Shau Jiangchung Gas Injection commitment or no one to pay

March 1, Changchun gas a paper suspension of the book so that many years of restructuring issues to see the dawn, at this time from the company's share reform has been over the past 4 years, entanglements for several years, in addition to the large shareholder of the Changchun Sasac injection of equivalent assets is difficult, two shareholders hundred investment in the equity change also makes in the end who to carry out the reform promises become more uncertain,　　This also led directly to the 240 million shares of the then restricted stock has not been listed. News from the market, Changchun Sasac under the Changchun Natural Gas Co., Ltd. and Changchun Leymus Coal AG Two assets will be injected into the listed companies to strengthen the Changchun gas gas and coke two main industries.　　Reporter investigation found that, in fact, Changchun natural gas in the past more than 10 years ago was injected into Changchun, another listed company Long Hundred group, and then because of mismanagement and was stripped out, the current two companies still have a 20 million of the debt dispute is not solved. Natural gas "Two injection" inquiry reporter on the rumors of the reorganization of the matter asked Changchun Gas Securities Affairs representative Zhao, he said: "It is the Internet, the reorganization of the news I do not know more than you, can only say that the meaning of high-level has not been conveyed to us here, may be 10 days or so will result, because this is not very fast, To be or not will result. "In December 2006, the company completed the share reform, its proposal for the price of the existing shares of the current shares of 160 million shares for the base, to the entire circulation of shareholders to increase 54988608 shares, that is, 10 shares to obtain 3.4 shares of the increase.　　The above price level is converted to the Tianquan scheme, which is equivalent to 1.8 shares per 10 shares of the shareholders of the circulating stock.　　In the reform plan, Changchun Gas clearly said: After the split-share structure reforms, Changchun Sasac and hundred-River Investment Co., Ltd. will be in a year in an appropriate manner, selectively to the listed companies into high-quality assets, and further strengthen the main business of listed companies, integrated regional gas market, expand the size of listed companies. Who knows, this plan is dragged for more than 4 years. According to another source, the capital injection of large shareholder is now in the final stage, and the final negotiations mainly around the injection of the company's asset assessment and mergers and acquisitions, there is still uncertainty.　　and market participants believe that, according to the Share reform commitment, SASAC and hundred investment need to inject the same quality assets, and Changchun gas in the local gas supply business accounted for 70%, the other 20% belong to Changchun natural gas, so this part of the asset is more certain. Changchun Natural Gas is a wholly state-owned company founded on August 29, 1990, belonging to the Changchun Petrochemical Industry Bureau, is responsible for natural gas pipeline transportation, natural gas supply and pipeline engineering Professional Contracting State-owned capital holding large class of enterprises.　　The company currently fixed assets of 700 million yuan, up to the end of 2010, the cumulative completion of 1,970,960,000 cubic meters of gas, realize output value of 1.9 billion yuan, operating income of 2.2 billion yuan, profits and taxes 689.66 million yuan. The surface seems perfect, but in fact, Changchun Natural gas in 1999 was injected into the same Changchun listed company's long hundred group, then injected the price is according to the net assets of 101 million yuan,Small size, total assets of 281 million yuan. In addition to the assets injected 11.03 million yuan in the year, after the injection of natural gas in Changchun, the main business is not stable, 2003 net profit of 3.23 million yuan, 2004 net profit of 640,000 yuan, although not a loss, but the level of profitability year-on-year decline, at that time in the profit situation, and the corresponding need for greater investment　　The company, which had lost money at the time, could not support continued investment.　　2005, according to the Changchun government and SASAC, the Changchun natural gas and Carnival Hotel for the asset replacement, the transaction on the price is 125 million yuan, the current Changchun natural gas is still a long group accounts receivable number one major customer, there is still a debt of 10 years of 20 million yuan receivable has not been recovered. "The natural gas company has been transferred a few years ago, and we have no relationship, as for this debt, we certainly want to come back, but the natural gas company feels that it is the reform of state-owned enterprises, and the historical issue certainly does not want to bear," said Sun Yongcheng, chief executive of the group. Reorganization of things, or to ask Changchun gas yonder, we are now a private enterprise, does not belong to SASAC. "He declined to comment on the operation of the gas company," it is a matter for SASAC. "For the performance of Changchun's natural gas, Zhao said, can only say that the performance is fair, natural gas in these years has not increased prices, which affect the performance of the country does not allow the rise, this plate is so, in the short term will not change."　　A woman at Changchun's gas office said none of these things were clear. As for another piece of coal assets to be injected, Changchun Leymus Coal Co., Ltd. is the largest local coal mine in Jilin Province, the mine was founded in 1985, officially put into operation in 1990, the existing two to the wellhead, is the authorized capacity of 1.6 million tons. The company is in 2004 to participate in state-owned enterprises restructured into joint-stock enterprises, 2009 production of 1 million tons of raw coal, sales revenue of 380 million yuan.　　Sheep grass coal industry, a person surnamed Chen responded to reporters: Have not heard of the reorganization of this matter.　　Shau into the "chaos" two shareholder hundred investment although in the industry is not well-known, but there has been no lack of giant figure, first attracted the investment of Li Ka-shing, and later sold to Hong Kong's second richest shau, its shareholding structure is quite complex. 2005, that is, Changchun gas share reform implementation of the year before, the company has transferred 48% per cent of its holdings to the hundred-river investment and its concerted action for Huafu Energy, while the hundred-river-invested parent company, the hundred-River Gas, was held at the helm by Ouyaping, the Blackstone Investment Company Holding 65%, Hutchison Whampoa Holdings 12.8%　　With two shareholders, Li Ka-shing bought shares in 2002 with 125 million. Due to years of mismanagement, March 2007, by the Chinese gas mergers and acquisitions hundred-river Gas, two months later, Hundred River Gas Holdings Limited renamed as Hong Kong-China gas.　　The Chinese gas from the establishment to now has 149 years of history, behind the Shau is Henderson Group. According to the commitment of Changchun gas at that time share reform, it should beHundred-River investment to inject assets, but in exchange for major shareholders, it seems that the commitment should be borne by the Hong Kong-China gas. According to the June 30, 2010 information, Hong KONG-China gas net assets amounted to HK $7.1 billion, turnover of HK $1.24 billion, 2009 years in Sichuan, Shandong, Jiangxi and Guangdong, respectively, and in the year of the sale of the original hundred River's petroleum gas business.　　At present, there has been no reorganization of the Hong Kong and China, the shares fell slightly by 0.76% on March 2 and closed at HK $3.9. Zhao denied that the arrival of the Hong Kong-China Presidency was more difficult for the restructuring and said: "This is not a big problem."　　"Afternoon to judge the gas supply is still tight gas plate has" profit "in the reorganization of the announcement the day before, that is, February 28, Changchun Gas reported close to 12.34 Yuan, a day deal 373 million yuan, average 7.4%, dynamic P/E ratio as high as 71.4 times times. Xiang Wealth Securities analyst Wang Qiang pointed out that from the beginning of last November, all over the country's gas shortage debut, this winter when cold air, gas shortage will still be inevitable. Because our country in recent years the gap in gas supply and demand has expanded year by year, although compared with the past, this year, the Central Asian gas pipeline was built, the southeast coast added several stations, gas shortage situation will be better than last year, but the situation of gas supply tension will still appear. Gas-related stocks, such as Changchun gas, Chase Gas, Shenzhen Gas, Shaanxi Natural gas, leading technology, Donghua Energy, will have trading opportunities.　　In contrast, we believe that the high valuation of Changchun gas is mainly dependent on asset restructuring expected support. Vertex finance, the National Development and Reform Commission decided to start from June 1 0 o'clock, the domestic onshore natural gas factory benchmark price per thousand cubic meters to increase 230 yuan. Affected by this, the two-tier market, gas stocks opened up, Changchun gas jumping on the 30th average once touched trading board. The risk lies in the gas area to purify the market impact, purification costs have increased significantly, resulting in higher gas costs.