千亿级重磅并购 预案出炉！

Core Viewpoint - The capital market is witnessing a significant restructuring event as China Shenhua plans to invest 133.598 billion yuan to acquire equity stakes in 11 core energy companies under the State Energy Group and 100% equity of Inner Mongolia Jian Investment held by Western Energy, with total asset scale exceeding 200 billion yuan [2][3][7]. Group 1: Business Expansion and Competition Resolution - The acquisition will enhance China Shenhua's business scale, with total assets increasing by over 200 billion yuan, coal recoverable reserves rising to 34.5 billion tons (an increase of 97.72%), and annual coal production reaching 512 million tons (a growth of 56.57%) [7]. - The transaction involves the purchase of 100% equity stakes in various companies, including Guoyuan Power, Xinjiang Energy, and others, through a combination of A-share issuance and cash payment [5][3]. Group 2: Policy Support and Transaction Efficiency - The restructuring is supported by favorable policies from the China Securities Regulatory Commission (CSRC) and the State-owned Assets Supervision and Administration Commission (SASAC), which encourage mergers and acquisitions among state-owned enterprises [8]. - The newly implemented simplified review process for mergers and acquisitions will significantly enhance transaction efficiency, allowing for a maximum of 12 working days from acceptance to approval [8]. Group 3: Profitability and Shareholder Returns - The restructuring aims to create a full industry chain synergy, enhancing the company's quality and risk resistance, particularly in energy supply stability during peak demand periods [9]. - China Shenhua has committed to a cash dividend policy, ensuring that the annual cash dividend ratio will not be less than 65% of the net profit attributable to shareholders, with cumulative dividends exceeding 500 billion yuan since its listing [10].