Large central enterprises cage for birds: Shaogang eight steel restructuring or restart of
Further reading: Angang Benxi merge both clarify rumors analysts say the merger is still possible; Chinese steel industry consolidation and then start big: after Angang Steel Shougang River? ]
In the supply-side reforms and capacity to the background, from the central to the local state-owned enterprises, which borrow in the capital markets, asset maneuvers generous brilliant.
CNPC's listed on the internet * ST Ji Chai, * ST Tianli asset replacement program just set, sudden suspension Shougang shares of the market looking forward to its subsequent integration of assets. In fact, this year, the central enterprises Baosteel Group, China Minmetals Group, to local businesses Valin Group, Chongqing Iron and Steel Group, the state-owned giants have been in "the cage for a bird" approach to surplus and outmoded production capacity set out the listed companies, in turn instead new industries.
"On the surface (in these cases) are listed on the Group's high quality assets, but the deep point of view, should be an important measure to implement the current reform of state-owned enterprises and the supply-side reforms, especially in the 'capacity to' the core issue." There market analysts told reporters that by listed companies, "the cage for a bird", the elimination of backward production capacity out of the excess, but the important task of state-owned giants in the future reform.
Even a generous central enterprises
Through its diesel economy and * ST * ST Tianli both listing platform, CNPC over billions quality assets will enter the capital market, called the large central enterprises borrowing capital market "cage for a bird," the benchmark case.
* ST Jichai programs stunning A-share market. Through the replacement of assets of listed companies will release all of the assets and liabilities that have received CNPC 75.5 billion yuan of financial assets, turned financial stocks. In addition, including the construction of the capital, Aerospace Information, China Aviation Development, Beijing Gas, the state capital of venture capital funds, Taikang assets, Channel energy, CSCL, CITIC Securities and China vehicles gold card and many other powerful central rate others provide up to 190 billion in financial assistance.
The breakdown into the listed company of a number of financial assets, the assets owned CNPC Kunlun Trust 82.18% shares and 25% shares of Shandong Trust, and from the Kunlun Bank, Kunlun Financial Leasing, to the Italian Life, PICC and Italy, etc., have almost full financial license for the a-share market scarce investment targets. After * ST JiChai bring this program to resume trading, the market has so far reported three daily limit.
* ST Jinan Diesel disclosure program less than a week, * ST Tianli program followed, the market also frightening. After injection of the eligible project CNPC 25.1 billion yuan of assets, * ST Tianli main business will change the development, production and sales of petrochemical products for the petroleum engineering design, construction and general contracting construction projects and other related business.
For the series of capital operation, the oil group said the move to implement the country to actively promote the spirit of state-owned enterprises listed as a whole and mixed ownership reform.
Tianli addition to * ST, * ST Ji Chai, the CNPC also owns Daqing Branch and other listed internet. Its official website shows, in addition to oil and gas business, engineering and technical services, petroleum engineering construction, petroleum equipment manufacturing, financial services, the Group also has a new energy development business.
CNPC overwhelmed operation definitely not the case. As early as May this year, another large central enterprises Minmetals Group has announced its listing platform * ST Jinrui divestiture and financial assets injection. According to the time plan, * ST Jinrui Minmetals price of 18.336 billion yuan to acquire 100% equity capital, 1.86% stake in Minmetals trust, Minmetals Securities 3.4% stake, 10.40% stake in Minmetals easy to futures; the same time, the company intends to raise matching owned not more than 15 billion yuan. After the completion of the reorganization, * ST Jinrui company will suffer losses in transition to become a comprehensive financial holding platform fully licensed.
Turning to the central enterprises "cage for a bird" preference financial assets, investment bank, told reporters that:. "In fact, there is not much mystery, mainly market valuation is high, is conducive to increasing the value of state assets after the state-owned enterprise leaders to He said that the annual assessment is the first place. in addition, you may not meet the pre-conditions for listing of these financial assets in recent years through the cultivation conditions are reaching access to capital markets, the most important is a good performance. "
Local state-owned assets to follow suit
Central enterprises "cage for a bird" technique to the local state-owned enterprises in transition provides a new idea, Valin Steel is one of the earlier imitators, Chongqing Iron & Steel is also currently planning to suspend injection Chongqing Yufu Asset Holdings.
Restructuring plan shows that Valin Xiangtan Iron & Steel intended to be in addition to a 100% stake in saving all the assets and liabilities and the largest shareholder of Valin Group asset replacement. After completion of the transaction, Fortune Securities Valin Iron & Steel will hold 100% equity, 96% stake in Hunan Trust, Lucky Life 29.19% stake in Xiangtan 100% stake in energy-saving, energy-saving 100% stake in Valin, will become engaged in securities, trust, insurance, etc. financial services and energy-saving power generation dual main industry integrated companies.
On the one hand it is completely stripped Valin Iron & Steel steel main, on the other hand is Valin Group's banking business inject its operation envisaged with Minmetals, CNPC same.
In addition to Valin Iron & Steel, the current southwest steel "giant" Chongqing Iron & Steel also planned to suspend injection Chongqing Yufu Asset Holdings, restructuring framework also locked in the financial sector. August 31, Chongqing Iron & Steel, Chongqing Iron & Steel Group and Yufu Holdings signed a "major asset restructuring framework agreement" intends to sell its Chongqing Iron & Steel all the steel business assets, injection Yufu Holding the areas of finance, industry, investment and other high-quality assets .
Nearly Chongqing State-owned pointed out Yufu controlling the disposal of financial non-performing assets of the company by the State Council special approval, as well as the country's first local state-owned, comprehensive, specialized treatment NPLs asset management company, is Chongqing determined first pilot units home state owned enterprise reform. Currently, the state-owned capital operating company with a prototype.
Hand quality Chongqing State-owned industrial resources, utilizing its listing platform "cage for a bird," there are a lot of wonderful drama, the latest case is the * ST Jianfeng. Since the macroeconomic downturn and overcapacity main products of urea and polytetrahydrofuran sales prices up sharply, * ST Jian Feng had to embark on the path of restructuring, the controlling shareholder Jianfeng Group intends to sell all of the assets and liabilities (except East Ling International 706.90 million shares of restricted shares), while the acquisition of State-owned Chongqing's Chongqing pharmaceutical 96.59% stake. After completion of the transaction, the listed company's main business will be converted to chemical medicine.
Sources close to Chongqing SASAC, told reporters: "Chongqing Iron & Steel, * ST Jianfeng two companies, one is steel, a chemical, industry downturn itself, to the point of view of production capacity from the arduous task of restructuring framework, to capacity. imprinting is very obvious. "
Currently, Chongqing's state-owned Sichuan Instrument shares, Yu Sanxia A, Chongqing Department Store have been suspended. However, these people are more optimistic about the Chongqing development restructuring, on the grounds that local state-owned real estate company limited strength, the company is currently a serious decline in performance. And a similar situation with the Chongqing Development is owned by state-owned Anhui Hefei Urban Construction, 2015, the former controlling shareholder Hefei State-owned Assets Holdings Ltd. Xingtai Holding transfiguration, when the market hot Xingtai Holding Holding Yuexiu whether to emulate to Hefei Urban Construction inject their financial assets.
Who is the next JiChai?
With Baosteel and Wuhan Iron and Steel Group, the level of integration in the open, * ST Shaogang, * ST Bayi Steel to restart the reorganization or can be expected. Minmetals same concern, it's * ST five dilute likely to become the next "cage" object.
It is contemplated that the follow-up there will be more central enterprises and local state-owned enterprises in the "cage for a bird" constantly have new moves. Who is the next JiChai it?
Although * ST injection Baosteel Group Shaogang planning financial assets, * ST Bayi Iron & Steel Baosteel Group intends eligible NOTE industrial gases business major asset restructuring have been terminated, but in view of the two companies, "self-help" is not likely, as Baosteel and Wuhan Iron and Steel at group level integration of open, * ST Shao, * ST Bayi steel to restart the reorganization or can be expected.
Semi-annual report, * ST Shaogang January-June loss of 228 million yuan, * ST Bayi Steel in the first half with a loss of 313 million yuan, although a substantial year on year reduced losses, but due to steel price trend of ups and downs, its outlook is still not optimistic. Wherein, * ST eight steel made it clear that the steel industry in the first half of Xinjiang weak market demand, steel prices low capacity utilization, low volatility in prices of steel products, regional markets continued to show excess capacity, supply and demand contradiction running posture, the company still faces the production and operation and risk suspension of listing.
Reporter Now Baosteel Group's official website, in addition to the iron and steel industry, the current Group also has financial, services, real estate three plates. Among them, the financial assets are called "Warburg line", covering banking, trust, securities, funds, financial leasing, insurance and other financial services; investment and financing, mergers and acquisitions and other capital operations, PE \ VC and other venture capital business; services industry, including electricity, logistics, processing, data, resources, services, iT, engineering, production and living services business; real estate sector (treasure home) is commercial real estate, pension estate experience real estate, industrial real estate, logistics, real estate, residential development and property management business.
From the point of view of financial assets, Fortune Trust 2015 total operating income of 1.231 billion yuan, profits of 282 million yuan; Fortune SGAM Fund achieved operating income of 1.456 billion yuan, profits of 470 million yuan; Warburg Securities to achieve operating income of 640 million yuan, total profit of 210 million yuan, to the end of 2015 the total asset management business scale of 151 billion yuan.
Services sector, Baosteel Metal's main business includes metal products, metal packaging, industrial gas, automotive trade, in 2015 operating income of 10.143 billion yuan, profits of 308 million yuan; Baosteel Resources is principally engaged in investment, trade and logistics Mineral Resources service in 2015 operating income of 29.4 billion yuan; Baosteel engineering business covers general contracting, project management and engineering consulting, engineering design, project bidding, project supervision, equipment design and manufacturing, equipment supply, construction, management, operation and maintenance, product inspection, in 2015 operating income of 10.665 billion yuan.
In addition, the operation has been the case prior Minmetals same concern, it's * ST five dilute likely to become the next "cage" object.
Semi-annual report shows that from January to June this year, * ST five dilute net loss of 36 million yuan, up 2575.37 percent drop, mainly due to the rare earth market still in the doldrums during the reporting period, some rare earth products sales prices continue to decline.
A long-term tracking Minmetals Analysts pointed out that, after the merger Minmetals Group, China Metallurgical Group, the two sides will accelerate the integration of resources. However, the Group's asset quality has been very modest, and China Metallurgical Group's general contracting, housing construction, transport infrastructure, mine construction and development, steel and other assets of listed companies China Metallurgical (4.110, -0.02 in, -0.48%) in the hands, there are only environmental engineering and new energy assets. Therefore, * ST Paul Shell five dilute the test of Minmetals Group's management wisdom.