值得注意的是，2018年中国人寿以80亿债转股纾困资金的形式进入电投核能，帮助其偿还债务。最新的数据显示，电投核能最新资产评估值为571.23亿元，持股26.76%的中国人寿持股价值达到了152亿。短短五年时间，收益近乎翻倍。专家指出，中国人寿这种纾困形式是一种较为成功的运作，是保险类长期资金值得借鉴的运作方式。In 2018, China Life Insurance entered SPIC Industry-Finance Holdings with 8 billion in Debt-for-equity Swaps relief funds, with the latest asset valuation of SPIC Industry-Finance Holdings being 57.123 billion yuan. China Life Insurance's shareholding value reached 15.2 billion. In just five years, the profit nearly doubled. Industry insiders believe that China Life Insurance initially Hold equity in real enterprises in a phased manner through Debt-for-equity Swaps, and now it can exit normally, obtaining shares of the listed company.
On March 19, according to Financial Associated Press (Reporter Wang Hong), on March 18, China Life Insurance Co., Ltd. (hereinafter referred to as "China Life Insurance") announced that it will subscribe for additional shares of SPIC Industry-Finance Holdings and has made a move to acquire a stake in it. This acquisition was achieved through asset swap, with China Life Insurance subscribing to the additional shares of SPIC Industry-Finance Holdings using its 26.76% stake in China National Nuclear Power Co., Ltd. (hereinafter referred to as "SPIC Industry-Finance") without any cash payment.
Previously on March 15, SPIC Industry-Finance also released a detailed equity change report, disclosing the above transaction to the public.
It is worth noting that in 2018, China Life Insurance entered SPIC Industry-Finance with 8 billion in Debt-for-equity Swaps relief funds to help it repay its debts. The latest data shows that SPIC Industry-Finance's latest asset valuation is 57.123 billion yuan, and China Life Insurance, holding 26.76%, has its shareholding value reach 15.2 billion. In just five years, the profit nearly doubled. Experts point out that this form of relief by China Life Insurance is a relatively successful operation and serves as a worthwhile model for long-term funds in the insurance sector.
Asset swap realizes the listing of SPIC Industry-Finance.
The transaction method for this acquisition is quite special. The announcement states that this transaction method involves China Life Insurance using its 26.76% stake in SPIC Industry-Finance as a subscription for the additional shares, and there is no cash payment involved.
Why can China Life Insurance subscribe for shares of SPIC Industry-Finance using its stake in SPIC Industry-Finance, resulting in no cash payment? This involves the significant asset plan previously disclosed by SPIC Industry-Finance.
On March 12 of this year, SPIC Industry-Finance released a draft report titled "Major Asset Swap and Issuance of Shares to Purchase Assets and Raise Matching Funds and Related Transactions" (hereinafter referred to as "report"). The report indicates that SPIC Industry-Finance plans to acquire 100% equity of SPIC Industry-Finance, with the specific assets to be swapped being 100% equity of SPIC Industry-Finance and the assets to be disposed of being the 100% equity held by SPIC Industry-Finance in State Power Investment Corporation Capital Holdings Limited (hereinafter referred to as "Capital Holdings").
The equity structure shows that SPIC Industry-Finance Holdings is owned by China National Nuclear Power and China Life Insurance with shareholding ratios of 73.24% and 26.76% respectively.
Wu Gangliang, a researcher at the China Enterprise Reform and Development Research Association, told reporters from the Financial Associated Press that from the perspective of asset sector attributes, the business being integrated into SPIC Industry-Finance Holdings is the energy sector, while the financial and capital management business sector is being divested, indicating that energy state-owned enterprises and their subsidiaries are increasingly focusing on solidifying the foundation of the real economy through optimization of state-owned capital layout and structural adjustments, further concentrating on nuclear power, thermal power, and new energy as their primary responsibilities to enhance core functions and improve core competitiveness.
This asset swap plan has been in the works for a long time, dating back to October 6, 2024, when SPIC Industry-Finance Holdings issued a suspension announcement to prepare for a significant asset restructuring. It is worth mentioning that if SPIC Industry-Finance Holdings is successfully listed, the three major domestic nuclear power companies will gather in the A-shares market. In 2015 and 2019, China National Nuclear Power and CGN Power Co., Ltd. were listed on A-shares, with the latest Market Cap of 195.4 billion yuan and 185.8 billion yuan respectively.
An investment that has appreciated by 91% over five years.
The aforementioned report also disclosed for the first time the asset evaluation value of SPIC Industry-Finance Holdings. According to the relevant asset evaluation report, based on the evaluation reference date of September 30, 2024, the evaluation value of the assets to be integrated, namely the 100% equity of SPIC Industry-Finance Holdings, amounts to 57.123 billion yuan, with an appreciation rate of 105.88%, and a transaction price of 57.123 billion yuan.
SPIC Industry-Finance Holdings was previously named China Power Investment Nuclear Power Co., Ltd. (referred to as "China Power Nuclear"). On December 4, 2018, China Life Insurance and State Power Investment Corporation signed a Debt-for-equity Swaps capital increase agreement in Peking, with China Life Insurance investing 8 billion yuan to increase capital for China Power Nuclear.
It is noteworthy that the above-mentioned capital increase is in line with the spirit of documents such as the "State Council's Opinions on Actively and Steadily Reducing Corporate Leverage Ratios" and the "Guiding Opinions on Market-oriented Debt-for-Equity Swaps." The capital increase funds are used to repay debts, helping enterprises reduce their liabilities and deleverage.
The report shows that the latest asset evaluation value of SPIC Industry-Finance Holdings is 57.123 billion yuan. Based on a shareholding ratio of 26.7596%, the equity evaluation value of SPIC Industry-Finance Holdings for China Life Insurance is estimated at 15.2 billion yuan. According to a rough estimate by the Financial Associated Press, this means that over five years, China Life Insurance's investment return on SPIC Industry-Finance Holdings has nearly doubled.
Overall, the form of relief provided by China Life Insurance can be seen as a relatively successful operation. As a financial enterprise, China Life Insurance initially held equity in real enterprises through Debt-for-equity Swaps in phases, and now it can exit normally and obtain shares of listed companies. This is an operation model worth referencing for long-term funds in the Insurance sector," Wu Gangliang also stated.
