How Low-end Coal Chemicals Capitalize
The maintenance and development and utilization of this capital operating platform asset is an ability that A-share coal chemical companies need to improve. In the Catalogue of Encouraged Industries in Western China announced recently, the names of coal chemical industries such as coal to olefins and coal-to-methanol projects have disappeared. This means that once the coal chemical industry, which once had an infinite landscape, will no longer enjoy preferential policies such as taxation and approval. Under the heavy blow of the falling prices of commodities such as coal and steel, the performance of coal chemical companies has long been dragged into a bottomless pit. Encouraging the disappearance of policies will not only worsen these companies. The development of coal chemical industry itself has many problems, such as huge water consumption and high carbon emissions. This is in serious contradiction with the environment in the central and western regions where water is scarce and the ecological environment is fragile. The first pioneer in the modern coal chemical industry, Datang Power Generation, is now becoming a "martyr". After 10 years of huge investment of 60 billion yuan, Datang's three major coal chemical projects have not been successfully operated. According to its 2014 mid-year report, the coal chemical industry suffered a total loss of 1.367 billion yuan, and the asset-liability ratio was as high as 84.69%. A share listed company's stock price also fell to 3.4 yuan. Other coal chemical companies also face similar problems: the performance plummeted and the stock price plummeted. When the capital operation of the A-share market is in full swing, the embarrassing silence of these companies continues. To save the market value of listed companies in the coal chemical industry from falling to the bottom, what needs to be done and to whom? The Enlightenment of Weiyuan Biochemical Strength Almost all coal chemical-related companies' stock prices have been declining, Weiyuan Biochemical has maintained a rare calm, market value has risen steadily. Since 2013, the stock price of the company has stabilized at the bottom and has generated about a 70% increase. In the second quarter of this year, China Life Insurance Company, Wells Fargo Fund (blog, microblogging) and other institutions have made a substantial increase in positions, especially the 7 products of the Wells Fargo Fund, which are collectively held, and it seems very promising. The reason why Weiyuan Biochemical is in stark contrast to other dilemmaous coal chemical companies is inseparable from the company’s long-term capital operation strategy and firm transformational attitude. As the only capital operation platform in the A shares of the New Austrian Group, Weiyuan Biochemical has naturally received the attention of major shareholders. In 2010, 75% of Xinneng (Zhangjiagang) Energy Co., Ltd., and 100% of Xinneng Energy Co., Ltd. were injected into listed companies by way of acquisition. Since then, the main business of the company has ceased to be a single raw material for agricultural and veterinary drugs, adding to the business of making dimethyl ether from coal; The year 2013 saw the largest drop in the coal and chemical sectors. Companies with market capitalization were among the most common. However, the successful operation of Xinao Mining in Xinao has enabled Weiyuan Biochemical to form a coal chemical—coal resource—agricultural and veterinary drugs. The listed company has expanded rapidly and its performance has increased rapidly. The share price has risen by 25.1% throughout the year. The industry is thriving. In July of this year, the company announced that it will start acquiring the shares of three other LNG liquefaction plants under the group. The trend of deep development in the field of clean energy has been very clear. In the process of injecting and injecting assets such as Xineng Mining, Weiyuan Biochemical worked closely with leading agencies such as Tianhong Fund, Ping An UOB Fund, Panhai, and Legend Holdings. These big-name institutional investors acted as shareholders of the company. Its future development has been endorsed. According to Shi Guangyao, director of the China Market Value Management Research Center for Listed Companies, the introduction of quality assets and the introduction of high-quality strategic investors such as "addition" are important ways for listed companies to implement market value management. But equally important is to let the market know that in the difficult times of the industry, the decision makers of enterprises have made efforts to get the company out of the predicament. Obviously, in these aspects, Weiyuan Biochemistry has done a lot of work, but unfortunately, in today's increasingly important market value management, the number of companies actively managing the market value in the A-share market is still a small number, especially in industries such as coal chemical. Distressed industry companies. Good market value management measures have ensured the stability of Weiyuan Biochemical's stock price and strengthened its market value. As of October 10, the company's market value has reached nearly 14 billion yuan. There are not many capital platforms available Weiyuan Biochemical's independent market benefited from the combination of "continuous asset injection + the introduction of strategic investors + a clear direction for the transformation of the new economy". However, more coal chemical companies do not have a clear idea of ​​market value management. Baihua Village is the first listed company owned by the Xinjiang Construction Corps. It mainly operates coal coke, and its share price once reached more than 26 yuan per share three years ago. However, the company's stock price fell by 35% in 2013 and fell to 6.17 yuan. Behind the slump is the avalanche of corporate profitability: According to its 2013 public data, the annual net cash flow from operations decreased by 98.06%, and net profit attributable to shareholders of listed companies fell by 85.38%. The Xinjiang Construction Corps has many agricultural, agricultural, and mining assets. It is entirely possible to inject other high-quality assets into Baihua Village to maintain its market value and image when the coal chemical industry is in the doldrums. Baihua Village once stated in its annual report that it will rely on the geographical and resource advantages of Xinjiang and Bingtuan to advance the strategy of large resources by means of mergers and reorganizations. However, until the end of September 2014, the company staff told the reporter of the “Excellence†that there are still no specific plans for any related asset injection, restructuring or restructuring. Yang Coal Chemicals is one of the listed companies of Yang Coal Group, the largest anthracite coal production base in the country. With domestic and diplomatic difficulties, it has become one of the companies with the largest drop in market value in 2013. At the end of August this year, the company announced the issuance of private placement, and the parent company Yangmei Group took the lead in the subscription of shares. Subsequently, Yangmei Coal Group announced that it will inject 900 million yuan worth of assets into Xiangyang Coal Chemical Industry, including the equity of three companies including Hengtong Chemical. These measures show the company's efforts to change the status quo, and the stock price has quickly detached from the bottom. However, due to its lack of a clear direction of transformation for the time being, despite the improvement in the stock price, it is still difficult to escape the overall decline in the coal chemical industry. Shi Guangyao believes that reorganization and asset injection practices can achieve certain results in the short term. However, if you want to maintain a healthy development of the company's market value, you need to form a complete, long-term market value management mechanism, instead of using all kinds of tools as temporary tools. Only in this way can the long-term recognition of the market be obtained. The dilemma of coal chemical companies is a concentrated reflection of the dilemma of today's high-pollution, high-energy-consuming traditional enterprises. If these companies want to get rid of the current status of low stock prices and low market value, transformation is one of the core issues that cannot be bypassed. In fact, in the process of transformation, these traditional listed companies have the advantage that non-listed companies can hardly match: through the capital market platform, companies can use other methods, such as issuing shares and replacing, to conduct mergers and acquisitions with other companies without too much effort. At the cost of cash; the funds required for the transition, the listed company can use various methods such as fixed increase and debt issuance; in addition, the listed company can use the equity incentive method to tap talents, retain talents, and maximize the use of the transformation process. The role of talent. Unfortunately, there are not many listed companies that have a clear understanding of this and are good at using it. The maintenance and development and utilization of this capital operating platform asset is an ability that A-share coal chemical companies need to upgrade. 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