CNOOC Jinhong Leading Technology

The June 10 leading technology (000669), which resulted in the suspension of major asset restructurings, disclosed the restructuring plan on 13th. The company intends to replace all assets and liabilities other than the outstanding "debt-to-equity" bonds and the matching currency cash with the equivalent equity of the Jinhong owned by the Jinhong Natural Gas Transportation Co., Ltd.　　The leading technology to set the assets of 180 million yuan, the estimated value of 2.379 billion yuan, the difference of 2.199 billion yuan by the leading technology issued no more than 177.71 million shares purchase, the issue price 12.38 yuan/share. Gold stone investment in advance notice shows that the jinhong of all the shareholders have 9, including new Energy International Investment Co., Ltd., Shenzhen Ping ' an innovative capital Investment Co., Ltd., Yi Hao Enterprise Co., Ltd., Jinshi Investment Co., Ltd., Shanghai Fu Ning Investment Management Co., Ltd., Beijing Middle-farmland Fung Wo Seed Co., Ltd.　　Beijing Prosperous King Investment Management Co., Ltd. and natural person Chen Yi and, actual control artificial Chen Yi and. Data show that gold stone investment is CITIC Securities under the direct investment company, April 2008 to 155 million Yuan shares in the oil Jinhong 7.21%.　　As of now, Jinshi Investment has invested in Hao Hua Energy (601101), Robot (300024), Citic Real estate and other companies. At the same time, China Oil Jinhong holding shareholder new international commitment, if the assets in 2010, 2011, 2012 three fiscal years after deduction of the actual net profit after the Non-recurrent profit and loss, failed to meet the valuation report of the profit forecast, the new international should be compensated.　　The specific compensation method is as follows: The new Energy international will in 2012 after the issuance of the audit report, the total number of shares of this subscription will be calculated in a certain proportion of the number of shares compensation, the number of shares in this part of the compensation from the leading technology at a dollar price repurchase. Natural gas business gross profit margin nearly 50% notice shows, Jinhong main natural gas long-distance pipeline and city gas pipe network construction and operation, has now formed South China, east China, north China three large areas, wholly-owned and holding natural gas pipeline company and Urban Natural gas operation company more than 20.　　2009, the main business income of the oil and gold 607 million yuan, net profit of 174 million yuan, sales gross profit margin of 47.63%, net assets yield of 14.38%. China Securities News reporter found that the current a-share market natural gas plate has Shaanxi natural gas, Chase gas, Changchun Gas and Shenzhen gas four companies.　　Compared with their gross profit margin of 19%-29%, the Jinhong current sales gross profit margin is the highest.　　With the expansion of urban pipeline network and the increase of upstream gas supply, Jinhong 2011-2015 income growth rate was 53%, 15%, 11%, 8.5% and 2.5% respectively, the net profit growth rate was 21%, 20%, 19%, 11% and 5% respectively. Long-distance pipeline, the oil jinhong has invested in the construction of Xiang Heng line, chat Thai line, currently under construction there are Hebei JuJube line, should Zhang Line, Thai new line, Tyler Line, such as many long-distance pipeline.In the city Gas network operation, the Jinhong has made a number of cities and counties in the city of gas franchise and operation, such as the southern region of Hengyang, Xiangtan County, Hengdong County, Hengshan County, Shaoshan, east China's Liaocheng, Taian, Xintai, Ningyang and so on, the northern area of Zhangjiakou, Suihua, Ulanhot and so on. Injection of asset valuation added nearly one times Jinhong admits that the estimated value of the assets to be injected into the transaction is 237,914.790,000 yuan, compared with the net assets of the parent company's owner in the consolidated statement as at June 30, 2010, 120,935.560,000 Yuan, the value-added 116,921 230,000 yuan,　　The value added rate is 96.73%, and the evaluation value is larger. But the company is also of the view that the value added is "for a reason". The announcement said that China Oil Jinhong many subsidiaries of investment projects are in the construction phase, between 2010 to 2011 will be a large number of projects to be put into production, which will make the company's gas supply significantly increased. The company's 2010 supply volume of about 300 million cubic meters, 2011 about 520 million cubic meters.　　Although major projects have been put into operation in 2012-2013, considering the construction period of courtyard tube after the project main network is completed, as well as the recognition cycle of new users, there will be no more than 30% increase in gas supply. PetroChina Jinhong that, along with the National Natural gas price adjustment policy, the South China, the East China area natural gas price in this year inevitable adjustment. According to the information currently known, the south of the country's purchase price will be increased by 0.37 yuan/side, the price of the sale of gas will be raised 0.4 yuan/side.　　The price of buying and selling gas in eastern East is also expected to rise. In addition, as the natural gas market is still in the seller's markets, and the company has signed the agreement with PetroChina to ensure adequate gas source, which also provides sufficient support for its earnings growth.