The major asset restructuring of Sanhuan finally settled. The company announced on January 4 that on December 29, the company signed the "Restructuring Agreement" with Hubei State-owned Assets Supervision and Administration Commission, Changjiang Electric Power, Guodian Group and Sanhuan Group. The company intends to replace all assets and liabilities as of the assessment reference date with 100% of Hubei Energy held by the Hubei Provincial State-owned Assets Supervision and Administration Commission, Changjiang Power, and Guodian Group, and to place the difference between the asset transaction price and the asset transaction price. Part of the company's issue of 1.78 billion shares was purchased. The "Restructuring Agreement" shows that the price of the shares of Tricyclic shares is 5.77 yuan/share, and the proposed issuance volume is 1.78 billion shares. Among them, 888 million shares were issued to Hubei Provincial State-owned Assets Supervision and Administration Commission, 760 million shares were issued to Yangtze Power, and 134 million shares were issued to Guodian Group. The final number of issuance will be based on the number of issues to be finalized and approved by the China Securities Regulatory Commission. The above asset reorganization plan also requires the approval of both the shareholders' meeting and the China Securities Regulatory Commission. The overall listing of energy companies After the announcement of major asset replacement and resumption of trading on September 18 last year, the shares of Sanhuan continued to pull 5 daily limit-plates. As of the close of the last trading day last year, the shares of Sanhuan had risen from 5.42 yuan on the day of resumption to 8.90 yuan. At the 2008 Annual General Meeting, the company’s chairman, Shu Jian, said that the Sanhuan Group would transform the Sanhuan Group into an aircraft carrier in the special automobile and auto parts industry in Hubei Province through the restructuring of the Shuaisha Group. Tricyclic Group reorganized the Axis Group, which in turn led the company to invest in Xiangyang Bearing, and then gave up its share of Shell Resources Sanhuan, backed by Hubei Energy. In this way, "one in and one out" was the main blader of the two reorganization events. What is the intention of the Hubei Provincial SASAC? Xiong Weixiang, a representative of Sanhuan Securities, told reporters: “Restructuring is operated by the Hubei Provincial SASAC. It has little to do with the company’s side. Of course, the reorganization will play a positive role for both Sanhuan and Hubei Energy. The whole thing is specific. The situation is based on the company announcement." According to the announcement, after the reorganization is completed, the company's main business will be transformed from the production of automotive parts and components to the production of electricity and real estate development. Hubei SASAC hopes to use this to achieve the overall listing of energy companies in Hubei Province, and rely on Hubei Energy to fully leverage the role of the listed company's capital platform, and further enlarge and strengthen the energy industry in Hubei Province. Backdoor becomes a shortcut In 2004, Hubei Qingjiang Hydropower Development Co., one of the main energy companies in Hubei Province, intended to be listed on the Changfeng Phoenix Stock Exchange (formerly known as China Phoenix). As a result of shareholder disputes and the participation of the Three Gorges Corporation, the restructuring was unexpectedly aborted. Since then, Qingjiang Company and Hubei Electric Power Development Co., Ltd. merged to establish Hubei Energy, aiming at direct IPO listing. In 2007, Changjiang Power invested 3 billion yuan in Hubei Energy. In April 2008, the non-performing assets such as Hubei Energy Divide Hotel were restructured into joint-stock companies with a registered capital of 4.8 billion yuan. The three shareholders are Hubei Provincial SASAC, Yangtze Power and Guodian Group, holding 50.96%, 41.69% and 7.35 shares, respectively. %. According to the statistics, Hubei Energy has formed three major sectors, including electricity, real estate and investment. The power project involves hydropower, thermal power, wind power, and nuclear power. It initially formed two major bases for hydropower in western Hubei and thermal power in eastern Hubei. At the same time, it participated in Changyuan Power, Changjiang Securities, and Hubei Coal Investment Company. As of the end of 2008, Hubei Energy had total assets of 29.057 billion yuan and net assets of 7.353 billion yuan. Hubei Energy's first half-year report on short-term financing bills in 2009 showed that from January to June this year, Hubei Energy achieved a main income of 2.05 billion yuan and a net profit of 598 million yuan, which is more than 50% of last year's total net profit. At the Hubei State-owned Assets Supervision and Control Conference in April 2008, Xiao Hongjiang, chairman of Hubei Energy, disclosed that the company plans to land A shares in the year and raise 3.6 billion yuan. According to sources close to the Hubei Provincial SASAC, Hubei Energy's decision to abandon the IPO option is due to the fact that the company's main business is hydropower and thermal power. It is not a new energy industry supported by the country and there is no advantage in the industry. Zhou Jiang, Director of Energy of Hubei Province, told reporters that the first step is to restructure, which is to announce the pre-arrangement stage, and wait for the reorganization party to convene a general meeting in the later period, followed by approval by the Securities Regulatory Commission. There are many unknown factors in this matter, and it is not yet possible to draw conclusions. Rotate the circle and reorganize it to serve two purposes In 2008, Fuyang Bearing achieved an operating income of 490 million yuan and a net profit of 13.29 million yuan. Its earnings per share was only 4 cents, a decrease of nearly 60% from the same period last year. The State-owned Assets Supervision and Administration Commission of Hubei Province will reorganize the Sanhuan Group, which focuses on auto parts and special vehicles, with Xiangyang Bearing, which also produces automotive parts. After entering the main shaft group, the Three-ring Group owns two listed auto parts companies, one more shell resource. Informed sources disclosed that for more shell resources, the Hubei State-owned Assets Supervision and Administration Commission initially wanted to transfer it to Daye Nonferrous Metals Co., Ltd., which is also a provincial state-owned holding company and a shareholder of Changjiang Power. However, after 2008, the price of non-ferrous metals fluctuates, and Daye's non-ferrous profit plummets. Eventually, Sanhuan Co., Ltd. spends less energy on Hubei Energy. According to brokerage analysis, such a reorganization of the circle, the Hubei Provincial State-owned Assets Supervision and Administration Commission is mainly to take into account the different industries of Hubei Energy and Xiangyang Bearing. Xiangyang Bearing has undergone many restructurings, and the market is highly concerned. With some carelessness, reorganization may result in miscarriage. The Sanhuan Group and Shenyang Bearing can play an industrial synergistic effect, and it is easier to obtain the realization of the capital market. Hubei Energy's ownership of the Third Ring Shares can also be recognized by the capital market. Wang Lin, an analyst at Huatai Securities's Wuchang Office, said: “The reorganization is already a matter of jeopardy. This matter has already been fired before and the performance has risen a little bit over last year. It is expected that we need to focus on what the listed companies have improved and there is little room for improvement. ." Truck Clutch Parts,Clutch Release Bearing,Clutch Fork Yueqing Hualong Mechanical Accessories Factory , http://www.hl-truckparts.com