Polaris Atmospheric Network News: Recently, with the meeting of heads of provincial enterprises and local SASAC and the disclosure of listed companies, the proposed merger of Shanxi Coking Coal Group and Shan Mei Group has been confirmed one after another.
From the public information, the merger and reorganization framework of Shanxi Coking Coal Group and Shan Mei Group is basically clear. The reorganization is divided into two steps: in the first step, Shanxi State-owned Operation Company transferred 0/00% equity of Shan Mei Group to Coking Coal Group for free, and Shan Mei Group became a wholly-owned subsidiary of Coking Coal Group; In the second step, Coking Coal Group subsequently absorbed and merged with Shanxi Coal Group.
Although the rumors about the merger of the above two key provincial coal enterprises have been around for a long time, when the news was officially confirmed, it still caused a lot of hot discussion, both the expectation of strong alliance and the concern of "matching Lang Lang" reorganization, which can be described as quite lively and speculative. As this matter is still in the early stage, the final restructuring agreement has not been signed, and the official public information about the merger of the two state-owned enterprises is limited. The following is a brief interpretation of several concerns of Shanxi capital circle for reference only.
1. Where did this merger start?
As the youngest "five major coal enterprises" in Shanxi, Coking Coal Group was formed on 200 1 through the reorganization and merger of three major coking coal enterprises, namely Xishan Coal and Electricity Company, Fenxi Mining Company and Huozhou Coal and Electricity Company, and became the first successful coal group in China. Its original intention is to avoid vicious competition in the market. Later, through partial merger and reorganization, it gradually developed into the largest coking coal production and processing enterprise and the largest coking coal market supplier in China, which is also the unique advantageous position of Coking Coal Group among the seven major coal enterprises.
With the rapid advancement of supply-side reform, domestic key coal enterprises including Shenhua and China Coal have set off a new round of coal merger and reorganization. As a major coal province, Shanxi proposed to build three major coal bases, namely, Jinbei, Jinzhong (coking coal) and Jin Dong, and five major coal enterprises, such as Coking Coal Group, led a new round of coal reduction and reorganization, aiming at accelerating the integration of coal resources in the province. In addition, Shanxi Province has previously promoted the merger of Shanxi Coal Marketing Group and International Power Group to form Jinneng Group, and tried to promote the merger of Jinneng Group and International Energy, so there is a precedent for the integration and reorganization of Shanxi provincial energy state-owned enterprises.
In this context, the voice of supporting coking coal group to form national coking coal group is getting higher and higher. The reasons include that coking coal resources are scarce and China is mainly concentrated in Shanxi. Coking coal group has obvious advantages and rich management experience. Large groups are conducive to mastering pricing power to stabilize the market and increase market discourse power. Obviously, we hope to build a world-class coking coal enterprise with global competitiveness based on resource advantages.
Especially after the start of the new round of state-owned enterprise reform in Shanxi, the Shanxi Provincial Party Committee and the provincial government accelerated the "testing water" to promote the professional reorganization of the coal field. The first step is to make major adjustments to the development pattern of key coal enterprises in several provinces. Among them, coal enterprises such as Lu 'an, Jinmei and Jinneng have all transformed into non-coal main businesses, while Coking Coal Group has continued to "stick to" the main business of coal, which also provides obvious policy expectations for the professional reorganization of the provincial coking coal field led by it:
On February 20 19, Coking Coal Group announced that it would take charge of the coal mines and coal preparation plants under Shan Mei Group. June 5438 +2020 10, promoting the professional reorganization of coking coal field was included in the work report of Shanxi provincial government in 2020; In March 2020, the "two sessions" of Coking Coal Group announced that it would actively promote the strategic reorganization of high-quality coking coal resources inside and outside the province in 2020; In April 2020, the proposed merger and reorganization of Coking Coal Group and Shan Mei Group was formally confirmed.
Second, why did you merge with Shan Mei Group first?
As we all know, Shan Mei Group, as the only provincial coal enterprise with two channels of import and export in Shanxi Province, was given a special status from the beginning of its establishment, and then grew rapidly, and successfully became one of the seven major coal enterprises through coal merger and reorganization around 2009. Like Coking Coal Group and Jinneng Group, Shan Mei Group is headquartered in Taiyuan. Also in 2009, Shan Mei Group took the lead in realizing the overall listing of its main coal business (coal mining and coal trade), but the other six major coal enterprises have not been completed as scheduled, which is the most "brilliant" moment for Shan Mei Group.
However, due to the continuous downturn in the coal market, Shan Mei Group began to show the pain of integration due to the merger and reorganization of coal assets, and suffered huge losses for two consecutive years from 20 14, which ushered in the most critical moment after the Group became one of the seven major coal enterprises. However, with the warming of the market and the adjustment of the group leadership, the inflection point is also accelerating.
Under the background of Shanxi Province's efforts to build a large coal group and start a new round of state-owned enterprise reform, Shan Mei Group, which has the weakest sense of existence among the seven coal enterprises, has set a "three-year, three-step" strategy to get rid of difficulties and survive, which has kicked off the transformation of the group's "burden reduction and survival", "drastically" stripped off the coal trading assets that frequently suffered losses, and at the same time integrated the assets of its coal mines and other sectors and achieved success.
However, compared with other provincial key coal enterprises, Shan Mei Group is facing a relatively embarrassing situation after extricating itself from difficulties, that is, it lacks a main business with strong support and clear prospects. The existing high-quality assets are basically injected into the listed company mountain coal international, and the resistance and difficulty of integration and reorganization are undoubtedly relatively small. In addition, with the general trend of specialized reorganization in the coal field, it has been put on the agenda to promote the absorption and merger of Shan Mei Group by Coking Coal Group. Obviously, Coking Coal Group will realize the custody of Shan Mei coal mine and coal washing plant by the end of 20 19.
3. Is this reorganization "accidental"?
As soon as the news of the proposed merger and reorganization of Coking Coal Group and Shan Mei Group was disclosed, it was questioned or suspected that coking coal was large enough. Reorganize for the sake of reorganization, or even reappear?
In the face of the problem that many state-owned enterprises in Shanxi were "big but not strong" before, Shanxi Capital Circle felt that Vice Governor Wang Yixin had made an important statement at the 20 17 provincial work conference on supervision and management of state-owned assets and building a clean government, that is, when making arrangements for starting a new round of state-owned enterprise reform:
"In recent years, some of our enterprises have worked very hard for the title of' Fortune 500'. Some enterprises move there on their own in order to be large-scale and large in quantity. "Face" exists, but "Lizi" is injured ... The provincial party committee and government have a clear-headed attitude on this issue. We don't want false "scale", we want enterprises to "slim down, improve quality and increase efficiency"
From the previous large-scale "de-capacity" to the dismantling of the assets of the original provincial state-owned enterprises to promote professional restructuring, as well as the deployment of "reducing the burden and slimming" of provincial state-owned enterprises and the implementation of the "one enterprise, one policy" business target assessment, it can be seen that the Shanxi Provincial Party Committee and the provincial government have paid less attention to the scale of enterprise assets and revenue. In recent years, the asset scale or revenue scale of many state-owned enterprises, including the seven major coal enterprises, even declined to a certain extent, which naturally led to the number and ranking of provincial state-owned enterprises in the world's top 500.
Of course, the purpose of professional reorganization in Shanxi Province is to optimize the layout of state-owned capital, strengthen traditional industries, do a good job in emerging industries and build strong industries, rather than simply judging by reducing the scale of assets, and does not rule out expanding the scale. For example, Jiaokong, Lv Wen and Wanjiazhai Water Holdings are all direct mergers and acquisitions of former provincial key state-owned enterprises, and the assets of Jiaokong are far larger than those of the seven major coal enterprises, so the merger of coking coal and Shan Mei is not unexpected in policy expectation.
4. Is the "new coking coal" large?
According to the relevant information disclosed, the key to the merger and reorganization of Shanxi Coking Coal and Shan Mei Group lies in the specialized reorganization of coking coal resources, that is, Shanxi Coking Coal should take the lead in integrating the internal resources of the Group, and then integrate the coking coal resources of other provincial state-owned enterprises including Shan Mei Group, and then integrate the coking coal resources inside and outside Shanxi Province and even at home and abroad, forming scale effect and enhancing market discourse power.
Indeed, with the merger and reorganization of assets such as Shan Mei Group, the overall scale of Coking Coal Group will surely get a big leap, and the upgraded version of "New Coking Coal" will also become a veritable leading coal enterprise in Shanxi, but it is undeniable that "New Coking Coal" still has a certain gap with other leading coal enterprises in China in scale.
As we all know, Shanxi Province is dominated by large coal enterprises. According to the list of the top 50 coal enterprises in China in 20 19 (based on the revenue in 20 18) disclosed by China Coal Industry Association, all seven provincial enterprises are in the top 20, and Shanxi 10 top coal enterprises account for half of the country, so the overall scale advantage of Shanxi coal enterprises is still very obvious.
The advantages of a single coal enterprise are not obvious. Among the top 50 coal enterprises, Lu 'an Group, which ranks the highest in Shanxi, ranks sixth, while coking coal and Shan Mei rank seventh and 19 respectively. Even if the latter two are added together, they only rank sixth. The same is true of the list of the top 50 coal producers. The highest ranked coal producer in Shanxi ranks sixth with Coal Group, while coking coal and Shan Mei rank seventh and 2 1 respectively, and the latter two only rank sixth. Therefore, even after the direct merger of Coking Coal and Shan Mei, "New Coking Coal" can easily "lead" Shanxi coal enterprises, but there is still a certain gap with the domestic national energy, shandong energy, Shaanxi Coal Chemical and Yankuang Group.
At the same time, according to the reorganization arrangement, both the non-main assets of Coking Coal Group and the non-main assets that may be transferred by Shan Mei Coal Industry Group may be divested in the future to support other provincial state-owned enterprises to carry out professional reorganization. Therefore, there are still some variables in the asset scale of "new coking coal" in the future, which ultimately depends on whether the professional restructuring can meet the expectations, and the future progress is worthy of attention.
The above is a simple interpretation of several issues that Shanxi capital circle pays more attention to the market, which is only a personal view. Of course, there are still some questions or doubts about this reorganization. In the future, the Shanxi capital circle will interpret it in a timely manner in combination with relevant progress, so I won't say much this time.
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