eo TAl CHINH

UY BAN CHlfNG KHOAN NHA NUaC

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DE TAl NGHIEN CVU KHOA HQC CAP co sa

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KHUNG PHAP LY VE HOAT DONG NIEM YET CIIA SAU

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- KINH NGHIEM QODC TE vA MOT SO DE XUAT

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CHO VIET NAM

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MA 56 DANG KY: CS.04.07

£)dn vi chu tri: Ban Phat tri~n Th] tnJ'dng Chu nhi~m de tai: Th.s T~ Thanh Binh

Ha NQi - 12/2004

.,,, I ~ 10/'; .

Danh sdch cdc thdnh vien them gia tbuc hifn de'taL-

1. Th.s T~ Thanh Binh - Chu nhiem de tai

2. Th.s Bui Thu Thuy - Thu ky de tai

3. Th.s Bui Quang Bach - Thanh vien

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LilimdJiu

Niem yet cira sau (back - door listing) la mot khai niern quen thuoc d6i voi thi tnrong clumg khoan cua cac mroc tren the gioi. Mot each don gian, co the hieu niem yet cira sau la viec mot cong ty khong niem yet trb thanh cong ty niern yet do he qua cua viec thau tom quyen kiem soat cong ty niem yet.

Hien nay, thi tnrong cluing khoan cac mroc, dac biet 1a cac thi tnrong moi noi, tlnrong ap dung cac thu WC va dieu kien niem yet kha chat che de bao dam sir 6n dinh va an toan cua thi tnrong, Tnroc thirc te nay, ngay cang nhieu cong ty se tim each niern yet "cira sau" hon la twin thu thu tuc thong thirong bang l6i "cira tnroc", vi niem yet cira sau to ra la mot phirong phap niem yet kha don gian va nhieu tien Ich. Song hanh cung voi tlurc trang ngay cang co nhieu hoar dong thau tom va sap nhap doanh nghiep (ke ca thau tom va sap nhap doanh nghiep niem yet) dien ra hien nay, co the nhan thay rang niem yet cira sau se tra thanh mot van d~ phap 19 va quan 19 het sire cap thiet, can phai co sir nghien coo thau dao.

Mat khac, cling can luu 9 rang ben canh cac Uti the khong the phil nhan, niern yet cira sau con lit heat dong tiem ankha nhieu xung dot ve loi Ich va rui ro ca ve phia cong ty niem yet cling nhu cong ty thau tom va cd dong cua cong ty nay. Nhu cau dam bao tfnh nhat the voi cac quy dinh va dieu kien niern yet hien hanh cling hi van d6 can phai can nhac ky hrong. Chinh vi vay, viec nghien ctru khung kh6 phap 19 dieu chinh hoat dong niem yet cira sau dang la van de mang tinh thuc tien cap bach nham dap tmg nhu cau hoan thien khung phap 19 cho hoat dong cua thi tnrong chimg khoan Viet nam noi chung, dong thoi phuc vu cho viec xay dung Luat chtrng khoan trong thoi gian toi. Xuat phat tU nhu cau nay. nhom nghien coo de tai da hra chon de tai nghien CUll khoa hoc cap co sa voi noi dung: "Khung phtip Ij ve' hoat dt)ng niem ye't ctia sau - kinh nghiem quoc te v« mot S(J de' xutit cho Vi~t nam".

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CHUONG 1

TONG QUAN VE NIEM YET ellA SAU v A KINH NGHI¢M

.., " .1'\.'" "

eUA MOT so NlJOe

1.1. KHAI NI~M

1.1.1 Khai niem niern yet cira sall

1.1.1.1 D!nh nghia

Mot each don gian, co th6 hieu: "Niem yet CLra salt la Icy thudt ma mot cong ty thdt bai trong viec niem yet tren SO' giao dich chung khodn S/,f dung, nha do cong ty nay co thethdu tom va sap nhdp viti mot cong ty dii niem yet tren SO' giao djchl"

Dinh nghia nay cho thay niem yet cira sau la mot ky thuat niern yet tren sa giao dich lien quan toi viec thau tom mot cong ty da niem yet san, hay con la mot ky thuat dti cong ty khong niern yet dat dtroc muc dfch niem yet tren sa giao dich. No khac voi ky thuat niem yet chinh thong (orthodox listing technique) hay con goi la niem yet cira tnroc (front-door listing technique) - Hi phtrong each niem yet thong qua viec nop h6 sa xin phep niern yet thea thu tuc thong thuong va tuan thu tat ca cac tieu chuan niern yet cua sa giao dich.

Ta cling co th~ bat g~p mot dinh nghia C\1 th~ hon ve niem yet cira sau:

"Niem yet cua salt" xdy ra khi viec phat hanb chung khoan cua mot cong ty niem yet ddn den, true tiep hade gidn tiep, viec thdu tom mot cong ty khong niem yet dol vai mot cong ty niem yet va S~( thay ddi quyen kie'm SOGt thuc te' cua cong ty niem yet. M¢t giao djch la nguyen nhdn keo theo h¢ qud niem yet eua sau co thl dien ra dum mot so' hinh thuc, nhu: phat hann chung khoan dl tiing von, hap nhdt hade sap nhdp, Nhiing giao dich nay thuang dU(1C eoi la niem yet cua salt neu chung se thode co thl se) ddn tai ke't qua La nguai ruim gift chung khoan cua cong ty niem yet sO' hiiu duai 50% s{/ chung khoan hodc quyen bilu quyet cua cong ty, kern theo do la su thay ddi quyen kilm SOGt thuc te' cua cong ty niem yet,,2

1 Investorwords: http://www.investorwords.com1371/backdoorlisting.html

2 Toronto Stock Exchange Manual, article 626

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Dinh nghia nay cho thay viec niern yet cira sau co th~ xay ra thong qua mot hoac hai loai giao dich chinh. Thrr nhat, la viec phat hanh chtrng khoan nham muc dfch thau t6m tai san va thii hai, la viec hop nhat hoac sap nhap rna nho d6 cong ty khong niern yet co duoc s6 cd phieu can thiet trong cong ty niem yet nharn gitip no co diroc quyen kiern soat thirc te trong cong ty niem yet nay. Cho du thuc hien Ioai giao dich nao trong s6 2 Ioai giao dich ke tren, cong ty niem yet vAn tiep tuc niern yet, cong ty khong niem yet c6 the coi la da duoc niem yet - bang dirong cira sau - bbi vi n6 co quyen kiern soat thirc te trong cong ty niern yet rna khong can phai di qua thu tuc niem yet thong thirong.

Dirci g6c dq cua cong ty niern yet la d6i nrong de thuc hien niern yet cira sau, co th~ dinh nghia nhir sau:

"Niem yet cua sau xdy ra khi mot cong ty d/i niem yet thdy can phdi "Iffy lai sue song" cho minh thong qua viec mua lai hoat dong kinh doanh hodc cdc du an kinh doanh mai eua mot cong ty khdc bang chinh co phieu cua minh va die'u nay thuang dan den SZ! thay d6i trong duang /01 kinh doanh va sa hiiu cua cong ty niem yet nay. Dilu d6 ciing cho phep mot cong ty ddu tu mao hilm chua niem yet c6 thl duac niem yet ma khong phdi thuc hien cdc thu tuc chao ban ra cong chung va thuc hien nhiing thu tuc phuc tap dl hoan tat mot bdn cdo bach". 3

Nhieu thi tnrong cluing khoan tren the gioi sir dung phd bien thuat ngu "thau tom ngtroc" (reverse take-over) (hoac sir dung kern voi thuat ngfi "back -door listing") d~ chi hoat dong niern yet cua sau, vi coi niem yet cira sau ve thirc chat la he qua cua viec thirc hien giao dich thau t6m ngiroc (vi du Canada, Malaysia ... ). Tuy vay, mac du III phirong thirc phd bien nhat, song thau t6m ngiroc khong phai la ky thuat duy nhat d~ di den niem yet cira sau,

, vi cling co th~ thirc hien niem yet cira sau bang cac phirong phap khac nhu hop nhat, sap nhap ... Thuat ngtr "back-door listing" duoc sir dung d~ chi ky thuat rna cong ty khong niem yet sir dung, con thuat ngtt "reverse take-over" diroc sir dung de n6i ve noi dung giao dich do cong ty niem yet tlnrc hien. v« ban chat, thau t6m ngiroc mot cong ty niem yet cling la phirong phap rna mot cong ty sir dung de huang tm muc tieu niern yet tren Sb giao dich rna khong can phai thirc hien chao ban Ian dau ra cong chiing (IPO) thea phirong thirc thong thuong, Trong mot vu thau torn ngiroc dien hinh, mot cong ty khong niern yet bi "mua lai" boi mot cong ty niern yet, nhung deli lai, ngiroi ban cua c6ng ty kh6ng niem yet lai nhan diroc mot s61uqng.16n cd phieu va dieu d6 khien cho ban than cong ty niern yet bi mat quyen kiem soat d6i voi cong ty

J ANZ Financial Dictionary

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cua minh. H~ qua la, sau khi xay ra "thau tom ngiroc", die hoat dong kinh doanh chinh cua cong ty khong niern yet lai tra thanh hoat dong kinh chinh moi cua cong ty niern yet. Vi vay, thau tom ngircc tlnrong HI. nguyen nhan dan den cai goi la niem yet ella sau ve heat dong kinh doanh cua cong ty khong niem yet d6i voi cong ty niern yet.

~

Goi la than tom "nguoc", vi nhin be ngoai, cong ty niem yet thau t6m cong ty khong niem yet. Tuy nhien, sau khi giao dich thau tom dien ra, thuc chat cong ty niern yet lai bi cong ty khong niem yet than tom do mot s6 hrong 1&1 cd phieu cua cong ty niem yet da duoc phat hanh va nam gift bill cong ty khong niern yet. Nhir v~y, sau thau t6m, chinh cong ty khong niern yet rnoi la cong ty nam quyen kiem scat va quan ly cong ty niern yet.

1.1.1.2 Nguyen nhan dl mi)t cong ty khong niem yet tim dln vOi niem yet czta sau

Co th~ chi ra mot s6 nguyen nhan CD ban khien cho cac cong ty tim each niern yet cira sau tren sa giao dich (rna khong thuc hien niem yet cira tnroc thea thu tuc thong thirong), do la:

1. Cong ty khong niem yet muon tranh cac khoan chi phi cua viec niern yet cira tnroc. Chi phi cho viec niem yet cira tnroc bao gam chi phi eho cac nha nr van phat hanh chuyen nghiep khi lap ban cao bach va dap img cac yeu cau khac ve quan ly e6 the Iii rat cao. Vi du nhu tai Australia, chi phi eho luat sir, ke toan vien, cong ty chtmg khoan, nha baa lanh phat hanh va cac chuyen gia nr van niern yet khac thuong chiem toi tren 5% s6 von huy dong diroc thong qua IPO. Chi phi cho niern yet cira sau thirong thap han nhieu,

2. Cong ty khong niern yet muon tranh stJ cham tr~ dang ke thuong xay ra khi niern yet ci'ra tnroc, Doi voi cac thi truong chimg khoan phat trien, mot cong ty khong niem yet thtrong mat it nhat 6 thang, d6i khi lau han, d~ chuan bi cho cac thu tuc niern yet StJ cham tre nay la khong the chap nhan duoc doi vci nhiing cong ty dang co nhu cau phat trien mot san pham va thi tnrong nhanh chong nham dap trng nhu cau thuc te cua nguoi tieu dung hoac d~ doi pho tnroc voi doi thu canh tranh. Thoa thuan niem yet cua sau co the hoan tat trong thoi gian ngan hem.

3. Cong ty khong niem yet muon giarn thieunhtmg phien phirc lien quan tm CD quan quan Iy khi thuc hien thu tuc niem yet, vi du nhu cong ty khong th~ dap ung diroc yeu cau cua luat la co tinh trang tai chfnh lanh manh trong thoi gian mot viii nam tnrcc khi xin phep niem yet.

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4. Cong ty khong niem yet c6 th~ khong th~ dap irng duoc dieu kien niem yet do khong dap img diroc yeu cau ve co cau cd dong. Dieu kien niem yet nay thuong kho co th~ dap img diroc khi thi tnrong dang sut giam va nha diiu tu khong san long chap nhan rui ro d~ diiu tu van mot cong ty vira rnoi niern yet. Bang viec thau tom quyen kiern soat cua mot cong ty niem yet da co san ca cau c6 dong can thiet, mot cong ty khong niem yet co th~ dap irng yeu cau ve co cau cd dong mot each de dang han nhieu.

5. Cong ty khong niern yet co th~ muon tiep can voi tai san cua cong ty niem yet muc tieu. Tai san co th~ gem tien giri trong tai khoan ngan hang hoac tai san kinh doanh rna cong ty khong niern yet cho la khong can thiet cho hoat dong kinh doanh cua minh va co th~ ban di.

1.1.1.2 tu« tuc niem ylt cua sau

Thong thuong, biroc diiu tien trong thu tuc niem yet cira sau la viec cong ty khong niem yet - hay cac chuyen gia nr van cua cong ty - phai xac dinh cong ty niern yet phil hop co th~ dam nhiem chirc nang la cong cu cho viec niem yet cira sau hay khong, Cac d~c di~m cua mot cong ty niem yet phu hop bao gem: co mot lich sir kinh doanh khong thanh cong, co gia cd phieu nrong doi thap, mot ten tudi tot va co cau c6 dong dap irng diroc yeu cau niem yet.

Sau do cong ty khong niem yet lira chon ky thuat sir dung d~ thau t6m quyen kiem scat cong ty niern yet.

Ky thuat phd bien nhat rna cong ty khong niem yet sir dung d~ than tom quyen kiern soat cua cong ty niem yet d6 la cong ty khong niern yet ky mot hop dong co dieu kien d~ ban tai san, vi du nhir quyen s6 hiru tri tue hoac tai san quan trong khac cua mlnh cho cong ty niern yet. D~ ddi lai, cong ty niern yet phat hanh cd phieu cho cong ty khong niern yet d~ giup cho cong ty khong niem yet co duoc quyen kiem scat thirc teo HQ'p dong la co dieu kien dua tren su chap thuan cua cd dong cua cong ty niem yet nham thoa man yeu cau ve mat phap ly, trong do c6 yeu cau lien quan toi viec mua cd phieu thea phtrong thirc giao dich thau tom (take-over bidding),

Cong ty niem yet khi d6 se trieu tap dai hoi cd dong d~ dua fa cac nghi quyet (hoac mot vai trong so cac nghi quyet) sau day de lay bieu quyet cua cd dong:

- chap thuan viec phat hanh cd phieu cho cong ty khong niern yet nharn muc dfch mua tai san dircc ban cho cong ty niem yet;

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- chap thuan viec ban tai san hien hanh cua cong ty niem yet nham tai tro cho heat dong kinh doanh moi dir dinh trien khai:

- chap thuan viec chi dinh giam doc cua cong ty khong niem yet lam giam doc cua cong ty niern yet;

- chap thuan thay d6i ten cua cong ty niem yet nham phan anh duoc heat dong kinh doanh moi ciia cong ty nay.

Trang mot so tnrong hop, mot hoac mot vai van de neu tren khong diroc dua ra Dai h¢i c6 dong d~ lay bieu quyet, Vi du, nhfrng nha kiem scat moi e6 the muon gitt lai ten cu cua cong ty niem yet neu nhu ten do van co gia tri ve mat thirong hieu,

Mot ky thuat khac doi khi diroc sir dung trong niern yet cira sau do la cong ty khong niern yet tien hanh mot cuoc thau t6m theo dung the thirc d6i vci cong ty niem yet, tuan thu cac dieu kien cua heat dong thau tom doanh nghiep, Ky thuat nay ft dircc sir dung han so voi ky thuat mo ta b tren vi chi phi 100 hem va thoi gian tien hanh kha dai do thu tuc chao mua cong khai de thau tom doanh nghiep thuong mat kha nhieu thai gian.

D~ co th~ hlnh dung mot each r5 net ve toan bo giao dich dien ra, hay xem xet vi du di~n hinh ve mot tnrong hop niem yet tren sa giao dich bang phirong phap cira sau tai Malaysia."

Berjaya Textiles Hi mot tnrong hop n6i bat thu hut sir chu y cua gioi truyen thong Malaysia vao thoi diem cu6i 1993 dau 1994.

Jaya Tiasa Plywood Ia mot cong ty nr nhan do Tiong Hiew King - nha kinh doanh do g6 - thanh lap nam 1987. Cong ty heat dong cam chirng cho den khi ket thuc nam tai chfnh ngay 31/3/199l. Vao nam 1992 va 1993, von phat hanh va van dieu l¢ cua cong ty tang nrong img len 10 trieu RM va 18 trieu RM. HOC:lt dong kinh doanh chinh cua Jaya Tiasa Plywood la san xuat va ban g6 dan va vecni, Jaya Tiasa Plywood lay g6 nguyen lieu tir c6ng ty Rimbunan Hijau, mot cong ty tu nhan khac cling cua Tiong Hiew King. Nam 1993, Rimbunan Hijau co khoang 800,000 hecta rirng b vung Sarawak mien Dong Malaysia. San pham cua Jaya Tiasa Plywood chu yeu d€ xuat khftu sang Trung quoc. Trang nam dau heat dong, Jaya Tiasa Plywood 16 tnroc thue 4.2 trieu RM diroc phan be; cho chi phi thanh l~p do xay dung nha may

4 "The Reverse Take-over of Berjaya Textiles and Back-door Listing of Jaya Tiasa: A Malaysian Case" - Wan Nordin Wan-Hussin, School of Accountancy, Universiti Utara Malaysia.

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va hip d:Itt may moe thiet bi. Sang nam ali chinh thu hai ket thiic vao ngay 31/3/1993, Jaya Tiasa Plywood Iai tnroc thue 5.1 trieu RM.

Ngay 6/12/1993, Berjaya Textiles, cong ty niem yet tren Bang chfnh SODeK Malaysia (KLSE) voi rmic von hoa thi tnrong la 345.8 trieu RM tuyen bo y dinh thau tom toan hq cel phan cUp Jaya Tiasa Plywood gam 18 trieu co phieu gia tri 1.00RM/1co phieu voi gia mua 1.045 trieu RM thong qua viec phat hanh 348.3 trieu co phieu moi cua Berjaya Textiles voi gia 3.00RM/1 co phieu cho chu sa hfru/nguai ban Jaya Tiasa Plywood. Gia phat hanh 3.00RM/l c6 phieu Berjaya Textiles la uac dean gia thi tnrong trung binh cua Berjaya Textiles hien dang la 2.89RM/1co phieu cho den thai di~m 23/11/1993, ngay tnroc khi co phieu cua Berjaya Textiles dlnh chi giao dich t1;1' nguyen trong thai gian thong bao de nghi thau tom.

Vu trao doi do la lam tang von dieu 1¢ cua Berjaya Textiles len gan 6 Ian, tir 71.2 trieu RM len 419.5 trieu RM, va vi vay, ben ban la J aya Tiasa Plywood narn gift tong cong 83% von dieu l¢ cua Berjaya Textiles. Tuy nhien, Jaya Tiasa Plywood con muon Uy ban chirng khoan va co dong thieu so cua Berjaya Textiles cho phep mien nghia vu thirc hien chao ban bat buoc d6i voi phan co phieu con lai cua Berjaya Textiles.

Cung hie voi thong bao thau torn la thong bao rang co dong kiern soat hien thoi cua Berjaya Textiles la Berjaya Industrial, khi do sa hfru 38.5% von cua Berjaya Textiles (vai ngay sau, Berjaya Industrial nam gitr tren 80% cd phieu cua Berjaya Textiles) se mua tat ca 11 cong ty con va mot so tai san co dinh cuaBerjaya Textiles voi gia khoan 122.1 trieu RM bang tien mat,

Qua trinh tai co cau cong ty n6i tren dAn toi 3 he qua quan trong; (1) ben ban cua cong ty muc tieu Jaya Tiasa Plywood tra thanh cd dong kiern soat rnoi cua Berjaya Textiles, (2) hoat dong kinh doanh cua Jaya Tiasa Plywood duoc niern yet tren SGDCK, mac du diroi cai ten cua Berjaya Textiles, va mac du chua dap ling diroc cac tieu chuan cua viec niem yet va (3) hoat dong kinh doanh chinh cua Berjaya Textiles diroc chuyen tit det sang do g8.

Ngay 8/4/1994, UBCK thong bao "doi voi hoat dong tai co cau dan den hau qua thau tom ngiroc cong ty niem yet hoac niem yet cira sau cac tai san moi tren Bang chfnh KLSE, cac tai san moi do cong ty niem yet mua duoc phai dap ling cac tieu chi san co ve niem yet moi cua UBCK va cac tieu chi ve qua trlnh heat dong san xuat kinh doanh".

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D~ dap img cac yeu cau moi ve thau torn ngiroc hay niem yet cira sau, ngay 6/6/1994, Berjaya Textiles tiep We thong bao ve de nghi chao mua cong ty Rimbunan Hijau Plywood vm gia 143.7 trieu RM bang tien mat. Rimbunan Hijau Plywood la mot cong ty nr nhan chuyen san xu at va ban g8 dan, va cling lay nguyen lieu tir Rimbunan Hijau. V m Ioi nhuan tnroc thue cua Rimbunan Hijau Plywood trungbinh 10.5 trieu RM/nam (tir 6.2 trieu RM cho toi 18.3 trieu RM cho nam tai chinh ket thuc tir 31/05/1990 den 1994), Rimbunan Hijau Plywood da du tieu chuan d~ niern yet tI1!C tiep tren Bang chinh KLSE.

Xet ve mat kinh te, sau khi thirc hien niem yet cira sau, ca hai ben trong giao dich la cd dong kiem soat va cd dong thieu s6 cli cua Berjaya Textiles, va ben ban la cong ty khong niem yet Jaya Tiasa Plywood ngiroi sau d6 tnl thanh cd dong kiem soat rom cua Berjaya Textiles deu thu loi, Berjaya Industrial, cd dong kiern scat cti cua Berjaya Textiles, thu loi 219 trieu RM tir viec nhuong lai s6 cd phan kiern soat cua minh va cac cd dong cfi cua Berjaya Textiles thu diroc loi nhuan bat thuong tdng cong bang khoang 160% tir chenh lech giira gia ban trong ngay thong bao dau lien cho toi ngay co duoc su chap thuan cua cd dong (ttrong dirong 300 trieu RM). Ben ban 13. Jaya Tiasa Plywood da: dat diroc su tang tnrong trong gia tri doanh nghiep tu han 650 trieu RM len tai 1.695 trieu RM, chi trong yang 3 thang sau khi vu thau torn ngiroc hoan tilt, tuong duang voi mot dot phat hanh rieng Ie gia tri 1.045 trieu RM.

Toan bo cac chi nhanh hien c6 va mot s6 tai san c6 dinh cua Berjaya Textiles duoc ban cho Berjaya Industrial vOi tong gia tri 96.8 trieu RM. Sau khi trir s6 tien rna Berjaya Industrial phai tra cho Berjaya Textiles, s6 tai san rang ban cho Berjaya Industrial chiem khoang 90% luong tai san rang cua Berjaya Textiles tai thoi diem 30/4/1994. S6 tai san rang can lai van diroc Berjaya Textiles gilt lai bao gorn chu yeu la cac khoan dAu nr, trong do phan Ian la dau tu vao cd phieu cua cac cong ty niem yet tren KLSE.

Can cu vao gia tri tai san chuyen nhirong va gia tri cua tai san rang can lai, gia tri niem yet tang them cira Berjaya Textiles diroc true tinh khoang 165 trieu RM.

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