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How to operate coal chemical industry in low valley

wallpapers News 2020-07-11

The maintenance, development utilization of the asset of capital operation platform is the ability that A-share coal chemical enterprises need to improve.

In the recently released catalogue of encouraged industries in Western China, the names of coal to olefins coal to methanol projects have disappeared.

This means that the coal chemical industry, which once enjoyed unlimited glory, will no longer enjoy the preferential policies of Taxation, examination approval.

In coal, steel other commodity prices continue to fall under the heavy blow, investment in coal chemical enterprises performance has been dragged into a bottomless hole.

The disappearance of the encouragement policy has made the situation worse for these enterprises.

The development of coal chemical industry has many problems such as huge water consumption high carbon emission.

This is in serious contradiction with the Midwest environment, which is lack of water fragile ecological environment.

Datang Power Generation, the first "pioneer" of modern coal chemical industry, has become "martyr" now.

After three years of operation, Datang Coal Chemical Co., Ltd. has not successfully invested RMB 1 billion.

According to its 2014 interim report, the coal chemical industry sector had a total loss of 1.

367 billion yuan, with an asset liability ratio of 84.69%. The share price of A-share listed companies also fell below 3.

4 yuan.

Other coal chemical enterprises are also faced with similar problems: performance plummeting, stock prices plummeting.

When the capital operation of A-share market is in full swing, the awkward silence of these enterprises continues.

How to save the market value of coal chemical industry listed companies falling to the bottom, who should learn from? The Enlightenment from the strength of Weiyuan biochemical industry shows that almost all the coal chemical related enterprises' stock prices are falling continuously, but Weiyuan biochemical industry keeps a rare calm, the market value level is steadily rising.

Since 2013, the bottom of the company's share price has stabilized has risen by about 70%.

In the second quarter of this year, China Life Insurance Company Wells Fargo Fund (blog, microblog) other institutions increased their positions by a large margin.

In particular, the seven products of Wells Fargo fund were collectively held, which seemed to be very optimistic about its prospects.

The reason why Weiyuan biochemical can be in sharp contrast with other coal chemical enterprises in distress is closely related to the long-term capital operation strategy firm transformation attitude.

As the only capital operation platform of Xin'ao group in A-share, Weiyuan biochemical has naturally attracted the attention of major shareholders.

In 2010, 75% equity of Xinneng (Zhangjiagang) energy Co., Ltd. 100% equity of Xinneng (Bengbu) energy Co., Ltd. were injected into the listed companies by means of acquisition.

Since then, the main business of the enterprise is no longer a single raw material of agricultural veterinary drugs, the business of coal to dimethyl ether has been increased.

In 2013, the coal chemical industry sectors saw the biggest decline, there are many enterprises with low market value.

However, Xinao successfully operated Xinneng mining injection, which made Weiyuan bio chemical industry, coal resources, agricultural veterinary drugs at the same time.

The scale of listed companies exped rapidly, their performance increased sharply.

The stock price rose by 25.

1% in the whole year, which was the only one in the industry.

In July this year, the company announced that it would start to acquire the shares of three other LNG liquefaction plants under the group, the trend of in-depth development in the field of clean energy was very clear.

In the process of injecting assets such as Xinneng mining, Weiyuan biochemical co operates closely with Tianhong fund, Ping An Dahua fund, oceanwide, Lenovo holdings other powerful institutions.

As shareholders of the company, these big institutional investors have made endorsement for their future development.

Shi Guangyao, director of the market value management research center of China's listed companies, told elite reporters that "addition" of high-quality asset injection active introduction of high-quality strategic investors are important ways for listed companies to implement market value management.

But it is also important to let the market know what efforts enterprise decision makers have made to help enterprises out of difficulties in the difficult period of the industry.

Obviously, in these aspects, Weiyuan biochemical has done a lot of work, but unfortunately, in today's market value management is becoming more more important, there are still a few companies that actively carry out market value management in the A-share market, especially in industries such as coal chemical industry which are in deep trouble.

Good market value management measures effectively ensure that the stock price of Weiyuan biochemical is stable the market value is strong.

As of October 10, the market value of enterprises has reached nearly 14 billion yuan.

The independent market of Weiyuan biochemical, which can make use of the capital platform, benefits from the market value management combination of "continuous asset injection introduction of strategic investors clear direction of new economic transformation".

However, more coal chemical enterprises have not formed a clear idea of market value management.

Baihuacun is the first listed company of Xinjiang Construction Corps.

Its main business is coal coking.

Its share price once reached 26 yuan per share three years ago.

But in 2013, the company's share price fell by 35%, the lowest to 6.

17 yuan.

Behind the slump is the avalanche of corporate profitability: according to its public data in 2013, the annual net operating cash flow decreased by 98.

06%, the net profit attributable to shareholders of listed companies decreased by 85.38%. Xinjiang Construction Corps has a large number of agricultural, agricultural machinery mining assets.

It can inject other high-quality assets into Baihua village to maintain its market value image in the downturn of coal chemical industry.

Baihua village has also said in its annual report that it will rely on the geographical resource advantages of Xinjiang XPCC to promote the strategy of large resources by means of merger reorganization.

However, until the end of September 2014, the company's staff told "talent" that no specific plan for asset injection or restructuring or transformation had been announced.

Yangmei chemical is one of the listed companies of Yangmei group, the largest anthracite production base in China.

Under the domestic foreign difficulties, it became one of the enterprises with the largest decline in market value in 2013.

At the end of August this year, the company announced the issue of private placement, its parent company, Yangquan Coal Group, took the lead in subscribing for equity.

Subsequently, Yangquan Coal Group announced that it would inject 900 million yuan worth of assets into Yangmei chemical industry, including the equity of Hengtong chemical other three enterprises.

These measures show the enterprise's efforts to change the status quo, the stock price is rapidly moving away from the bottom.

However, due to the lack of a clear transition direction, although the stock price has improved, it is still difficult to escape the overall decline of the coal chemical industry.

In this regard, Shi Guangyao believes that restructuring asset injection can achieve certain results in the short term.

However, if we want to keep the market value of enterprises developing healthily, we still need to form a complete long-term market value management mechanism, instead of using various means as temporary tools throwing them away.

Only in this way can we obtain the long-term recognition of the market.

The dilemma of coal chemical enterprises is the dilemma of traditional enterprises with high pollution high energy consumptionIt is a concentrated embodiment of.

If these enterprises want to get rid of the current situation of low stock price low market value, transformation is one of the core issues that can not be bypassed.

In fact, these listed companies in traditional industries have incomparable advantages in the process of transformation: through the capital market platform, companies can use a variety of ways, such as stock issuance replacement, to carry out merger acquisition of other enterprises, without the cost of too much cash.

for the funds required for transformation, listed companies can raise funds by means of fixed increase, issuance of bonds other ways.

in addition, on the one h, the listed companies can make use of various ways such as fixed increase bond issuance City companies can use the way of equity incentive to tap talents, retain talents, maximize the role of talents in the process of transformation.

But unfortunately, there are not many listed companies that have a clear understing of this are good at using it.

The maintenance, development utilization of the asset of capital operation platform is the ability that A-share coal chemical enterprises need to improve.

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