Zhong Guo Jing Ying Bao·2026-02-12 15:05Core Viewpoint - China Shenhua (601088.SH) has received approval from the China Securities Regulatory Commission (CSRC) to issue shares for asset acquisition and raise supporting funds, indicating a strategic move to enhance its core business capacity and resource reserves [1][2]. Group 1: Transaction Details - China Shenhua plans to issue 1.363 billion shares to acquire assets from its controlling shareholder, China Energy Investment Corporation, and its wholly-owned subsidiary, with a cash payment ratio of 70% and share issuance ratio of 30% [1]. - The transaction involves 12 target companies across various sectors, including coal, coal power, and coal chemical industries, aimed at optimizing the company's entire industrial chain [1]. Group 2: Financial Metrics - As of July 31, 2025, the total assets of the target assets amount to 233.423 billion yuan, with a net asset value of 87.399 billion yuan [2]. - The target assets generated a revenue of 113.974 billion yuan in 2024, with a net profit of 9.428 billion yuan after excluding non-recurring items [2]. - The adjusted total transaction price is 133.598 billion yuan, reflecting a capital increase of 4.927 billion yuan in one of the companies post-evaluation [2]. Group 3: Impact on China Shenhua - Post-transaction, China Shenhua's coal reserves will increase to 6.849 billion tons, a growth rate of 64.72%, while its recoverable coal reserves will rise to 3.45 billion tons, marking a 97.71% increase [2]. - The coal production capacity is expected to reach 512 million tons, reflecting a 56.57% growth [2]. - The basic earnings per share (EPS) for 2024, after excluding non-recurring losses, will increase to 3.15 yuan, representing a 6.10% enhancement [2].