Central enterprises

Hundreds of billions of power central enterprises approved for restructuring

Seetao 2021.09.15
  • The reorganization and integration will actively promote the optimization and structural adjustment of state-owned capital

New progress has been made in the reorganization of state-owned enterprises. China Xidian announced on the evening of September 14 that it received a notice from the controlling shareholder China Xidian Group that, after research by the State-owned Assets Supervision and Administration Commission of the State Council and approved by the State Council, it agreed to implement reorganization and integration of certain subsidiaries of China Xidian Group and State Grid Corporation of China.

100 billion-level new central enterprises may be listed at the end of the month

As of the close of the market on the 14th, China West Telegraph reported 6.23 yuan per share, and its current total market value was 31.943 billion, an increase of more than 60% from the low point in the year.

According to the announcement, the State-owned Assets Supervision and Administration Commission of the State Council will newly establish a new company that performs the responsibilities of investor on behalf of the State Council, China Xidian Group and State Grid Corporation of China, Xuji Group Co., Ltd., Pinggao Group Co., Ltd., and Shandong Diangong Electric Group Co., Ltd. And the shares of Jiangsu Nanrui Hengchi Electrical Equipment Co., Ltd., Jiangsu Nanrui Telstar Electric Co., Ltd., and Chongqing Nanrui Borui Transformer Co., Ltd. held by the State Grid Electric Power Research Institute Co., Ltd., which are affiliated to the State Grid, are transferred to the new company as a whole . After this reorganization and integration, the controlling shareholder and actual controller of the company have not changed.

After the reorganization is successful, in the field of power transmission and distribution equipment manufacturing, a new central enterprise with a level of 100 billion may be born.

China Xidian's 2021 semi-annual report shows that operating income in the first half of the year was 7.575 billion yuan, a year-on-year increase of 25.63%; net profit was 243 million yuan, a year-on-year increase of 106.82%; basic earnings per share were 0.05 yuan. According to product classification, in the first half of the year, the company's revenue accounted for transformers (3.141 billion, accounting for 41.66%), switches (2.934 billion, accounting for 38.91%), and the two accounted for 80.57%.

Continue to promote the strategic reorganization of power equipment companies

In December 2020, Pinggao Electric and Xu Ji Electric announced that Pinggao Group and Xu Ji Group, the controlling shareholders of the two companies, are planning a strategic reorganization with China Xidian Group.

Public information shows that China Xidian Group, which participated in the strategic reorganization, is the only central enterprise in China with a complete power transmission and distribution industry as its main business. It was established in July 1959. China XD Group has now become the R&D, manufacturing, experimental testing and service base of medium voltage, high voltage, ultra high voltage, UHV AC and DC transmission and distribution equipment and other electrical products in my country with the largest scale and strongest complete set of capabilities.

Xuji Group, Pinggao Group and Shandong Diangong Electric Group are all directly affiliated industrial companies in the manufacturing business segment of the State Grid. Among them, Xu Ji Group focuses on electric power, automation and intelligent manufacturing, mainly involving five major businesses including UHV power transmission, smart grid, new energy power generation, electric vehicle charging and swapping, rail transit and industrial intelligence. Its main products include transformers, GIS, transformers, smart grid solutions, etc. It is a leading enterprise in the field of high-voltage direct current transmission and secondary equipment.

The business scope of Pinggao Group covers R&D, design, manufacturing, sales, testing, related equipment complete sets, services and engineering contracting of transmission and distribution equipment, and actively develops new businesses such as operation and maintenance, GIL, power storage, and integrated energy.

Industry insiders believe that the reform of separating the main and auxiliary power systems is an important link in the reform of the national power system and the reform of the entire state-owned assets management. The business reorganization of Xuji Group and Pinggao Group is the beginning of the State Grid's divestiture of competitive businesses such as equipment manufacturing, and it is also an important progress in the separation of the main and auxiliary links of the power system reform.

The Qinghai Energy Bureau recently commissioned a bidding agency to select the investment subject through public bidding for the second-phase power supply project of the Qinghai-Henan DC UHV Transmission Channel Renewable Energy Base. The cumulative bidding project scale has reached 5.3GW, including 1.5GW wind power projects and 3.5GW Photovoltaic projects and 300MW solar thermal projects.

Keywords: engineering news, engineering construction information, reorganization of central enterprises

People in the industry believe that the Qingyu UHV project will provide an important reference for China's UHV transmission of clean energy during the "14th Five-Year Plan" period. At present, many UHV routes are expected to accelerate the implementation, and it is expected that the future UHV channel supporting power supply projects will become an important support for the development of renewable energy in my country. Editor/Sang Xiaomei