The second round of coal integration directly refers to the local protection of downstream enterprises will be 圈 "enclosure" tide
Previously, the merger and reorganization of the coal industry promoted by Shanxi and other provinces has drawn attention from all walks of life. Analysts pointed out that with the promulgation of the "Opinions", the second round of coal integration marked by "cross-regional, cross-industry, and cross-institutional mergers and acquisitions" was officially launched. With the introduction of relevant rules, the central enterprises of the power, metallurgy and chemical industries. The leading merger war will also begin.
The second round of integrated sword refers to local protection
Although the second round of coal integration was officially opened, the integration theme is not new. In 2008, some coal producing areas in the country received the “Opinions on Accelerating the Merger and Reorganization of Coal Enterprises (Consultation Draft)†issued by the National Development and Reform Commission, and the concept of “cross-industry and cross-ownership†was first announced. In the process of eliminating backward production capacity this year, officials of the National Energy Administration have repeatedly stated that they will "deeply promote the merger and reorganization of coal mining enterprises across regions, industries and sectors."
The "Opinions" clearly pointed out that supporting advantageous enterprises to carry out cross-regional, cross-industry, and cross-ownership mergers and acquisitions, forming a mining structure in which the shareholding system is the main form and multiple ownership systems coexist, forming a group of super-large coal mines with an annual output of more than 50 million tons. In the enterprise group, the average annual production capacity of coal mining enterprises has increased to more than 800,000 tons, and the coal production of super-large coal mining enterprises has accounted for more than 50% of the total national production.
“In the past, the reorganization in the province was basically a big mine to eat small mines.†A person from the China Coal Industry Association said in an interview with the media that “after the first round of restructuring, the rest are some large coal companies. Or to integrate the main body, the policy that the country will introduce in the future should be to break local protectionism and promote cross-regional, cross-industry and cross-ownership restructuring in the true sense."
Zhuo Chuang Information Coal analyst Yan Zhen believes that the current overcapacity trend in China's coal industry shows that integration is conducive to suppressing and eliminating backward production capacity. "The formation of a group of strong enterprises will help to enhance the international competitiveness of China's coal industry, and it is also conducive to overseas investment by national enterprises."
Downstream enterprises will smash the "enclosure" tide
For the main body of integration, the Opinions stated that the support of qualified state-owned and private coal mining enterprises has become the main body of mergers and acquisitions, and encourages enterprises of various ownership coal mines and enterprises in the power, metallurgy and chemical industries to take property rights as the link and shareholding system as the main form to participate in the merger. Reorganization.
Yan Zhen believes that with the rising coal prices, the cost pressure of downstream enterprises has increased significantly. Especially for enterprises with large coal demand such as electricity, chemicals and metallurgy, the willingness to enter the upstream is strong. At present, some power companies and Chinalco have implemented cross-industry mergers. With the introduction of the "Opinions" and related supporting policies, competition for multi-industry to enter the upstream "enclosure" is about to begin.
Private enterprises are difficult to merge into the main body
Although the "Opinions" clearly expressed support for private enterprises to become the main body of mergers, but the industry is not optimistic about this. Song Zhichen, a researcher in the energy industry of China Investment Consulting, said that in the early days of the “Eleventh Five-Year Planâ€, the restructuring of the coal industry represented by Shanxi was mainly the large-scale integration of small coal mines by large state-owned coal enterprises. “In the process of merger and reorganization of the entire coal industry, small and medium-sized private enterprises have always In the position of being integrated."
Song Zhichen said that coal enterprise integration requires a lot of capital. Private coal enterprises are mostly small and medium-sized enterprises. They do not have strong financial strength and cannot stand in front of mergers and acquisitions. The large-scale state-owned coal enterprises have strong capital strength and become the integration subject. However, he also said that the possibility that private enterprises will become the main body of mergers and acquisitions is not completely absent. Private enterprises can gain initiative through joint means. "This also requires policy support and appropriate guidance from the government."
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