Kaiser’s is Kaiser’s. I smashed bricks and never back down.

　　蝴蝶效应（The Butterfly Effect），这玩意又叫拓扑效应，指在一个动力系统中，初始条件下微小的变化能带动整个系统的长期的巨大的连锁反应。

　　The butterfly effect is also called topological effect, defined as a dynamic system, small changes in initial conditions can bring the whole system a great long-term chain reaction.

　　建陶行业是一个红海市场，也是一个混沌市场，任何事物发展均存在定数与变数，事物在发展过程中其发展轨迹有规律可循，同时也存在不可测的“变数”。

　　Ceramic industry is a red sea market, it is also a chaotic market, with the fixed number variables are any development of things. Things in the development process there are rules to follow the course of its development. There are also no measurable variable.

　　美洲的蝴蝶轻舞翅膀，就会对北半球生态产生重大影响，我们西方人管这叫做效应，失之毫厘差之千里，这是东方人所说的影响。

　　When America dancing butterfly wings, it will have a significant impact on the northern hemisphere ecosystem. We Westerners call it effect, lost the least bit chazhiqianli,This is the influence of the Oriental people said.

　　帝王洁具和欧神诺联手并不仅仅是为了蛇吞象，你要知道帝王蝴蝶更能席卷起旋风。

　　Imperial ware and Oushennuo together and not just “The snake swallow elephant”. You want to know more butterflies sweeping whirlwind.

　　这是一种神奇的蝴蝶，它们凭借着一种神奇的密码在世界上迁徙性，春天，它们从南方飞到北方。冬天来临，它们又从加拿大和美国北部，飞回南方，飞回温暖的墨西哥冷杉林——它们的祖先起航的地方。它们在那里栖息四个月。准备繁殖产卵，来年，下一代再飞回北方。

　　This is a magical butterfly, they rely on a magic password, migration in the world in spring. They flew from the south to the north. In winter, they are from Canada and the northern United States, fly back to the south, Mexico to fly back to the warmth of the fir forest. Their ancestors from aerial places. Their habitat four months there. Ready to breed, and next year, the next generation and then fly back to the north.

　　让科学家百思不得其解的是，隔着4代的新一代帝王蝴蝶，从没到过北方，也从没到过南方，却知道沿着一条千古不变的迁徙路线飞翔，迁徙数千公里而不迷失方向。

　　Let the scientists remain perplexed despite much thought is separated by a new generation of monarchs of the 4 generation. It has never been to the north, and never go to the south, but know along an eternal migration routes fly. Migrate thousands of kilometres without getting lost.

　　我说帝王洁具接下来会完善产业链，以洁具为根基，关联覆盖卫生陶瓷，产业链协同和整合和必然是趋势。I said the Imperial ware will improve the next sanitary ware industry chain, sanitary ware as the foundation, the associated coverage of sanitary ceramics, industrial chain synergies and integration and is bound to trend.

　　我还专门找了个翻译，让人把你们主板的股吧里面散户的留言调出来认真浏览了，里面有一条甚得我心。

　　I also specifically looking for a translation, people put your motherboard inside the stock inside the voice of the retail carefully browse. There is a voice I really agree.

　　“估计帝王上市之前就已经跟欧神诺商量收购的事情了，现在帝王上市了，肯定开始运作了，估计帝王大股东都知道，九鼎的三个股东也在里面，上市五个月帝王都在横盘，成交量低迷，就是为了今天重组把散户交出筹码，帝王2000万的流通盘经过五个月的横盘筹码收集的也差不多了，就是为了今天的重组，帝王的股东和主力很坏啊，信息不对称，被洗出的散户只能看着别人赚钱了！”

　　"Before the Imperial ware listing has been estimated, they discuss the acquisition things already. The Imperial ware now listed and they must start the operation. Estimation of emperor large shareholders know, three shareholders in Jiuding also listed five months inside, Imperial ware in sideways and low volume. This is to take over the retail restructuring chips today, circulation the 20 million disc the Imperial ware and the main shareholder is bad, the information asymmetry. The wash out of retail investors can only look at the others make money!"

　　这个世界肯定不是留给散户的，机构和庄家一定是抢的先机，一早就把大块的肉跟分完了。但跟着欧神诺和九鼎投资是有肉吃的，这是资本市场上混迹的不二法则。

　　This world is certainly not reserved for retail investors, institutions and makers must grab the opportunity, early on the big piece of meat with the points finished. But with the Oushennuo and Jiuding investment is meat, it is removed from the capital market law.

　　我确实对陶瓷产业不能分析得如你们那样透彻，但我一直盯着九鼎的轨迹，就在布局帝王，曲线三板市场欧神诺的同时，九鼎之前还染指过惠达卫浴。

　　I do not have on the ceramic industry analysis as thorough as you, but I have been staring at the Jiuding trajectory. The layout of the Imperial ware, Oushennuo curve third board market at the same time, Jiuding before won Huida bathroom.

　　根据资料显示，九鼎和惠达卫浴签订得有对赌协议，不仅获得了300多万股的股份补偿，还在IPO前夜，突击低价入股惠达卫浴，将集体股份占比也从原先的44.14%稀释到18.03%。According to statistics, and Huida signed a Jiuding sanitary agreement on gambling, not only won the compensation shares about 3000000 shares, IPO is still on the eve of the assault shares of low-cost Huida bathroom, the collective shares accounted for from the original 44.14% diluted to 18.03%.

　　这年头市场效应是摆在那儿的，帝王蝴蝶煽动翅膀，市场格局在微妙地逆转。帝王和欧神诺的重大资产重组，账面上夸出的数字是，付出了20亿豪华聘礼，但市场看低调看好的，并不仅仅只有帝王欧神诺一股势力，同为南粤的海鸥卫浴也在暗暗发牌。

　　This year the market effect is there, the Imperial butterfly wings, the pattern of the market in a subtle reversal. The major asset restructuring of the Imperial and the Oushennuo. Boast the number, it pay 2 billion luxury dowry, but the market is not optimistic about the low-key, not only the Imperial and Oushennuo this one power. Seagull Bathroom is also glow up in secret.

　　2016年8月2日，海鸥卫浴(002084)动用自有资金，人民币6,050.42万元一次性付款完成对重庆国之四维卫浴有限公司（以下简称“四维卫浴”、“标的公司”）80%股权的受让，并在重庆联合产权交易所完成对标的公司的摘牌。

　　In August 2, 2016, Seagull Bathroom (002084) to use its own funds, 60 million 504 thousand and 200 yuan one-time payment to complete transferee Chongqing's four-dimensional bathroom Co., Ltd. 80% stake, and complete the target company's delisting in Chongqing United Assets and equity exchange.

　　至此，世上再无600145 *ST四维。市场的新一轮洗牌还将到来，容不得戟战市场的人们喘气。

　　So far, the world no 600145 *ST dimension. The market a new round of reshuffle will also come to be the market people gasp.

　　最后叨叨一句，在我所在的美国，在民意的裹挟下，民众们选出了一个超级商人川普上台做总统，我们天天在曼哈顿五大道门口示威闹事都没什么卵用，虽然总统川普宣称自己的商业帝国将不再进行任何交易，but，我们都懂的，不管你们信不信，我是真信了。但是，美帝几乎和建材居家沾边的行情都全线飘红，还有水泥厂起死回生的，因为，大家都知道的嘛，美墨边境要向伟大的中国学习，建设坚如磐石的长城。

　　At last I want to say, where the United States, in the opinion of the coerced, people elect a super businessman Trump to the president. We every day in protest in Manhattan on five Avenue but nothing can change. Although President Trump claimed that his business empire will no longer be any transaction. But, us all know, whether you believe it or not, I really believed that. However, the United States and home building materials market almost detached all across the board, and the cement factory back. Because we all know, the Mexican border wants to learn from China, to construct as solid as rocks of the Great Wall.

　　于是，我忽悠我的邻居们，赶紧排队去吃福利，而中国的亲友团们，炒股的赶紧剁手，此剁不如彼剁，小散们在哪里都是创造业绩，不如去玩双11、拼双12，再不行就和中国大妈们，一起组团美帝，拼拼黑色星期五，反正都是剁手。

　　So, I fooled my neighbors, quickly lined up to eat and welfare; China friends and relatives, stocks quickly chop hands; small scattered stars where they can create performance, better to play the double 11 and double 12. If it is not enough, following Chinese Dama who group together to go to the United States, shopping on black Friday, spell black Friday, Chop hand anyway.