116.94亿元！一能源国企重大资产重组获审核通过

Core Viewpoint - Huaihe Energy's major asset restructuring has been approved, allowing the company to acquire 89.3% equity of Huaihe Energy Power Group from its controlling shareholder, Huainan Mining Group, through a combination of issuing shares and cash payment [1][2]. Summary by Sections Transaction Details - The transaction involves a total asset valuation of 11.694 billion yuan, with a cash payment of 1.754 billion yuan and a share payment of 9.94 billion yuan. The share issuance price is set at 3.03 yuan per share, resulting in approximately 3.28 billion shares being issued, which will account for 45.77% of the total share capital post-issuance [5]. Regulatory Approval - The Shanghai Stock Exchange's M&A Review Committee approved the transaction on November 5, 2025, confirming that it meets restructuring conditions and information disclosure requirements. However, the transaction still requires registration approval from the China Securities Regulatory Commission, which introduces uncertainty regarding the timing and outcome of the registration [1][2]. Business Impact - Prior to the restructuring, Huaihe Energy's main business segments included thermal power generation, electricity sales, railway transportation, and coal blending. Post-restructuring, the company is expected to expand its thermal power generation business, enhancing its operational synergy and industry positioning in the energy supply sector [5][6]. Financial Performance - In the third quarter, Huaihe Energy reported revenues of 7.566 billion yuan, a year-on-year decrease of 2.67%, while net profit increased by 13.97% to 305 million yuan. For the first three quarters of 2025, total revenue was 21.303 billion yuan, down 9.71%, and net profit was 752 million yuan, down 10.69% [6].