China's Hydropower Assets Injection Opportunity Coming Soon
China Hydro recently announced that the controlling shareholder of the China Power Construction Division has been approved by the State Council as an overall restructuring work plan, and that the “Hydropower survey and design business will be injected into the listed company within two years†and the subsidiary conditions will be issued in accordance with the company’s listing on October 18, 2011. The pledge to “inject assets into thickening of earnings per share†actively explored possible solutions for injecting its water quality advisors into its quality assets. Because China's hydropower has a low share price and has already broken its net, although the deadline for fulfilling promises has been passed, there is no clear timetable for the injection of assets, and the stock price performance of the company is also hesitant. Initiate funding From the investigation, design and development of upstream hydropower wind power, to equipment manufacturing, construction and installation in the middle reaches, and investment in downstream hydropower stations and wind farms, the integration of this complete industrial chain is a long-term strategy for capital injection made by China Power Construction two years ago. The survey and design of China Water Consultants and the construction of hydropower in China are upstream and downstream of the industrial chain. Asset injection and integration will properly resolve potential peer competition issues, improve the company's industrial chain, and give full play to the advantages of industrial integration. What is even more rare is that Zhongshui Consultant is the most profitable and asset-refining design company under the control of its controlling shareholder. It holds over 50% of wind power and 80% of the hydropower design market share, and is the world leader in the field of water conservancy and hydropower engineering design. . During the water circuit performance in China, it was predicted that the proportion of the performance increase after the injection of Zhongshui's consultants will reach 15%-20%. In 2012, Zhongshui Consultants’ net profit attributable to the parent company exceeded RMB 2 billion, which is approximately half of China’s hydropower. China's hydropower injection and capital increase plan is in a dilemma. Suspending investment is a frustrating move. On the one hand, the promised date has expired, and it will be irresponsible to ask for commitments after the completion of the deadline. On the other hand, the low-lying stock price has become the biggest obstacle to capital injection, and forced promotion may harm the interests of small and medium shareholders. According to the principle of issuance of additional shares, the issue price of additional shares of listed companies will be determined based on the average price of the 20 trading days prior to the suspension of the issuance of the issuance announcement; if the financing is conducted, the issuance price will be approximately 90% of the 20 day average price. The issuance of additional capital injections was not only far below the issue price of 4.50 yuan at IPO, but also lower than its net asset of 3.32 yuan per share, which was suspected of being transferred to the interests of the controlling shareholders. If the 10% off to the strategic investor cash matching financing, the more the loss of state-owned assets, the relevant plan is difficult to obtain the approval of the regulatory authorities. The importance of the recent rise in the share price of China's hydropower is self-evident. However, the asset injection of China Water Advisors is not suspenseful and is waiting for an opportunity to start. There is fundamental support for timing China's hydropower market has continued to develop steadily over the past two years. It has now become a comprehensive large-scale multinational corporation that integrates engineering contracting, hydropower, wind power and other energy investment and development, and international operations and real estate development. The company occupies 65% of the market share of large and medium-sized water conservancy and hydropower projects in China, and has participated in construction of hundreds of world-renowned mega-hydropower stations such as the Three Gorges of the Yangtze River. It is the largest water conservancy and hydropower construction enterprise. In terms of international business, it owns 50% of the global water conservancy and hydropower construction market share. In recent years, the company's non-hydraulic hydropower project business has developed rapidly. In 2008, the company won a bid for a number of high-speed rail projects such as the Beijing-Shanghai high-speed railway. Of the newly-signed contracts in 2012, about two-thirds were non-hydroelectric and hydropower infrastructure projects. The company is also one of the 16 central SOEs that can be engaged in real estate development as stipulated by the SASAC. In 2013, Nanguo Real Estate will be included in the consolidated statement, which will contribute about RMB 3 billion in real estate business income. In addition, the area of ​​completed construction of hydropower real estate projects will increase substantially and it is expected to realize an income of RMB 8 billion. The total real estate business income will reach 11 billion yuan, an increase of 282%. In the secondary market, in addition to gaining shareholder holdings, China Water Advisors, as the fourth largest shareholder, also locked the shares twice a year without reduction. According to the October 14 commitment letter, the 63 million shares of the company held by China Water Advisors will be locked until October 18, 2014. Taken together, the company's share price has a chance to rise during the year. Although the asset injection of China Water Advisors depends on the higher share price, it will also strengthen this trend.
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