远达环保272亿重组过会推进转型 “蛇吞象”式并购完成总资产或增6倍

Core Viewpoint - The asset restructuring of Yuanda Environmental Protection, led by State Power Investment Corporation, has successfully passed the Shanghai Stock Exchange review, aiming to enhance its business scale and profitability through the acquisition of hydropower and wind power assets [1][2][6]. Group 1: Restructuring Details - Yuanda Environmental Protection plans to acquire 100% equity of Wuling Power and 64.93% equity of Changzhou Hydropower for a total consideration of 271.8 billion yuan, funded through share issuance and cash payments [1][2][4]. - The restructuring has been in progress for nearly a year, with the initial proposal released in October 2024 and the formal application accepted by the Shanghai Stock Exchange in June 2025 [2][3]. - The restructuring will allow Yuanda Environmental Protection to integrate hydropower and wind power operations, enhancing its core competitiveness in the context of China's green energy transition [2][3]. Group 2: Financial Impact - Post-restructuring, Yuanda Environmental Protection's total assets and equity attributable to shareholders are projected to reach 682.55 billion yuan and 159.23 billion yuan, representing increases of 618.23% and 209.02% respectively compared to pre-restructuring figures [1][6]. - The acquisition price represents 527.48% of Yuanda Environmental Protection's net assets as of the end of 2024, with the total assets of the acquired companies accounting for 618.23% of Yuanda's assets [5][6]. - The projected increase in operating revenue and net profit post-restructuring is expected to be 146.61% and 2361.37% respectively, significantly enhancing the company's financial performance [6][5]. Group 3: Shareholding Changes - Following the restructuring, State Power Investment Corporation's shareholding in Yuanda Environmental Protection will decrease from 43.74% to 7.8%, while China Power will become the controlling shareholder with a 46.04% stake [3][4]. - Despite the change in shareholding structure, the ultimate controlling entity remains State Power Investment Corporation, ensuring continuity in strategic direction [3][4].