Laurel Power Reorganization card Crash "multiple disadvantage" shred 80,000 shareholders dream of making money

Every reporter Li If the success of the suspension on the eve of the successful "latent" asset restructuring stocks, to obtain a huge profit is almost inevitable result.　　But for the one-month-old power shareholder, the "inevitable result" has not arisen. On the day of the Friday recovery, Laurel Power (600236, close to 8.05 yuan) to 6.92% of the decline tore up all the shareholders to make a big dream, and this seems to be just the beginning of this week, the power of the trend of the "fall", as of 12th, the end of the period of the Laurel Power range has reached 14.27%　　, the closing price of 8.05 yuan has fallen below the 8.31 yuan/share of additional prices. In the face of the Crown power of the reorganization of the restructuring of the "heterogeneous", the company's more than 80,000 shareholders in the hearts of the same problem-who is the end of the title of the rise of the "culprit"?　　In this regard, analysts believe that the asset is limited by the injection of Yantan, Longtan injection in the foreseeable future, coupled with the recent increase in the probability of electricity prices are not large, the superposition of these factors, directly led to the Laurel power after the collapse of the card. Got a positive limited by the June 5 disclosure of the reorganization of the plan, the Crown power to 3.64 billion yuan to the large shareholder of Datang Group to buy its holding of the company's 70% stake and the interests of the relevant shareholders.　　In the way of payment, the company will adopt the way of paying cash and directional additional add, in which, cash payment accounted for two-thirds, directional additional shares accounted for One-third, the price is about 8.31 yuan/share. Yantan Hydropower Station is located in the middle reaches of Hongshui, the main business for hydropower development and sales, is the Hongshui cascade development of one of the backbone power station, the total installed capacity of 1.21 Million-kilowatt, the annual design average generation of 5.66 billion kwh. In 2006 ~2008 year, the net profit of Yantan is 16 million yuan, 176 million yuan and 294 million yuan respectively.　　In addition, the company is planning to build the two phase of the two 300,000-kilowatt Hydropower unit expansion project, the project was reported to the relevant departments on April 28, 2009. Asset injection, will be the impact of the company's performance, the company did not specifically estimate, but optimistic that the current electricity price of the Yantan 0.1544 yuan/kwh, only for Guangxi hydroelectric benchmark electricity price 0.26 yuan/kwh 60% or so, the future has a certain amount of space for improvement.　　At the same time, with the water storage and power generation of Longtan Reservoir since 2007, the regulation function of Longtan reservoir will be fully exerted, as the downstream power station of Longtan hydropower station, the generating capacity of Yantan hydropower station will be gradually upgraded and stabilized at a higher level. An analyst who declined to be named said to the daily economic news reporter that on the surface, Laurel power in the reorganization of the assets benefited greatly, but from the actual situation is not the case, the price of the plan and the way the acquisition seems to be more conducive to the large shareholder Datang Group, because of this, the market only to the rare after the flop to vent "　　Discontent. " At the beginning of 2008, the company had initiated a reorganization of the assets of Yantan, at that time the additional price of 12.3 yuan/shares, the price has been slashed to the8.31 yuan/share. At the same time, the amount of cash paid by the Crown to Datang Group was increased from about 1.2 billion yuan to 2.4 billion yuan (3.64 billion yuan share price and cash payment of two-thirds projections), while the number of shares issued to Datang group from 200 million shares to 146 million shares, which is more than 60% of the assets and liabilities ratio　　The Laurel power, is a not a small burden. In addition, Xu Yingzhen Securities analyst, said that, as the Yantan hydropower station benefited from the water and Longtan hydropower station last year, the profit reached about 300 million yuan, but the current low price of Yantan, according to the calculation, after the acquisition of Yantan for the performance of listed companies is not obvious.　　For the company proposed the lower price of Yantan, there is a large increase in space, the said the unnamed analyst said, the lower cost will also become a big drag on the range of adjustment. 3 years of waiting results are not satisfactory. In June 2006, Datang Group made it clear that the Crown would be the sole hydropower operation platform in the Hongshui basin of Guangxi. The company's share reform instructions in the second half of 2006 to start the directional additional, will be the hydroelectric power plant to inject laurel, the work of electricity, and strive to complete in 2007. More encouraging for investors is that Datang Group also has follow-up plans to gradually the profitability of the relatively strong Longtan Hydropower Development Co., Ltd. to inject power assets into the listed companies.　　However, Datang Group did not, as promised, in 2007 years the hydroelectric power into the hydropower station. In the September 2007, long-awaited Investors finally waited for a clear signal of asset injection. The power announcement said the work was under strain, and Datang said it was sure to complete the injection before the 3rd quarter of 2008.　　Since then, the Laurel Power announced a 12.3 yuan/share price to Datang group issued 200 million shares, while paying 1.187 billion yuan in cash to buy the Datang group has a hydropower station in the 70% share of the reorganization plan. But in the market all parties believe that the injection of a case has been the dust settled, the Yantan injection is again change. Crown Power on September 27, 2008 issued a notice, because the major asset restructuring program has not been approved by the relevant departments, and the reorganization of the first board resolution announced more than 3-month deadline, the company decided to suspend the major assets reorganization matters.　　For the failure of this reorganization, industry insiders speculated that, as a result of the 2008 stock market crash, Laurel Power share price was brutally "halved", the original 12.3 yuan/share of the additional price and lower than 5 yuan in late September, there is a huge difference in the share price, in this context, the attitude of large shareholder reorganization will be affected.　　After nearly 3 years of waiting, Laurel Power finally launched a new reorganization plan on June 5, but from the back of the people surprised by the trend, this result may be difficult to satisfy investors. There is no timetable for the project. The relevant data show that Longtan hydropower projects are hongshui cascade development of the leading backbone of control engineering, is the national development of the West 10 major landmark projects and the "West-to-east power to the East" warOne of the projects, is also the largest Datang group projects under construction. The total installed capacity of the project is 6.3 Million-kilowatt, and 9 sets of 700,000-kilowatt Hydrogenerator units are installed.　　Last December, 7th Generator set has successfully achieved grid-connected power generation, the December 2009 Longtan hydropower station is expected to be completed and put into production, Datang Group has a 65% stake. Guo Xin Securities analyst Xu Yingzhen said that the electricity price of Longtan hydropower station is about 0.307 yuan/degree, higher than the average price of Guangxi hydropower 0.26 yuan/degree, in accordance with the 14.7 billion degree ~156 billion annual power generation estimates, net profit of about 700 million yuan ~8 billion, net assets yield up to 11.4%.　　If all of Longtan's shares are injected into the laurel power, earnings per share will be increased to $0.24. Market participants believe that, from the reform Commitment, Datang group first injected into the Yantan, and then injected Longtan's intention is very obvious. However, in the company's announcement of the plan, there is no mention of the relevant plans to inject Longtan, but explicitly put forward because of the priority of hydroelectric power dispatching power, power generation can not interfere with electricity dispatching, sales market there are certain differences and the Longtan project good downstream 4 factors, making the market for the smooth injection of longtan more pessimistic　　Xu Yingzhen said in the study, if the Longtan is not injected into the listed companies, there is a clear competition among the downstream power stations in the same basin. For the follow-up of the injection problem, love Securities said, the late 2009 Longtan Power Plant Planning Unit will be all put into operation, from this point of view, Longtan injection is expected at least 2010 years.