This article only represents the author's own views.
作者梁武仁，本文只代表作者本人观点。
Observers might call it a major shifting of gears. That’s a key takeaway on the latest move by Pateo Connect Technology (Shanghai) Corp. (2889.HK), which last week announced it’s broadening beyond its core focus on high-tech car cockpits with a foray into kitchen sinks and bathroom plumbing. The shift looks like some slightly head-spinning corporate road rage until you peek under the dashboard.
外界或许会形容这是一次大幅“换挡”，这正是博泰车联网科技（上海）股份有限公司（2889.HK）最新动作的一大看点。公司上周宣布，将业务版图从核心的高科技智能座舱进一步延伸至厨房水槽及卫浴管件。乍看之下，这次转向有点令人摸不着头脑，但若深入了解其背后逻辑，就会发现并非毫无章法。
According to its announcement last Friday, the automotive smart cockpit maker has signed a deal to buy 20% of Guangzhou Seagull Residential Industry Co. (002084.SZ) from its controlling shareholder for 800 million yuan ($119 million). Although Pateo is acquiring a minority stake, the transaction will hand it control over the sanitary ware manufacturer, giving it the right to nominate seven out of Seagull’s nine board members. Pateo is paying 2.6 times Seagull’s book value, which includes a premium for the operational control.
根据公司上周五的公告，这家智能座舱制造商已签署协议，拟以8亿元（1.19亿美元）从控股股东手中收购广州海鸥住宅工业股份有限公司（002084.SZ，下称海鸥住工）20%股权。尽管博泰车联网收购的是少数股权，但交易将令其取得这家卫生洁具制造商的控制权，并有权提名海鸥住工九名董事中的七名。博泰车联网支付的价格相当于海鸥住工账面价值的2.6倍，其中包括取得控制权所支付的溢价。