The above-mentioned *ST Xinji Securities Representative Office bluntly told the reporter of National Business Daily that *ST Xinji had not been transferred before. "This may be more of a matter for discussion between the two central enterprises."
Talking about the current operation of *ST Xinji, the above-mentioned people said that they have gradually stepped on the right track and it is more likely to take off the ST hat. In view of the relatively independent operation mode of *ST Xinji, the change of major shareholders will not have much impact on the normal operation of the company.
As for the reasons for the equity transfer, the above-mentioned *ST Xinji Securities Representative Office believes that it is more due to the advantages of China Coal Group's entire industrial chain and can complement *ST Xinji. For the integration after the transfer, it indicates that the style may change in the future, but the new management of *ST also has its own advantages, and the two sides should be able to integrate well.
Jiang Chun also believes that China Coal Group also values the higher management level of *ST Xinji, which will be more conducive to the cooperation between the two parties and expand the influence of China Coal. On the other hand, *ST Xinji is located in the Yangtze River Delta, close to the developed coastal markets, which is conducive to market coordination. China Coal Group still values the position of *ST Xinji in the coal industry.
* ST Xinji announcement shows that the free share transfer agreement can take effect only after it is approved by the State Council SASAC, and the CSRC has no objection to this matter and exempts the transferee from the obligation of tender offer.
In Jiang Chun's view, the transfer was led by SASAC and reached through negotiation between two central enterprises. "It is impossible to talk about who is active and who is passive, and it is more based on the industrial situation." The progress of equity transfer should be faster than expected.
SDIC has announced in the bond information that it will transfer some shares of SDIC Power and *ST Xinji to China Shipping for free. At the end of July, it was also announced that in order to promote the industrial integration of central enterprises, it was planned to transfer the equity of *ST Xinji to other central enterprises.
China Coal Group said that the SDIC coal industry will participate.
In early July, the State-owned Assets Supervision and Administration Commission (SASAC) announced that SDIC will promote the transformation of coal companies into mineral resources development enterprises and will completely withdraw from the coal business in the next five years. According to Jiang Chun, the transfer is not only a new set of *ST, but also "the coal plate of SDIC must come in"
The reporter noted that the main business entities of the SDIC coal sector mainly include wholly-owned subsidiaries SDIC Coal Co., Ltd., SDIC Coal Investment (Beijing) Co., Ltd. and its holding subsidiary *ST Xinji. Since 20 15, the pace of construction of the company's major coal projects has slowed down, and the raw coal output and commodity sales of the company's holding coal enterprises have declined.
According to SDIC's bond issuance tracking rating report, by the end of March 20 16, the number of completed coal mines in SDIC had been reduced to 16 pairs, with an approved production capacity of 36.93 million tons. In 20 15, the company realized total operating income of10424 billion yuan and total profit of11300 million yuan. The operating income of the coal sector reached119.07 million yuan, but the gross profit margin was only 3.87%. In the first quarter of 20 16, the operating income of SDIC coal sector was 3.737 billion yuan, accounting for 15% of the total revenue, and the gross profit margin was 24.4 1%.
So, what is the logic of China Coal Group to absorb and create SDIC coal plate? Jiang Chun believes that it is more the superposition of various factors. Under the background of overcapacity, the spatial overcapacity in the coal industry is particularly prominent, and the supply-side reform has to be carried out, which coincides with the reform of state-owned enterprises and creates opportunities for equity transfer. At present, China Coal Group pays more attention to the strategic coordination after take-off and take-off merger.
As a pilot company of state-owned capital investment and operation, SDIC has always advocated "small headquarters, big industry", fulfilling the responsibilities of investors for the invested enterprises, but rarely participating in specific operations, which is different from the management model of China Coal Group. Can the turned coal plate adapt?
Jiang Chun said that the two sides may be different in corporate culture, but both sides, both state-owned assets, are more * * * than personality, and may have minor problems, but they can find a point of convergence, which will eventually lead to better integration.