SMM Network News: August 2, Guodian Yongshou Coal Co., Ltd. (referred to as "Guodian Yongshou Coal Industry") 55% of the shares and 799 million yuan of claims began to be transferred, the transfer reserve price is 640 million yuan, of which 55% of the equity listing price is only 1 yuan. The project was transferred once at the end of last year, when the reserve price was 799 million yuan, which was equivalent to a 25 per cent discount. Moreover, since the beginning of this year, the State Energy Group has transferred coal companies many times, behind which is the gradual deepening of the supply-side reform of the coal industry, and the merger and reorganization of the industry has begun to speed up.
The base price of the transfer is lower than the claim
Guodian Yongshou Coal Industry is a company owned by the State Energy Investment Group Co., Ltd. (referred to as the "National Energy Group"). Its controlling shareholder is Guodian Shaanxi Power Company, which is a wholly owned subsidiary of the National Energy Group. It is also an important company to carry out business in Shaanxi. The State Energy Group is formed by the merger and reorganization of China Guodian Group Co., Ltd. and Shenhua Group Co., Ltd.
The subject matter of the listing and transfer of Guodian Yongshou Coal Industry is composed of creditor's rights and equity. Among them, Guodian Yongshou Coal Industry borrowed a total of about 795 million yuan from Guodian Shaanxi Power Company, with interest payable of about 4.0164 million yuan, with a total principal and interest of 799 million yuan, higher than the listed price of 640 million yuan. Guodian Yongshou coal industry 55% of the shares, the listed price is only 1 yuan.
Guodian Yongshou Coal Industry is located in Yongshou County, Xianyang City, Shaanxi Province, established in 2008, registered capital of 40 million yuan, the main business is coal mining and washing industry. According to the listing information of the Beijing property Rights Exchange, from the beginning of 2017 to May 31 this year, the operating income of Guodian Yongshou Coal Industry was 0 yuan, and its net profit was reduced from-253 million yuan to-2.76 yuan. According to the company's financial information, as of May 31, 2019, its total assets were 607 million yuan and its liabilities expanded from 816 million yuan to 887 million yuan. Guodian Yongshou coal industry has become insolvent. Guodian Shaanxi Electric Power Company holds 55%, Shaanxi Zhengdao Investment Co., Ltd. holds 45%. The original shareholders do not give up the exercise of priority transfer rights.
It is worth mentioning that Guodian Yongshou coal industry still has a lot of information to know. The mining right of Nianzigou Coal Mine in the enterprise involves Cuipingshan Nature Reserve in Yongshou County (city level). The coal mine has completely stopped engineering construction and exploration activities. At the same time, some mining areas of Nianzigou Coal Mine have the risk of involving the drinking water source protection area of Taiyu River in Binxian County. However, up to now, the target enterprise has not received the relevant notification documents for the establishment of the water source. The company reminds the intended transferee that it should be aware of the relevant planning of the Taiyu River drinking Water Source Reserve in Binxian County, and that the relevant liability risks arising therefrom shall be borne by it. The sources of the above information are the guidance of Shaanxi Province on the orderly withdrawal of Mining Rights in protected areas (issued by the Shaanxi political Office [2018] No. 39), as well as the relevant notices of the competent government departments.
In addition, the mining right of Nianzigou Coal Mine should pay the resource price of 140 million yuan, which should be paid in 9 periods. The company has paid about 100 million yuan for mining rights and the remaining 40 million yuan has not been paid. The mining right certificate of Nianzigou Coal Mine is valid until September 18, 2017, and has now expired. This project involves the placement of workers, "Guodian Yongshou Coal Industry Co., Ltd. staff resettlement plan" has been placed on the exchange for reference. Guodian Yongshou Coal Industry received a summons from the Yinchuan Intermediate people's Court of Ningxia Hui Autonomous region on May 15, 2019. Guodian Yongshou Coal Co., Ltd., the target enterprise, was sued by Zhongding International Engineering Co., Ltd., to the Yinchuan Intermediate people's Court of Ningxia Hui Autonomous region on July 29, 2019, and held a court session at 15:00 on July 29, 2019.
Speed up the merger and reorganization of the industry
China Securities News reporter combed found that recently, the State Energy Group frequently transferred shares in coal companies.
On May 29 this year, 35% of the equity and creditor's rights of Guodian Xianyang Coal Co., Ltd., listed on the Bei Stock Exchange, were transferred by Guodian Yongshou Coal Industry, which is the only company in which Guodian Yongshou Coal Industry invests abroad. The floor price for the transfer was 33.35 million yuan, down 47 per cent from last year's listing price of 49.1348 million yuan. It should be noted that from 2017 to October 31, 2018, Guodian Xianyang Coal Co., Ltd. operating income and net profit are also 0 yuan.
On February 25 this year, 35% of the shares of Xixia Guodian Huarong Coal Materials Co., Ltd. were transferred at a reserve price of 1.7784 million yuan, transferred by Guodian Xixia Power Generation Co., Ltd., which belongs to the State Energy Group. On June 10 and July 18 this year, the State Energy Group listed and transferred 75 per cent and 15 per cent of the shares of Beijing Jihua Xingye Coal Co., Ltd., respectively, with a total listing price of nearly 30 million yuan.
Behind the action of the National Energy Group, the supply-side reform of the coal industry has entered the accelerated stage of merger and reorganization.
In January 2018, 12 ministries and commissions jointly issued the "opinions on further promoting the merger, reorganization, Transformation and upgrading of Coal Enterprises," emphasizing that through merger and reorganization, the average scale of coal enterprises will be significantly expanded, and the degree of integration of upstream and downstream industries will be significantly improved. By the end of 2020, we will strive to form a number of billion-ton super-large coal enterprise groups with strong international competitiveness, and develop and cultivate a number of modern coal enterprise groups. We will promote the reorganization of coal mines owned by other coal-related central enterprises, so as to make professional coal enterprises stronger, better and bigger.
In early August 2018, SASAC once again held a meeting of responsible persons of central enterprises and local SASAC, pointing out that in the second half of the year, it is necessary to steadily promote the strategic restructuring of central enterprises in coal and other fields, and promote the further concentration of state-owned capital to key industries, key areas, and superior enterprises in line with the national strategy. At the same time, we should vigorously resolve excess capacity, set up a special fund for the optimization and integration of coal resources in central enterprises, explore the mode of market-oriented specialization, reorganization and integration, and steadily and orderly promote the integration of coal resources.
Industry insiders said that the merger and reorganization of coal enterprises is a major trend, other coal-related central enterprises will also divest coal assets, in the future or by the central enterprise coal assets integration platform to take over, or by local energy groups to merger and reorganization.
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