中煤财险拟增资3亿元，山西金控持股比例将超46%，或突破监管上限

Core Viewpoint - China Coal Property Insurance Co., Ltd. (referred to as "China Coal Insurance") plans to issue 300 million new shares at a price of 1.002 yuan per share, raising a total of 300.6 million yuan, all subscribed by its largest shareholder, Shanxi Financial Investment Holding Group Co., Ltd. (referred to as "Shanxi Financial") [1] Group 1: Shareholding Structure - Following the capital increase, Shanxi Financial's shareholding in China Coal Insurance will rise to 46.05%, exceeding the regulatory limit of one-third of the registered capital for a single shareholder [1] - The "Measures for the Administration of Equity of Insurance Companies" allow for exceptions to the shareholding limit under certain conditions, such as business innovation or group operations [2] Group 2: Company Background - Shanxi Financial, established in December 2015 with a registered capital of 10.6467 billion yuan, is a state-owned enterprise authorized by the Shanxi Provincial Government to manage financial investments [2] - China Coal Insurance, founded in October 2008 with a registered capital of 1.22 billion yuan, focuses on coal insurance and has diversified into agricultural insurance, auto insurance, and non-auto insurance [2] Group 3: Financial Performance - From 2009 to 2019, China Coal Insurance reported losses in all years except for 2014, accumulating over 600 million yuan in losses [4] - The company turned a profit in 2020 with a net profit of 3 million yuan, and continued to report profits in subsequent years with net profits of 17 million yuan, 33 million yuan, 4 million yuan, and 18 million yuan from 2021 to 2024 [4] - In the first half of 2025, the company achieved insurance revenue of 1.23 billion yuan, a year-on-year decline of 10.33%, while net profit reached 16 million yuan, an increase of over 60% [4] - As of June 30, the core and comprehensive solvency adequacy ratios were both 212.71% [4] Group 4: Shareholder Dynamics - In early 2024, China Coal Insurance's 100 million shares (8.2% of total equity) were put up for public transfer by China Coal Energy Group Co., Ltd. (referred to as "China Coal Group") at a base price of 91.55 million yuan [4] - This transfer marks China Coal Group's exit from the shareholder list of China Coal Insurance, following a previous board decision in December 2021 to divest its 8.2% stake [4][5] - The reason for the divestment is to optimize the layout of state-owned capital and focus on core responsibilities and national strategies [5]