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12 Departmental policies, bucking, obstruction, coal mergers and acquisitions will be a new climax
Coal mergers and acquisitions will be a new climax. After a long period of time, the coal industry merger and reorganization has received strong policy blessings. The National Development and Reform Commission, the Ministry of Finance and other 12 ministries and commissions jointly issued the "Opinions on Further Promoting the Transformation and Upgrading of Coal Enterprises' Mergers and Reorganizations" (referred to as "Opinions"), clearly proposing to support the merger of qualified coal enterprises or enterprises related to the industrial chain. Restructuring, by the end of 2020, strive to form a number of large-scale coal enterprise groups with a strong international competitiveness. It is worth noting that, unlike the past, this year will implement the merger and reorganization of key target enterprises and the main business directory management, and the asset management professional platform company will become a new force, which will help break the obstruction in mergers and acquisitions. The industry believes that the coal mergers and acquisitions in 2018 will set off a new high, and the pace of coal and electricity joint ventures will accelerate. List of catalogues to create a billion-ton giant in 2016, the supply side reform of the coal industry opened. According to the China Coal Industry Association, the number of coal mines nationwide has further decreased from 10,800 in 2015 to around 7,000 at the end of 2017. In the first 10 months, the proportion of large enterprises increased to 71.2%, of which the top 10 production ratio was close to 43%. However, "the number of small coal mines with poor safety support capacity is still high, and there are 3,500 coal mines with a capacity of 300,000 tons or less. The number of 'zombie coal mines' with depleted resources, long-term production suspension, high mining costs, and no hope of turning losses is still large." China Coal Industry Jiang Zhimin, vice president of the association, said. Pan Hanxiang, a researcher at the Yimei Research Institute, said that China’s current capacity-to-capacity goal has achieved phased results. Coal has changed from total capacity to structural capacity, and the main tone has been to improve the quality of the supply system in an all-round way. It is through mergers and acquisitions. The "Opinions" clearly stated that through mergers and acquisitions, the average size of coal enterprises has been significantly expanded, the number of medium and low-level coal mines has decreased significantly, the integration of upstream and downstream industries has been significantly improved, economic vitality has been enhanced, and the industrial structure has been optimized. By the end of 2020, we will strive to form a number of large-scale coal enterprise groups with a strong international competitiveness and develop and cultivate a number of modern coal enterprise groups. This wave of mergers and acquisitions will first be scraped to five types of problem enterprises. For the first time, the "Opinions" clearly stated that the coal industry management department, together with the relevant departments and units, is responsible for formulating the management methods for the merger and reorganization of key enterprises and main business directories, and carrying out the identification and disclosure of the list. Encourage the merger and reorganization of the main list enterprises to carry out mergers and acquisitions of the key enterprises of mergers and acquisitions. The new platform for the merger and reorganization of the asset management platform is in line with the previously announced coal industry development plan and other documents. The "Opinions" strongly promote the implementation of mergers and acquisitions of coal enterprises of different scales, different regions, different ownership systems and different coal types. But the difference is that it is clearly proposed to promote the central professional coal enterprises to reorganize other coal mines affiliated with coal-related enterprises, and to achieve professional coal enterprises to become stronger and better. Encourage state-owned assets supervision institutions at all levels to set up asset management professional platform companies, and integrate state-owned enterprises to start coal mine business through asset transfer and other means. In July 2016, Guoyuan Coal Asset Management Co., Ltd., a central enterprise coal asset management platform company funded by China Guoxin, Chengtong Group, China Coal Group and Shenhua Group, was established and operated, and coal resources integration was mainly undertaken by China Coal Group. On August 16 of that year, SDIC Energy Holdings shareholder SDIC signed a free transfer agreement with China Coal Group, and transferred 30.31% of its shares in Xinji Energy to China Coal Group without compensation. In May 2017, Poly Energy was transferred to the China Coal Group. At the local level, at the end of July 2017, the state-owned capital investment operation company of Shanxi Province was incorporated and the registered capital was as high as 50 billion yuan. Since November, all the shares of 14 listed companies, including the listing platform of Shanxi's seven major coal groups, have been transferred to the company without compensation and will be further integrated. Industry insiders said that large-scale coal mergers and acquisitions, especially cross-regional mergers and acquisitions, are not the first to be proposed, but because of the management system, interest distribution, personnel debt and other issues between regions, central enterprises and provincial enterprises, the difficulty is compared. Large, slow progress, and the involvement of the asset platform will break these obstructions, and in 2018, it will usher in the merger and reorganization tide of coal enterprises. Qiu Yuying, an analyst at Chuan Cai Securities, believes that the integration trend of the coal industry will intensify in 2018, and the merger of coal enterprises will enhance the bargaining power of the industry. In the view of Zhang Feilong, a researcher at the Yimei Research Institute, with the acceleration of the reform of Shanxi state-owned enterprises, the seven major coal groups will change their current forms of governance, product overlap and competition by restructuring and scalloping operations. The pace of coal-electricity joint venture is accelerating. The "Opinions" also support the development of coal-electricity joint ventures, combined with the pattern of coal-fired transportation, focusing on the central and eastern regions, and promoting coal-fired power companies with long-term stability and scientific and reasonable relationship with the purchase and sale of coal. Support coal and coal chemical enterprises to implement mergers and acquisitions according to market needs, and encourage steel companies, railways, port and shipping companies and coal enterprises with strength to implement mergers and acquisitions. Among them, the most important indicator of the wind vane is the reorganization and integration of Shenhua and Guodian. On November 20, 2017, China Guodian Group and Shenhua Group announced the formal reorganization and the establishment of the National Energy Group. The merger involves assets of more than 1.8 trillion yuan. On January 5, 2018, the latest announcement showed that the merger agreement between the National Energy Group and Guodian Group and the proposed merger agreement between China Energy Investment Group Co., Ltd. and China Guodian Group Co., Ltd. were approved. Accordingly, the National Energy Group intends to absorb the merger of Guodian Group, Guodian Group canceled, and the National Energy Group continued to exist as a combined company. Qiu Yuying believes that the most important downstream of the coal industry is thermal power. Its consumption accounts for about 47% of the total consumption of the coal industry. The implementation of coal-electricity joint ventures can not only solve the contradiction between coal and electricity, but also create more benefits. The two major industries of coal and power generation have been finely calibrated. Considering the positive attitude of the supervisory layer to coal-fired joint ventures, more coal-electricity joint venture projects will be promoted in the future, and the pace of coal-fired joint ventures will be accelerated. In the future, the way of coal and electricity joint ventures is not limited to the merger of coal and electricity, but also the mutual participation of coal and electricity. Considering that the current leverage ratio of coal enterprises is generally high, it is highly likely that power companies will participate in coal enterprises.