Lv Qinghai, chairman of Shenma Group
On March 10, Shenma Industrial Co., Ltd. (600810) announced the revised share structure reform and directional repurchase plan. The launch of the plan has aroused widespread concern in the market. As another listed company that solves the problem of capital occupation in combination with share structure reform, what is the uniqueness of Shenma Industrial’s plan? What impact will it have on the company after the plan is implemented? What is the company’s future development prospect? With these questions in mind, the author recently interviewed Mr. Lu Qinghai, chairman of Shenma Group.
About the share reform and directional repurchase
Q: What is the significance of the share reform to Shenma Industry, which is controlled by Shenma Group? The development of the industry has a far-reaching impact. The smooth implementation of the shareholding reform is not only conducive to unifying the value orientation of Shenma Industrial shareholders and forming an effective restraint mechanism, but also directly affects the next development plan.
After the share structure reform, the liquidity of equity held by non-tradable shareholders has increased, the shareholding ratio of Shenma Group has dropped significantly, and the total share capital has been further reduced. In order to introduce a stock option incentive mechanism and implement a series of equity mergers and acquisitions, it is beneficial to the development of listed companies The financial innovation tools laid the foundation. This can not only mobilize the enthusiasm of all shareholders and management to safeguard the interests of listed companies, but also provide effective strategic tools and institutional arrangements for the future development of Shenma Industry.
Q: Why is the targeted repurchase implemented in combination with the share structure reform?
Lu Qinghai: Solving related occupation and share structure reform are two important tasks that the company needs to complete at present, and only one of them is a task The completion of the project cannot completely relieve the troubles of the company’s development. Related occupation is a historical problem left over between the group and the listed company. Judging from the actual situation of the listed company and the group, there is no other way to solve it in the short term except through targeted repurchase. The stock price of listed companies has been lower than the level of net assets in recent years. According to the relevant regulations on the disposal of state-owned assets, the repurchase price must not be lower than the net assets. balance of interests. By combining with the share structure reform, the interest relationship among shareholders formed by targeted repurchases and the interest relationship among shareholders formed by the share structure reform are combined and considered in a unified plan, and the plan as a whole achieves The balance of interests between controlling shareholders, tradable shareholders and listed companies not only achieves the purpose of effectively solving related occupations, but also solves the problem of equity division.
Through the comprehensive plan, the asset-liability structure and asset quality of listed companies will be optimized, the quality of listed companies will be improved fundamentally, the interests of shareholders will be aligned, the basis for common interests in corporate governance will be achieved, and the company’s equity system and governance structure will be improved , and ultimately promote the long-term coordinated development of Shenma Industry. Therefore, the idea of combining directional repurchases with split share structure reform embodies the principle of respecting history, focusing on the future, and solving problems in the company’s progress with a developmental perspective.
Question: How is the consideration for Shenma Industrial’s share reform determined?
Lu Qinghai: The company’s share reform consideration is the company’s board of directors after extensively listening to the opinions and suggestions of non-tradable shareholders, tradable shareholders, state-owned assets supervision departments, and various intermediary agencies On the basis of various factors, it was determined after repeated demonstrations: first, it conforms to the laws, regulations, and regulations promulgated by the state and relevant competent departments; second, it is scientifically calculated with relatively mature theoretical methods; The company’s plan to solve related occupation by directional repurchase fully considers the balance of interests between shareholders of tradable shares, shareholders of non-tradable shares and listed companies; fourthly, it properly considers the company’s current profitability and development prospects; fifthly, it actively absorbs and summarizes The rich experience and lessons learned by many companies since the comprehensive shareholding reform.
After full communication with all parties, the revised company’s consideration level reflects the compensation for the interests of shareholders of tradable shares due to the targeted repurchase. The average consideration level in the market is higher than the average consideration level of listed companies in the same industry and companies with comparable shareholding structures. Moreover, in order to demonstrate the sincerity of shareholders of non-tradable shares, the Group has made additional commitments to restrict sales and propose dividends, fully considering the interests of tradable shareholders, and I believe it will be recognized by the majority of tradable shareholders.
About the company’s operation
Q: As the chairman of Shenma Group, please comment on the current overall operating conditions of Shenma Industry.
Lu Qinghai: Generally speaking, the current production and operation of Shenma Industrial Co., Ltd. presents a good trend of continuous, steady and healthy development. Upward trend. After years of unremitting efforts, the current production scale of Shenma Industrial Yarn has expanded to nearly 90,000 tons, ranking second in the world, and the product quality has gradually approached the world-class level. By the second half of this year, Shenma Industry will have a spinning production capacity of 100,000 tons of nylon 66 and a production capacity of 10,000 tons of DSP.The capacity will reach 150,000 tons. In order to match the production capacity of the front and back processes and fully digest the surplus of industrial yarn after sales, according to market demand and company requirements, the supporting production capacity of the twisting and weaving process must reach 70,000 tons per year. The twist weaving technical transformation project started in the first quarter and is scheduled to be completed within this year.
Fourth, the project of 10,000 tons of fine denier yarn and 20,000 tons of high-strength industrial yarn (30,000 tons in total) will start construction in the second half of the year. A leading enterprise in silk and cord fabrics.
Question: What is the position of Shenma Industry in the development of the group?
Lu Qinghai: Shenma Group is one of the 512 key enterprises in China and 13 in Henan Province. The annual production capacity of the leading products nylon 66 dipped cord fabric and industrial yarn is 90,000 tons, the annual production capacity of nylon 66 salt is 100,000 tons, caustic soda, resin, engineering plastics, rubber tires, spinning, printing and dyeing cloth and other products also have a certain production capacity At present, it has formed an industrial structure with nylon 66 salt, cord fabric (industrial yarn), chlor-alkali chemical industry, and engineering plastics as four pillar products.
Combining Shenma’s technology, management and talent advantages in nylon and chlor-alkali chemical industry and Pingdingshan’s advantages in coal, electricity, salt and water resources, Shenma Group has established an expanding competitive strategy, centering on the two core industries of chemical industry and chemical fiber , lengthen the industrial chain vertically, expand the scale of the industry horizontally, and make the four pillar industries bigger and stronger. Strive to make the sales revenue exceed 10 billion in 5 years, and reach 20 billion in 10 years, build Shenma into China’s first and world-class nylon chemical base, and gradually realize international operation.
In order to achieve the company’s development goals, Shenma Group will comprehensively build a new Shenma with “new strategy, new property rights, new structure, new goals, new management, and new culture”.
As the only listed company under the group, Shenma Industry is not only the capital operation of the group
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