The Financial Analysis Of The Halted Events About Shanxi Jiao Hua Acquisition Of Zhong Mei Hua Jin

Under the background of the new normal of China’s economy,it is imperative to accelerate the cultivation of new economic growth drivers.The structural reforms on the supply side,"de-capacity,destocking,de-leveraging,cost reduction,and short-swapping" are the main lines for the development of the 13th Five-Year Plan in China.Shanxi Province,in conjunction with the economic situation in the province,has carried out reforms of a number of state-owned coal enterprises and state-owned assets in coal,and is committed to advancing coal production.However,judging from the implementation effect,the reform of state-owned coal enterprises is highly intractable.The breadth,depth,and intensity of existing reforms are not strong enough,and structural and institutional conflicts still exist.The homogenization of China’s coal state-owned enterprises is serious,and there are still various problems.The problems include:the modern enterprise system fails to effectively solve and contain practical problems,the contribution rate of state-owned capital is not high,and the state-owned assets supervision system needs to be strengthened.The shares of China Coal Huajin held by the parent company of the Shanxi Coking Coal Acquisition Group is a capital transaction within the group’s internal market conducted under the auspices of the Shanxi Provincial State Assets Supervision and Administration Commission.It is an acquisition of high-quality assets injected by the enterprise group into its listed company.The purpose is to stimulate the economic vigor of coal-owned state-owned enterprises in Shanxi Province,invigorate the operation of the coal group,and enrich the method of realization of structural reforms on the supply side.Although the acquisition was strongly promoted by the Shanxi Provincial SASAC,the acquisition was interrupted repeatedly and the acquisition plan was revised several times.An analysis of the case will help to explore the state-owned coal group’s assets injection into its listed companies,the level and influence of local government intervention under layers of entrusted agents,and the state-owned capital management in China and possible problems.At the same time,problems in the supply-side structural reforms of coal-owned state-owned enterprises are unearthed,and the transformation and development of coal-based state-owned enterprises are promoted.