Core Viewpoint - Shenhua Energy is acquiring twelve assets from its parent company, China National Energy Group, for a total consideration of RMB133.6 billion, which is expected to significantly enhance its coal resources and production capacity [1][3]. Acquisition Details - The acquisition will be financed with 30% of the consideration paid through the issuance of 1,363 million new A shares at RMB30.38, while the remaining 70% will be paid in cash [2]. - The deal is subject to approvals from relevant government authorities and independent shareholders [4]. Impact on Company Metrics - The acquisition is projected to increase Shenhua's coal resources by 65%, recoverable coal reserves by 98%, and coal output by 57% [3]. - Installed power generation capacity will rise by 28%, and production capacity of polyolefin will increase by 2.1 times [3]. - The proforma EPS is expected to enhance by 6% in 2024 and 5% in the first seven months of 2025 [3]. Shareholder Protection - To protect minority shareholders, profit guarantees have been secured for various coal assets for the next three to six years, although there are no guarantees for power and coal-chemical operations [4][6]. Financial Considerations - The target assets will require total capital expenditure of RMB70-80 billion over the next five years, but the operating cash flow from these assets is expected to cover this expenditure [5]. - The consideration values the target assets at 17 times the estimated earnings for 2025 based on annualized earnings for the first seven months of 2025 [4]. Concerns - Approximately 60% of the coal resources from the target assets are located in Xinjiang Autonomous Region, where Shenhua currently has no operations, and coal prices are lower compared to Inner Mongolia and Shaanxi Province, potentially affecting long-term profitability [6]. Rating and Target Price - The company's forecasts and HOLD rating remain unchanged, with a target price for Shenhua's H shares set at HK$42.5, reflecting a 5% average dividend yield for 2025-2027 [7].

Core Viewpoint - LyondellBasell is set to announce its third-quarter 2025 financial results on October 31, 2025, before the U.S. market opens, followed by a webcast and teleconference to discuss the results [1]. Group 1: Financial Results Announcement - The financial results will be announced before the U.S. market opens on October 31, 2025 [1]. - A webcast and teleconference will take place at 11 a.m. EDT on the same day [1][2]. Group 2: Teleconference Details - The teleconference will be hosted by David Kinney, head of investor relations [2]. - Participants can access the webcast 10 to 15 minutes prior to the start of the call at www.lyb.com/earnings [2]. Group 3: Replay Information - A replay of the call will be available from 1 p.m. EDT on October 31 until December 1, 2025 [4]. - Replay dial-in numbers include a toll-free option at 877-660-6853 and a toll number at 201-612-7415, with an Access ID of 13746207 [4]. Group 4: Company Overview - LyondellBasell is a leader in the global chemical industry, focusing on sustainable living solutions [4]. - The company aims to enable a circular and low carbon economy through advanced technology and focused investments [4]. - As one of the world's largest producers of polymers, LyondellBasell develops high-quality products for various applications, including sustainable transportation and healthcare [4].