CHINA SHENHUA ENERGY(601088)：ASSET INJECTION TO ENHANCE LEADING POSITION

机构：中金公司 研究员：Yan CHEN What happened China Shenhua Energy (Shenhua) announced its plans to issue shares and pay cash to acquire coal mines, pithead coal power plants, and coal- to-oil, coal-to-gas, and coal chemicals projects from its controlling shareholder, China Energy Investment Corporation. On the evening of August 3, management held a conference call to discuss these asset acquisitions. Total net assets of the 13 assets to be acquired by Shenhua range between Rmb100-150bn, and we estimate the considerat ...