Hubei State-owned Assets Supervision and Administration Commission Shiyi Bird Hubei Energy Backdoor Sanhuan
The Tricyclic Group restructured the Axis Group, which in turn led the curve through the Sunyang Bearing, and then gave up its share of Shell Resources Sanhuan. "One in, one out," is so complicated. As the chief surgeon of two reorganization events, what is the intention of Hubei Provincial SASAC? 25 days after the suspension of trading, with the approaching of the resumption date of the Sanhuan shares on September 19, the official news of the Hubei Province said that the answer is about to be revealed: Under the SASAC, the Hubei Provincial Energy Group Co., Ltd. (hereinafter referred to as Hubei) Energy) FireWire Backdoor shares. On the morning of September 14, Xiong Weixiang, representative of Sanhuan Securities, said: “The reorganization is operated by the Hubei Provincial SASAC and the company is not aware of the details.†A number of people from Hubei Energy confirmed that the provincial SASAC was engaged in the reorganization. An investment bank official of Orient Securities bluntly stated that the Hubei State-owned Assets Supervision and Administration Commission of the Hubei Province has solved the problem of the ownership of the Axle Group for five years and has also contributed to the listing of Hubei Energy, which can be described as “two birds with one stoneâ€. Backdoor shares In fact, Hubei Energy's listing on the road seems to experience a cycle. In 2004, Hubei Qingjiang Hydropower Development Co., one of the main energy companies in Hubei Province, intended to be listed on the Changhang Phoenix Stock Exchange (formerly known as China Phoenix), and suffered unexpected death due to shareholder disputes and the participation of the Three Gorges Corporation. Since then, Qingjiang Company and Hubei Electric Power Development Co., Ltd. merged to establish Hubei Energy, aiming at direct IPO listing. In 2007, Changjiang Power invested 3 billion yuan in Hubei Energy. In April 2008, Hubei Energy Energy Stripped Hotels and other non-performing assets were restructured into joint-stock companies with a registered capital of 4.8 billion yuan. The three shareholders are the Hubei State-owned Assets Supervision and Administration Commission, the Yangtze Power Group and the Guodian Group, holding 50.96%, 41.69% and 7.35% respectively. . According to public information, Hubei Energy has formed three major sections: electricity, real estate and investment. The power project involves hydropower, thermal power, wind power, and nuclear power. It initially formed two major bases for hydropower in western Hubei and thermal power in eastern Hubei. At the same time, it participated in Changyuan Power, Changjiang Securities, and Hubei Coal Investment Company. As of the end of 2008, Hubei Energy had total assets of 29.057 billion yuan and net assets of 7.353 billion yuan. Hubei Energy's first half-year report on short-term financing bills in 2009 showed that from January to June this year, Hubei Energy achieved a main income of 2.05 billion yuan and a net profit of 598 million yuan, which is more than 50% of last year's total net profit. At the Hubei State-owned Assets Supervision and Management Conference in April 2008, Xiao Hongjiang, chairman of Hubei Energy, revealed that the company plans to visit the A shares in the same year and raise 3.6 billion yuan. The company plans to achieve a profit of 1 billion yuan by 2010 and an installed capacity of 8 million kilowatts. According to reports, the underwriter of Hubei Energy's choice is Galaxy Securities. In September 2008, the company passed the environmental protection review of the Ministry of Environmental Protection. When only the east wind owed, the financial storm raided and the listing of the A shares was suspended. In the first half of this year, A-share financing was restarted. According to sources close to the Hubei Provincial SASAC, Hubei Energy's decision to abandon the IPO option is due to the fact that the company's main business is hydropower and thermal power. It is not a new energy industry supported by the country and there is no advantage in the industry. Backdoor, a shortcut. "one stone two bird" From the perspective of brokerage firms, Tengneo is a shell company of listed companies. The Hubei State-owned Assets Supervision and Administration Commission has meticulously considered: Xiangyang Bearing is the largest state-owned enterprise in Xiangfan City, and now it is in a stalemate. In 2008, Fuyang Bearing achieved an operating income of 490 million yuan and a net profit of 13.29 million yuan. Its earnings per share was only 4 cents, a decrease of nearly 60% from the same period last year. At this time, Xiangyang Bearing needed to be rescued by a "white knight." After repeated failures to reconstruct marriage and love, there is not much room for Puyang Bearing to be selected at home. Under the guidance of the Hubei State-owned Assets Supervision and Administration Commission, the Sanhuan Group, which focuses on auto parts and special-purpose vehicles, is in love with Xiangyang Bearing, which also produces automotive parts. At the 2008 Annual General Meeting, Shu Jian, general manager of Sanhuan Group and chairman of Sanhuan Group, said that the group will transform the Sanhuan Group into an aircraft carrier for the special automobile and auto parts industry in Hubei Province through the restructuring of the Shuaisha Group. . After entering the main shaft group, the Three-ring Group owns two listed auto parts companies, one more shell resource. Informed sources disclosed that for more shell resources, the Hubei State-owned Assets Supervision and Administration Commission initially wanted to transfer it to Daye Nonferrous Metals Co., Ltd., which is also a provincial state-owned enterprise and a shareholder of Changjiang Power. However, after 2008, the price of non-ferrous metals fluctuates, and Daye's non-ferrous profit plummets. Eventually, Sanhuan Co., Ltd. spends less energy on Hubei Energy. Analysis of brokerage companies, such a reorganization of the cycle, the Hubei Provincial State-owned Assets Supervision and Administration Commission is mainly to take into account the Hubei Energy and Xiangyang Bearing industries are different, Xiangyang Bearing experienced many restructuring, the market attention. With some carelessness, reorganization may result in miscarriage. The Sanhuan Group and Shenyang Bearing can play an industrial synergistic effect, and it is easier to obtain the realization of the capital market. Hubei Energy's ownership of the Third Ring Shares can also be recognized by the capital market. "After Hubei Energy, Sanhuan Group and Yihua Group, there will be more companies with poor state-owned enterprises in Hubei Province who are underpaid." One person close to the Hubei provincial government said. The above-mentioned brokerage firm pointed out that compared with the net assets of Hubei's energy of 7.353 billion yuan, Sanhuan’s shares are much smaller in scale. According to the Third Quarter 2009 semi-annual report, the company achieved operating income of 2.6 billion yuan, net profit of 23.31 million yuan, and net assets of only 887 million yuan. "Hubei Energy Group will reverse the company's assets into listed companies through a private placement after it borrows shares from Shell Third Ring." 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