A股最大重组并购案出炉 中国神华1336亿收购控股股东旗下12家公司

Core Viewpoint - China Shenhua (601088.SH/01088.HK) has announced a major acquisition plan involving the purchase of equity stakes in 12 target companies from its controlling shareholder, China Energy Group, with a total transaction value of 133.598 billion yuan, making it the largest acquisition in the A-share market to date [1][5]. Group 1: Transaction Details - The acquisition will be financed through a combination of 30% share issuance and 70% cash payment, with cash payment amounting to approximately 93.519 billion yuan [1][6]. - The target assets include key segments of the energy industry such as coal mining, coal power, coal chemical, and port shipping, with specific companies like Guoyuan Power and Xinjiang Energy being part of the acquisition [2][4]. - Compared to the previous proposal, the acquisition plan has removed an e-commerce company from the list of target assets [3]. Group 2: Asset and Financial Impact - Post-acquisition, China Shenhua's coal reserves will increase from 41.58 billion tons to 68.49 billion tons, a growth of 64.72%, while its recoverable coal reserves will nearly double from 17.45 billion tons to 34.50 billion tons, reflecting a 97.71% increase [7][8]. - The company's coal production capacity will rise to 512 million tons per year, marking a 56.57% increase, and its installed power generation capacity will grow by 27.82% to 60,881 MW [8]. - The acquisition will also enhance the company's chemical production capacity, with polyethylene output increasing from 600,000 tons to 1.88 million tons, a growth of over 213% [9]. Group 3: Financial Projections - Following the transaction, the total assets of China Shenhua are projected to increase from 635.909 billion yuan to 896.587 billion yuan, while total revenue is expected to rise from 162.266 billion yuan to 206.509 billion yuan [9]. - The net profit attributable to shareholders is forecasted to increase from 29.255 billion yuan to 32.637 billion yuan, indicating a positive impact on the company's profitability [9][10]. - The projected earnings per share for 2024 is expected to rise to 3.15 yuan, an increase of 6.10%, and for the first seven months of 2025, it is expected to reach 1.54 yuan, an increase of 4.40% [10].