深夜宣布！A股，又要见证历史

Core Viewpoint - China Shenhua (601088) has announced a significant acquisition plan to purchase assets from its controlling shareholder, China Energy Investment Group, with a total transaction price of approximately 133.598 billion yuan [1][6]. Summary by Sections Transaction Details - The adjusted acquisition plan involves the purchase of equity stakes in 12 target companies, with a transaction price of 133.598 billion yuan, which includes a cash payment and share issuance [1][3]. - The proportion of shares issued for asset purchase is 30%, while cash payment accounts for 70%, with a pricing benchmark of 29.40 yuan per share [3]. Target Companies - The acquisition includes 11 companies, with 100% ownership stakes in most, except for a 41% stake in Shaanxi Shenyan Coal Co. and a 49% stake in Shanxi Jingshen Energy Co. [4][5]. - Notably, the acquisition of 100% of the equity in China Shenhua Coal-to-Oil Chemical Co. is included, while the acquisition of 100% of China Energy Group E-commerce Co. has been removed from the plan [1][6]. Financial Implications - The overall transaction price for the 12 target companies is 128.671 billion yuan, adjusted to 133.598 billion yuan due to a capital increase of 4.927 billion yuan in China Shenhua Coal-to-Oil Chemical Co. [6]. - The company plans to raise up to 20 billion yuan through the issuance of A-shares to specific investors, which will not exceed 100% of the transaction price for the share issuance [7]. Strategic Benefits - This acquisition is expected to resolve competition issues within the industry, optimize resource allocation, and enhance core competitiveness [8]. - Post-transaction, the coal reserves will increase to 68.49 billion tons, a growth rate of 64.72%, while the recoverable coal reserves will rise to 34.5 billion tons, with a growth rate of 97.71% [8]. - The coal production capacity is projected to increase to 512 million tons, reflecting a growth rate of 56.57% [8]. Asset and Profitability Growth - By July 31, 2025, the total assets of China Shenhua are expected to rise from 635.909 billion yuan to 896.587 billion yuan, while the equity attributable to shareholders will increase from 406.505 billion yuan to 419.038 billion yuan [9]. - The net profit after deducting non-recurring items is anticipated to grow from 29.255 billion yuan to 32.637 billion yuan in the first seven months of 2025 [10].