Shanxi coal restructuring and opening　    

With the deepening of the supply side reform in the coal industry, Shanxi Jinneng group and Shanxi International Energy Group announced the merger and reorganization recently.

According to Shanxi's previously announced coal industry supply side reform ideas, Jinneng group as a pilot project, the reorganization can be a prelude to Shanxi coal enterprises restructuring.

In the reform of this round of coal industry, the merger and reorganization of coal enterprises is an important direction.

Analysts believe that the reorganization is only the beginning, and there should be a large coal group merger, which is part of the supply side reform of the coal industry.

Merger and reorganization of Jinneng group

The evening of June 6th, top energy announced that in June 6th the company received a controlling shareholder of the Shanxi International Electricity Group Limited Company sent "on the people's Government of Shanxi Province Energy Group Co. Ltd and Shanxi International Energy Group Limited merger reorganization of the notice" Jin said, the Shanxi Energy Group Company Limited (hereinafter referred to as the Shanxi Energy Group) and Shanxi International Energy Group Ltd. (International Energy Group) two enterprises merge reorganization.

The establishment of the reorganization is mainly in Shanxi Province, 11 districts and municipal SASAC held a total of Shanxi state-owned equity group limited 35.9439%, shall be transferred by the people's Government of Shanxi Province, the state-owned assets supervision and Administration Commission (hereinafter referred to as the "provincial SASAC") held, Jinneng group changed to the provincial SASAC as the investor the state-owned company.

In addition, provincial SASAC holds a 100% stake in Shanxi energy group, international energy group 100% equity investment, the establishment of Shanxi Shanxi International Energy Group limited. Jinneng group, international energy group total assets, business, personnel reorganization, two enterprises for cancellation.

The announcement also shows that Jinneng group holds 100% stake in Shanxi International Electricity Group Limited Company, the controlling shareholder of the company. The above matters will not have a significant impact on the company's normal production and operation activities. The controlling shareholder of the company is still the Shanxi International Electricity Group Limited Company, and the actual controller is still the provincial SASAC.

It is understood that the international energy group is one of the key enterprises in the province. The registered capital is 5 billion 200 million yuan, the total assets are 41 billion yuan, and more than 30 wholly owned and controlled share companies. Its predecessor was Shanxi local electric power company, which was founded in 1989. To build the company into the international advanced enterprises, approved by the State Ministry of Commerce and the Shanxi Provincial People's government, and the Korea Electric Power Corporation, Japan Power Development Corporation, Japan Chinese Electric Power Co., three industry investor and Deutsche Bank, a financial investor joint venture Gemeng International Energy Company Limited, the registered capital of 10 billion yuan. To date, it has become the largest and largest domestic and foreign joint venture in Shanxi.

Coal industry analysts said, the two are state-owned enterprises, such as the restructuring announcement which is written "in view of the reorganization of the two companies are state-owned enterprises, the reorganization of assets assessment, may not be" relatively easy, because there is no state-owned enterprises and private enterprises merger, nor the existence of state-owned assets the situation of the loss.

In his view, the body of the international energy group is not very large. It is also a state owned enterprise. After the two mergers, they can make good use of their strengths and channel advantages in production, transportation and sales.

Shanxi coal enterprises restructure the prelude

Since the beginning of this year, the supply side reform of the coal industry has been continuously promoted. As a big coal province, Shanxi has been in the forefront of reform because of the fact that the major coal groups are in trouble.

In April 25th, Shanxi Province issued "the opinions of Shanxi province coal supply side structural reform" (hereinafter referred to as the "opinions"), said the focus on the province's coal industry to production, to the inventory, to leverage, to reduce cost, make a short board, to promote the province's coal supply side structural reform.

Among them, the "opinions", to actively promote the Datong Coal Mine Group, Shanxi energy group and other reform pilot work. This is the future of the integration of coal resources in Shanxi province and the restructuring of coal enterprises.

In fact, as early as last year, Shanxi Province, on the choice of the Datong Coal Mine Group, Jinneng group as a pilot reform, reform of state-owned coal enterprises began to clear the coordinates.

And the reason why Shanxi chose Jinneng group as the first merger and reorganization of the enterprise is not surprising. In the past few years, the diversified expansion of the Jinneng group led to a high debt rate and a serious loss.

According to the financial information of Jinneng group in the three quarter of 2015, the total assets of the group are 228 billion 372 million yuan, the total liabilities are 172 billion 894 million yuan, and the asset liability ratio has reached 75.71%.

What has to be said is that the Jinneng group is in a very difficult situation.

In the coal work conference in Shanxi Province in February 3rd this year, director of the Shanxi provincial coal department pointed out, to actively support the Datong, Shanxi energy group to take the strategic reorganization of a variety of ways to build a modern large-scale coal enterprises, for the province to further improve the experience of industrial concentration, explore the way.

In fact, to encourage the reorganization and integration of coal enterprises is one of the important means of the supply side reform of the coal industry.

Lian Weiliang, deputy director of the national development and Reform Commission, has publicly stated that coal enterprises should adjust to the direction of integration and merger and reorganization, and encourage large coal enterprises to merge and reorganize small and medium-sized coal enterprises.

"The above reorganization is only the beginning, and there should be a large coal group merger, which is part of the supply side reform of the coal industry." The analyst also said.

There is also a coal business people said, because the local government has strong voice for the coal enterprises, it is expected that the restructuring of local coal enterprises will be more.