根据重整计划，*ST西钢将按每10股转增21.1459股的比例实施资本公积金转增股票，转增后公司总股本将由10.45亿股增至32.55亿股，其中近11.25亿股股票用于有条件引进重整投资人，建龙集团指定主体天津建龙以1.29元/股受让约9.75亿股转增股票，长城资管、外贸信托、招平资管以1.70元/股分别取得5000万股转增股票；剩余约10.85亿股股票通过以股抵债的方式清偿西宁特钢及矿冶科技的债务，股票抵债价格为7.99元/股。① *ST Xigang's restructuring plan has been approved by the court. After the implementation of the restructuring plan is completed, the actual controller of the company will be changed from the Qinghai Provincial Government's State-owned Assets Supervision and Administration Committee to Mr. Zhang Zhixiang of Jianlong Group. ② Jianlong Group will choose the opportunity to inject its high-quality special steel assets into Xining Special Steel. It is estimated that by the end of 2028, Xigang Co., Ltd. will consolidate steel production of 10.59 million tons, achieving revenue of 53.9 billion yuan and net profit of 4.271 billion yuan.
Financial News Agency, November 8 (Reporter Zhang Liangde)After several months, Beijing Jianlong Heavy Industries Group Co., Ltd. (Jianlong Group)'s plan to restructure ST West Steel (600117.SH) has finally entered the implementation stage. Zhang Zhixiang, the “king of steel mergers and acquisitions,” will soon own his first listed steel company.
Last night, ST Xigang issued an announcement stating that the company's restructuring plan has now been approved by the court. After the implementation of the restructuring plan is completed, the actual controller of the company will be changed from the Qinghai Provincial Government's State-owned Assets Supervision and Administration Committee to Mr. Zhang Zhixiang of Jianlong Group.
According to the restructuring plan, *ST West Steel will implement capital reserve fund stock transfers at a ratio of 21.1459 shares for every 10 shares. After the transfer, the company's total share capital will increase from 1,045 million shares to 3,255 billion shares, of which nearly 1,125 million shares will be used to conditionally introduce restructuring investors. Tianjin Jianlong, the designated entity of Jianlong Group, transferred about 975 million shares to transfer about 975 million shares per share. Great Wall Asset Management, Foreign Trade Trust, and Zhaoping Asset Management each obtained about 50 million shares transferred from 170 yuan/share; 1,085 million shares were settled through stock offsetting For Xining Special Steel and Mining Technology's debt, the stock repayment price is 7.99 yuan/share.
After the restructuring is completed, Xining Special Steel will relieve debt pressure and go to battle lightly. After merging into the management system of Jianlong Group, it may reduce production costs by taking advantage of Jianlong Group's centralized procurement and sales platform advantages. Jianlong Group has strong cost control capabilities. In 2022, when the steel industry generally lost money, Jianlong Group still achieved operating income of 221.2 billion yuan and total profit of 3.1 billion yuan.
As the king of mergers and acquisitions in the steel industry, Jianlong Group started with restructuring and integrating the Hebei Zunhua Jianlong Iron and Steel Company. Since then, it has successively acquired Fushun New Steel Company, Xinhai Steel, Beiman Special Steel, Beixing Special Steel, and Beifang Forged Steel, reorganized the bankrupt Xilin Steel Group, acquired the Malaysian “Donggang Steel” project, and reorganized Baogang Wanteng Steel, etc.
With the help of Jianlong Group, most mergers and acquisitions have been revitalized and profitable. For example, after Jianlong Group participated in the restructuring of Fushun New Steel in 2005, by the end of 2022, Fushun New Steel had achieved a total of 1,415 billion yuan in state-owned stock dividends and paid a total of 8.479 billion yuan in taxes.
After restructuring the former Haixin Group in 2015, by the end of 2022, it had paid a total of nearly 5 billion yuan in taxes. Most of the other M&A projects have also succeeded in turning losses into profits.
After completing the restructuring of Xining Special Steel, Jianlong Group implemented a three-step strategy for its short-term development plan: first, it will use its own advantages to help Xining Special Steel quickly resume full production; second, it will introduce the management system of Jianlong Group through empowerment to give full play to the advantages of centralized procurement and sales to enhance the profitability of Xining Special Steel; and finally, it will promote product upgrading and structural optimization, increase the proportion of high-end special steel products, and expand market share in the field of high value-added products, forming a differentiated competitive advantage.
In the long run, in order to avoid peer competition between Xining Special Steel and other special steel companies under Jianlong Group, Jianye Group may inject special steel companies such as Beiman Special Steel, Chengde Jianlong, and Lu Liang Jianlong into the Xining Special Steel listing platform.
According to Xining Special Steel and Jianlong Group's WeChat accounts, Jianlong Group will choose the opportunity to inject its high-quality special steel assets into Xining Special Steel. It is estimated that by the end of 2028, Xigang Co., Ltd. will consolidate steel production of 10.59 million tons, achieve revenue of 53.9 billion yuan and net profit of 4.271 billion yuan, building a world-class special steel enterprise group with products such as new energy steel, electric slag steel, seamless steel pipes, commercial vehicles and construction machinery steel.
