The reorganization of the shares in Sichuan: The great maneuver of state-owned assets Lu Tian assets or the next row

About Sichuan-owned enterprises (000155). SZ) reorganization, the public message remains only to extend the suspension notice and no progress of the "Progress Bulletin". "Sichuan-owned restructuring is the provincial Sasac in fencing, suspension is also operated by the SASAC, Sichuan shares feel very suddenly." "People familiar with the matter told reporters that Sasac has now decided to let Sichuan Development Holding Co., Ltd. (hereinafter referred to as" Sichuan development ") backdoor Sichuan shares. The person also said that, while promoting Sichuan to develop and reorganize the Sichuan-owned shares, the provincial Sasac also plans to make the Lu-Tian (000912). SZ) to the Luzhou city Sasac. Lu-Tian assets or under the development of Sichuan backdoor Chuan-owned shares of the machine, Lu-Tian to get rid of the Chuan-group. With the Sichuan-owned competition has been plagued with Lu-Tian, Lu-Tian has executives complained to reporters, because the competition problem, Lu-Tian can not be financed from the capital markets, many projects can not be launched. In addition, in the process of balancing capital of Sichuan Group, Lu Tian became the ATM machine of Sichuan Group, and the Sichuan group seriously dragged the development of Lu Tian. For the Luzhou government, the holding company of the Sichuan Tianhua Co., Ltd. is a direct user of the products of the coal gasification company, as well as the main body to extend the gas industry to the high-end, which plays a vital role in the transformation and upgrading of the chemical industry in Luzhou. As for Sichuan's development of the restructuring of Sichuan shares, Sichuan development will be the plate into the Sichuan shares, Sichuan Development executives said, is now being studied, not finalized. Sichuan development is the Sichuan provincial government relies on the capital market, holds the state-owned equity and the state-owned Assets management platform, Sichuan development 2010-2012 total assets are 266.899 billion yuan, 332.695 billion yuan and 385.605 billion yuan respectively, the total debt is 143.688 billion yuan, 184.487 billion yuan and 229.319 billion yuan, the ratio of assets and liabilities has climbed year by year. It is noteworthy that, due to the expanding financing scale, the 2012 Sichuan development financial costs increased by 98.09% to 8.603 billion yuan. Although Sichuan development industry is distributed in the traffic, energy, cultural publishing, tourism, trade, investment and non-ferrous metals and wood processing, such as the six major industries, including highways, inland navigation, electricity and tourism, such as the regional industry leader, 2012 due to the increase in financial expenditure faster, So that the development of business in Sichuan profit margin of 597 million yuan loss. Sichuan development urgently needs to expand own financing channel. Sub-business sector, Sichuan transportation facilities operation and Construction is the company's most important source of income, in 2012, the business revenue accounted for Sichuan development revenue of 57.17%. 2012, due to the increase in highway tolls and the railway, aviation operating capacity of the large increase, the company's transport facilities operations and construction business revenue reached 35.016 billion yuan, up from 2011 growth of 23.88%. However, in the transport sector, Sichuan development is now holding the Sichuan Luqiao (600039). SH), Sichuan Chengdu (601107). SH) Two traffic listed companies.The value of fertilizer production assets is zero? 2012 Chuan-owned shares rely on government subsidies, transfer of equity and other unconventional means to reduce the loss of the St hat, to avoid the stock market retreat. However, the environment is still facing difficulties such as inadequate supply of natural gas and rising natural gas prices. Another loss of 158 million yuan in the first half of this year. Sichuan-owned shares are struggling to protect the shell, which provides an opportunity for the development of backdoor in Sichuan. Now, the Sichuan Sasac's prescription for a Sichuan-owned stake in the containment is asset substitution. However, after the Luzhou of Lu-Tian to the government, the possibility of injecting the assets into the province has been limited. Sichuan group insiders revealed that the set out of the chemical assets, the organic chemical far moved Xinjiang, the large nitrogenous fertilizer production line to stay in Sichuan. Organic chemical consumption is not large, after the relocation can not save how much use of gas indicators to the big nitrogenous fertilizer production line, which means it is difficult to make a loss. According to a group of people in the company, the asset replacement, the chemical assets, the production of fertilizer assets in the valuation may be zero. Sichuan-owned 2013.5 annual report, Fixed assets of 1.318 billion yuan. is the value of fertilizer production assets zero? Chemical assets are losing money in the absence of gas, and if they are valued in terms of future earnings discounting, fertiliser-producing assets are worthless. If in accordance with the relocation of technical innovation, the value is still not small, the industry said, Sichuan-scale nitrogenous fertilizer production line is relatively advanced. Chuan-Shares also believe that, as a result of the annual investment in a large number of major production equipment and equipment for technical transformation and maintenance, after several transformations, so that the device's technical indicators have been greatly improved. The reorganization, the set out of the chemical assets how to activate still do not have a clear plan. The source said, "Chuan-group, Sichuan-owned shares currently have thousands of employees, heavy burden, Sichuan development to want to come in, nothing to talk about, first get more than 100 million funds to solve the existing difficulties." After the solution is finished, how to reorganize, how to backdoor. ”