Ge Long Hui A P P·2025-12-22 02:53Core Viewpoint - China Shenhua announced a restructuring plan that excludes the 100% equity stake in its e-commerce subsidiary, while maintaining other acquisition targets. The total transaction value is 133.598 billion yuan, with a payment ratio of 30% in shares and 70% in cash, at an issuance price of 29.4 yuan per share. Post-transaction, the State Energy Group's shareholding will increase from 69.52% to 71.48%. Additionally, the company plans to raise up to 20 billion yuan through a supporting A-share issuance [1]. Group 1 - The average price-to-book ratio for A-share thermal coal is 1.68 times, and the transaction price is slightly below the market average. The company is acquiring high-quality coal assets at a relatively reasonable valuation, which is expected to enhance resource volume [1]. - The restructuring is anticipated to activate the balance sheet, leveraging the company's strong cash flow generation capabilities post-restructuring. This will enable effective balancing of capital expenditures and high dividend commitments [1]. - China International Capital Corporation maintains a "outperform industry" rating for Shenhua's H-shares with a target price of 45 Hong Kong dollars [1].