Earlier in the early years, many people from the State-owned Assets Supervision and Administration Commission stated that central enterprises will be reduced to less than 100 during the year. Meeting of heads of central enterprises also made steady group level to promote enterprise mergers and acquisitions, to accelerate the iron and steel, coal, electric power business integration.
At the beginning of the Central Economic Work Conference, it was proposed to further promote the "three to one, one reduction and one supplement", continue to promote the steel and coal industries to resolve excess capacity, and prevent the resurgence of excess capacity that has been resolved.
The merger and reorganization of the steel industry has taken a step forward. In 2016, with the approval of the State Council, Baosteel Group Co., Ltd. and Wuhan Iron and Steel (Group) Co., Ltd. reorganized and established China Baowu Iron and Steel Group Co., Ltd. The new group expects to have a total capacity of more than 16 million tons between 2016 and 2018.
Chinese companies reported that mergers and acquisitions in the coal industry are also in the pipeline. Lian Weiliang, deputy director of the National Development and Reform Commission, revealed that the National Development and Reform Commission is studying ways to promote cross-industry mergers and acquisitions of coal-related enterprises in upstream and downstream industries, and support the establishment of cross-industry, regional and ownership enterprise platforms.
Lian Weiliang said that it is necessary to speed up the closure and elimination of small coal mines, summarize and promote the effective experience of some regional industries, encourage large coal enterprises to merge and reorganize small and medium-sized coal mines, and expand a number of large coal enterprise groups to further improve mining. Standards push the industrial structure to the middle and high end.
There are 22 coal enterprises in the central enterprise design, which are divided into three categories:
The first category is two professional coal companies: Shenhua Group and China Coal Energy (601898) Group;
The second category is 8 home appliance coal integration enterprises, including China Huaneng, China Datang, China Huadian, China Guodian, National Power Investment, SDIC, China Resources Group, and Chinalco ;
The third category is 12 coal-related enterprises, including Poly Group, China Railway Group (601390), China Coal Science and Technology, AVIC, and Xinji Huahua.
Shenhua Group is currently the largest coal company in China and the world's largest coal supplier.
China Coal Energy Group is mainly engaged in coal production and trade, coal chemical industry, pit power generation, coal mine construction and coal machinery manufacturing. Its main business is close to Shenhua.
China Coal Science and Technology Co., Ltd. was jointly established by the two central enterprises of China Coal International Engineering Design and Research Institute and Coal Research Institute in April 2008, mainly focusing on the design and engineering contract of coal industry.
The China Coal Geology Bureau is mainly engaged in the exploration of coal and chemical resources.
Under the background of the reduction of central enterprises and the de-capacity of coal, these four enterprises are undoubtedly the focus of restructuring of central enterprises in the coal sector. In May 2016, the industry once reported that China Coal Science and Technology should be integrated into Shenhua. Although both parties denied contact and planning reorganization afterwards, some insiders believed that Shenhua and China Coal Science and Technology were reorganized to meet the conditions.
China Coal Science and Technology Co., Ltd. has long been committed to the transformation of high-efficiency and low-carbon utilization technologies for coal, in the development and utilization of coal-water slurry, coal-bed methane, coal-fired boilers, coal-based carbon materials, coal tar hydrogenation and industrialization of water treatment technologies. Has a clear advantage.
Shenhua is also actively promoting the clean and efficient use of coal, developing new energy sources, developing energy conservation and environmental protection industries, and developing clean energy technologies and services. The reorganization of the two sides has obvious synergistic effects, which can strengthen the scientific and technological research and development capabilities, promote the clean utilization of coal in the whole industry, the whole life cycle, and the entire industrial chain. It is also conducive to promoting the reform of Shenhua's management mode to state-owned capital investment and operation companies.
However, from the perspective of coal to capacity, the restructuring effect of Shenhua and China Coal Science and Technology is not obvious. Cao Yu, chief analyst of Cinda Securities, said that the coal industry is still in a downturn, and the superposition of enterprise scale is not significant. It is also easy to form a new coal giant, which will bring resistance to the later energy transformation.
The China Enterprise News said that the possibility of restructuring coal companies and downstream power generation companies may be even greater. In the process of rising coal prices in the past, power companies have entered the coal field in order to reduce costs. Up to now, Huaneng Group, Datang Group, Guodian Group, National Power Investment Group and Huadian Group have all held coal mines with a total capacity of 179.66 million tons. Among them, Huaneng Group's coal production capacity was 68.93 million tons, accounting for 38% of the total. Shenhua has also entered the power generation field, and plans to reach 118 million kilowatts of thermal power by the end of 2020.
It is worth mentioning that coal and power cooperation have received policy support from relevant authorities. In April 2016, the National Development and Reform Commission issued the "Guiding Opinions on the Development of Coal-Electric Joint Ventures", stating that the development of coal-electricity joint ventures is conducive to the construction of coal-electricity cooperation mechanisms for sharing interests and sharing risks, alleviating the contradiction between coal and electricity and promoting the development of green recycling.
A number of industry insiders said that the reorganization of coal enterprises and power generation enterprises, forming the same main body is the best form of coal-electricity joint venture, can form a competitive advantage of the entire industry chain, and play a synergistic effect. In combination with the direction given in the "Opinions", Shenhua and China Coal Energy may be restructured with power generation companies that hold more coal assets downstream.
According to insiders of Shenhua Group, Shenhua has carried out several mergers and acquisitions, and is planning a larger restructuring plan.
The goal of the central enterprises to resolve the excess capacity of steel and coal is to reduce the existing capacity of steel and coal by about 15% in five years from 2016, and strive to reduce the existing capacity by about 10% in two years. Iron and steel enterprises will become stronger and better, and the resources of coal-fired integrated enterprises will be optimally allocated. Other coal-related central enterprises will withdraw from the coal industry in principle, speed up the resolution of historical legacy and corporate social problems, and the corporate structure will be more rational, and their vitality and competitiveness will be significantly enhanced. .
In the “13th Five-Year Plan for Coal Industry Development†formulated and issued by the National Development and Reform Commission and the Energy Bureau, it is required to strictly control new production capacity, orderly withdraw excess capacity, actively develop advanced production capacity, promote mergers and acquisitions of coal mining enterprises, and promote structural adjustment and Optimize and upgrade to improve the quality and efficiency of coal industry development.
Specifically, from 2016, within three years, in principle, the approval of new coal mine projects, new capacity production technology transformation projects and capacity enhancement projects will be stopped.
Any illegal construction of coal mines that are not authorized to start construction shall be suspended and stopped. If the tasks of production depletion, personnel transfer and resettlement of resources depleted mines are required to continue construction, the coal mines of corresponding scale shall be closed down for reduction.
Encourage the construction of coal mines under construction to stop construction, and temporarily release the production capacity. For those that cannot be suspended for construction, the production capacity will be shut down according to a certain proportion of coal mines or nuclear production capacity.
If it is necessary to build a new coal mine within the planned layout due to structural adjustment, transformation and upgrading, etc., the coal mine of the corresponding scale shall be closed for reduction and replacement. The construction scale of new coal mines is not less than 1.2 million tons/year.
In the border minority areas where the coal market is relatively independent, the key projects such as coal power and coal deep processing that conform to the national planning and industrial policies will be arranged in an orderly manner in accordance with the different capacity reduction methods. Operational efficiency.
The "Plan" proposes to adhere to the principle of combining market leading, enterprise main body and government support, support merger and reorganization of advantageous coal enterprises, foster large-scale key enterprise groups, increase industrial concentration, and enhance market control and anti-risk capabilities.
In principle, a mining area is required by a main body to support large-scale enterprises to develop large-scale coal mines, integrate scattered mining rights in mining areas, and improve the scale and intensification of resource exploration and development.
Support coal mine enterprises in key areas such as Shanxi, Inner Mongolia, Shaanxi, Xinjiang and other strong coalition enterprises to form a large-scale coal mining enterprise group across regions, industries and cross-owners, and promote the optimal allocation of coal production factors nationwide.
Adhere to the combination of coal and electricity, coal transportation and coalification, and encourage upstream and downstream enterprises in the coal, power, transportation, coal chemical and other industrial chains to restructure or develop large proportions of cross-shareholdings, create a competitive advantage in the entire industry chain, and better play synergies. Realize mutual benefit and risk sharing.
"Promoting restructuring and integration should focus on highlighting the main business as the core." Experts from the China Enterprise Research Institute said. For example, after the establishment of Baowu Group, through the integration of planning the original Baosteel Zhanjiang base and the original WISCO Fangchenggang base, it can reduce investment by about 40 billion yuan and reduce the production capacity of 10 million tons of new steel. Experts believe that this year, power and coal will become an important area for mergers and acquisitions of central enterprises.
Xiao Yaqing, director of the State-owned Assets Supervision and Administration Commission, said that this year will further promote the implementation of specialized restructuring, support central enterprises to take advantage of leading enterprises and listed companies as a platform, through equity cooperation, asset replacement and other means to integrate homogenization business.
Since last year, Shenhua Group, Shanxi Coking Coal Group, Shandong Energy Group and Yankuang Group have established state-owned capital investment companies.
Some analysts said that the reform of state-owned capital investment companies will not only promote the internal restructuring of state-owned coal group companies, but also the possibility of industrial integration.
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