千亿级重磅并购，预案出炉！

Core Viewpoint - 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 [1][2]. Group 1: Business Expansion - The acquisition will significantly increase China Shenhua's business scale, with total assets expected to rise by over 200 billion yuan [2][3]. - Coal reserves will increase to 34.5 billion tons, a growth rate of 97.72%, while annual coal production will rise to 512 million tons, reflecting a growth rate of 56.57% [2]. - Power generation capacity will increase to 60.881 million kilowatts, a growth rate of 27.82%, and polyethylene production will rise to 1.88 million tons, with an increase of 213.33% [2]. Group 2: Industry Integration - The restructuring is a significant move for state-owned enterprises to address long-standing issues of intra-industry competition since 2004, enhancing resource reserves and core business capacity [3][4]. - The integration will optimize the entire industry chain, improving core competitiveness and supporting clean production and operational cost reduction [3][5]. Group 3: Policy Support - The restructuring is backed by favorable policies, including the simplified review process introduced by the China Securities Regulatory Commission, which will expedite the transaction [4]. - The new review process allows for a maximum of 12 working days from acceptance to approval, significantly enhancing transaction efficiency [4]. Group 4: Profitability Enhancement - The restructuring aims to create a full industry chain synergy, enhancing the company's quality and risk resistance, particularly during critical energy supply periods [5][6]. - 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 [5][6]. Group 5: Market Impact - The restructuring is seen as a model for capital market service to the real economy and a benchmark for state-owned enterprise reform, potentially increasing market activity and scale [6]. - As of December 19, China Shenhua's stock price was 40.59 yuan per share, with a market capitalization of 790.9 billion yuan [7].