① Inner Mongolia Mengdian Huaneng Thermal Power Corporation announced plans to acquire 60% equity in Zhenglanqi Wind Power and 75.51% equity in Northern Duolun, with stocks suspended starting tomorrow; ② From August to December 2024, Inner Mongolia Mengdian disclosed plans to invest approximately 9.1 billion yuan to construct three major clean energy projects.
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Caixin Network, February 10 (Reporter Liu Yue) - Inner Mongolia Mengdian (600863.SH) may accelerate the development pace of its clean energy business. The company is planning to purchase equity in two new energy companies under its controlling shareholder, Northern United Power Co., Ltd. (referred to as "Northern Company"), with stocks suspended starting tomorrow.
Inner Mongolia Mengdian announced this evening that the company is planning to purchase 60% equity in Northern Shangdu Zhenglanqi New Energy Co., Ltd. (referred to as "Zhenglanqi Wind Power") and 75.51% equity in Northern Duolun New Energy Co., Ltd. (referred to as "Northern Duolun") from Northern Company through a combination of stock issuance and cash payment, along with issuing stocks to raise supporting funds. After this transaction is completed, Inner Mongolia Mengdian will directly hold 60% equity in Zhenglanqi Wind Power and 75.51% equity in Northern Duolun.
Inner Mongolia Mengdian indicated that as this transaction is still in the planning stage, the company's stocks will be suspended from the market starting tomorrow, with the suspension expected to last no more than 10 trading days.
The announcement shows that the target companies, Zhenglanqi Wind Power and Northern Duolun, are both wholly-owned subsidiaries of Northern Company, with their business scope including power generation, power transmission, electricity supply (distribution), energy storage technology services, and rechargeable battery leasing, all of which are 100% owned by Northern Company. Information from Qichacha indicates that Northern Company is 70% owned by China Huaneng Group, with Guangdong Province Energy Group and China Shenhua Energy holding 20% and 10% respectively.
Public information shows that Inner Mongolia Mengdian's business primarily consists of thermal power generation and heating, along with some wind power generation and coal business. From August to December 2024, in less than 4 months, Inner Mongolia Mengdian disclosed plans to invest approximately 9.1 billion yuan to construct three major clean energy projects.
In terms of finance, as of Q3 2024, Inner Mongolia Mengdian's cash / money market amounted to 1.892 billion yuan, and the company's debt-to-asset ratio was 37.85%.
In terms of Operation, last year the company's Electrical Utilities experienced pressure on volume and price, while the Coal Business developed steadily. According to the announcement, in 2024, the company completed an electricity generation of 58.645 billion kilowatt-hours, a decrease of 3.41% compared to the same period last year; the selling price of electricity per kilowatt-hour (excluding tax) decreased by 7.48 yuan, a year-on-year decline of 2.17%. In 2024, the company's Coal production increased by 8.92% year-on-year, Coal external sales increased by 16.89% year-on-year, and the price of external Coal sales increased by 0.71 yuan/ton (excluding tax), a year-on-year increase of 0.18%.
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