Securities Times reporter Pang Ke
Recently, Huaxin Cement announced that it will invest 1 billion yuan to invest in Huangshi State-owned Assets Management Co., Ltd.
It is rare for a listed company to take a stake in a local state-owned operating platform company.
Because the latter is often a wholly-owned enterprise of the local SASAC, which is responsible for the operation of local state-owned assets.
Before this investment, Huangshi State-owned Assets Supervision and Administration Commission held 100% of Huangshi State-owned Assets Management Company.
Moreover, judging from the existing equity relationship, Huangshi State-owned Assets Management Company is also the "superior unit" of Huaxin Cement: through 100% of Huaxin Group Co., Ltd., Huangshi State-owned Assets Management Company indirectly holds 16.12% of the shares of the listed company.
Regarding the reason for this investment, Huaxin Cement stated in the announcement that "In view of the fact that Huangshi State-owned Assets Company has rich experience and good business development in green mine investment, sand and gravel consolidation center, clean energy, high-tech industry investment and other business development. In terms of performance, the company strengthens the cooperation with the state-owned company in Huangshi City, which will help the two parties to deepen strategic cooperation in the future, further promote the company to accelerate the layout of non-cement business, improve the company's scientific and technological innovation capabilities, and help the company to achieve green and low-carbon transformation and development of an integrated industrial chain ".
From the perspective of Huangshi State-owned Assets Management Company, it may indeed have a relatively strong financing demand.
At the end of 2021, Huangshi State-owned Assets Management Company canceled and postponed the issuance of "21 Huangshi State-owned Assets SCP001" according to the capital arrangement plan and recent market changes. The original issuance amount was 1 billion yuan and the period was 270 days.
After that, Huangshi State-owned Assets Management Company issued 22 Huangshi State-owned Assets SCP001 in February 2022, and the total issuance was reduced to 600 million yuan for a period of 270 days.
According to the announcement of the listed company, as of December 31, 2021, the net assets of Huangshi State-owned Assets Management Company were 14.175 billion yuan, and the asset-liability ratio was 56%.
The credit rating announcement issued by China Chengxin International (Xin Jury Announcement [2021] No. 217) shows that as of March 2, 2021, Huangshi State-owned Assets Management Company still has an external guarantee balance of 4.307 billion yuan.
In fact, the Yellowstone Municipal Government can be said to attach great importance to the issue of local debt.
Huangshi SASAC website news shows that on April 21, 2021, the municipal government SASAC held a symposium on the management and control of corporate debt risks for the city-funded enterprises to analyze and judge the debt risk prevention and resolution of the city-funded enterprises. In order to effectively deal with debt risks Propose work ideas.
At the meeting, the City Chengfa Group, the City Investment Group, the City State-owned Assets Company and other units reported the progress, existing problems and follow-up measures of their respective debt risk prevention and resolution work.
According to the Huangshi Municipal Government Debt Situation Statement published on the website of the Huangshi Municipal Bureau of Finance, the city's government debt balance was 34.048 billion yuan at the end of 2021, an increase of about 14.85% over the previous year. 972 million yuan.
In 2022, the total debt repayment of the city's government debt is 4.298 billion yuan, of which 1.110 billion yuan is the interest payable.
In 2021, Huangshi's general public budget revenue is 12.569 billion yuan.
Huaxin Cement invested 1 billion yuan in Huangshi State-owned Assets Management Company. Compared with Huaxin Cement's net profit of more than 5 billion yuan last year, it cannot be said that it is particularly large, but it is not a small amount.
For listed companies, investment should of course pursue returns and efficiency.
From the announcement, Huaxin Cement's investment aims to deepen strategic cooperation and help the company's transformation.
However, it may be difficult to directly bring the earnings growth of listed companies in the short term.
Because although the announcement shows that Huangshi State-owned Assets Management Company will achieve a net profit of 1.190 billion yuan in 2021, according to the bond tracking rating report issued by China Securities Pengyuan in June 2021, Huangshi State-owned Assets Management Company will obtain investment income of 1.08 billion yuan in 2020, accounting for its During the same period, 108% of the total profit, and the investment income from Huaxin Cement exceeded 900 million.
Since the profit of Huaxin Cement will not change much in 2020 and 2021, it can be speculated that the investment income from Huaxin Cement last year is still the main component of the profit of Huangshi State-owned Assets Management Company, and the remaining assets are currently relatively limited in profitability.
Fortunately, as a local state-owned asset operation platform, Huangshi State-owned Assets Management Company has obvious resource advantages.
The aforementioned bond tracking rating report also shows that in 2020, Huangshi State-owned Assets Management Company obtained assets such as the right to operate the tourist attractions of Huangjingshan Forest Park injected by the People's Government of Xisai Mountains in Huangshi City for free, and received a government subsidy of 230 million yuan.
In the future, it remains to be seen how Huaxin Cement will achieve the goals stated in the announcement through this investment.