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On the evening of September 3, Luxi Chemical announced that the acquirer, Sinochem Holding Co.
, Ltd.
(hereinafter referred to as “Sinochem”) indirectly acquired 48.
93% of the shares of Luxi Chemical
.
Sinochem was established in May this year.
The State-owned Assets Supervision and Administration Commission of the State Council is the sole investor and actual controller of the company
.
Central enterprises take over chemical giants
Central enterprises take over chemical giants On September 3, Luxi Chemical's "Acquisition Report of Luxi Chemical Group Co.
, Ltd.
" (hereinafter referred to as "Acquisition Report"), Sinochem obtained Sinochem Group and China National Chemical Corporation through the free transfer of state-owned shares.
100% of the equity, thereby indirectly acquiring 931 million shares of Luxi Chemical held by Luxi Group and Sinochem Investment, a subsidiary of Sinochem Group, accounting for about 48.
93% of the company's total share capital
.
Among them, Sinochem holds 492 million shares of Luxi Chemical through its subsidiary Luxi Group, accounting for 25.
85% of the total share capital of Luxi Chemical, and through its subsidiary holding company Sinochem Investment, holds 439 million shares of Luxi Chemical , accounting for 23.
08% of the total share capital of Luxi Chemical
.
According to the provisions of Article 63, paragraph 1 (1), of the Measures for the Administration of Acquisition of Listed Companies, the free transfer, modification and merger of state-owned assets with the approval of the government or the state-owned assets management department, resulting in investors in a listed company Investors are exempt from making an offer if they are interested in more than 30% of the company's outstanding shares
.
Sinochem was approved by the State Council, and the State-owned Assets Supervision and Administration Commission of the State Council agreed to the joint reorganization of Sinochem Group and ChemChina
.
It is worth noting that the joint reorganization of Sinochem Group and China National Chemical Corporation has obtained the approval of the State Administration for Market Regulation that the anti-monopoly review of the concentration of business operators is not prohibited, and has completed the anti-monopoly review procedures in relevant overseas countries or regions.
There are no antitrust barriers to implementation
.
What is the purpose of reorganizing and establishing Sinochem?
What is the purpose of reorganizing and establishing Sinochem?In March this year, the State-owned Assets Supervision and Administration Commission of the State Council issued the "Notice on the Reorganization of China Sinochem Group Co.
, Ltd.
and China National Chemical Corporation" (Guozifa Reform [2021] No.
29) and Sinochem's instructions mentioned that in order to further deepen the reform of state-owned enterprises , optimize the allocation of resources, exert synergies, and effectively improve China's innovation capabilities and industrial status in the global energy, chemical and agricultural fields
.
"State-owned enterprise herding cows"
Sinochem was jointly reorganized by Sinochem Group and China National Chemical Corporation.
According to public information, the chairman of Sinochem Sinochem is Ning Gaoning, who is also known by the industry as a "state-owned enterprise to let go of cows".
Foreign media called him "China's Red Morgan".
.
In 1987, Ning Gaoning returned from overseas and joined China Resources (Group) Co.
, Ltd.
(hereinafter referred to as "China Resources Group"), and served as general manager and chairman of the board
.
In 1999, he took charge of China Resources Group.
Through acquisition and integration, he turned a foreign trade company into an industry-oriented company, involving real estate, beer, retail, textiles, power plants, pharmaceuticals, and building materials
.
The total assets of China Resources Group have also doubled, reaching the trillion mark
.
In 2004, Ning Gaoning "airborne" COFCO Group Co.
, Ltd.
, integrated the company's scattered business units, put forward the whole industry chain strategy of "from field to table", and introduced the online e-commerce model
.
Subsequently, Ning Gaoning completed the transformation of COFCO Group, and many companies in the "COFCO Group" also completed their listing
.
In 2011, Ning Gaoning served as the new chairman of Mengniu's board of directors; in 2013, he served as the first chairman of the APEC China Business Council
.
During the period from 2016 to 2021, Ning Gaoning successively served as Party Secretary and Chairman of Sinochem Group and China National Chemical Corporation
.
Luxi Chemical's performance is improving, and Sinochem said that it will not adjust the main business of Luxi Chemical at present
.
The 2021 semi-annual report shows that Luxi Chemical achieved operating income of 14.
471 billion yuan in the first half of the year, a year-on-year increase of 94.
73%; net profit attributable to the parent was 2.
632 billion yuan, a year-on-year increase of 1064.
17%; operating income in the second quarter was 8.
255 billion yuan, a month-on-month increase of 32.
8%; The parent's net profit was 1.
633 billion yuan, an increase of 63.
42% from the previous month
.
Since 2021, the prices of the company's main products such as butanol, polycarbonate, caprolactam, nylon 6, and DMC have risen to varying degrees
.
The company has built an integrated new material industrial park and formed a relatively complete industrial chain of coal chemical, salt chemical, fluorosilicon chemical and new chemical materials
.
The company is also expanding and developing high-end new materials, with a total investment of up to 14 billion yuan
.
Among them, the annual production capacity of caprolactam and nylon 6 projects is about 600,000 tons
.
Luxi Chemical, which has been developing smoothly, suffered an episode last month
.
On August 9, Luxi Chemical announced that Johnson Matthey Davy Technology Co.
, Ltd.
(hereinafter referred to as "David") and Dow Global Technology Co.
, Ltd.
Co.
, Ltd.
(hereinafter referred to as the "Company") filed an arbitration application at the Stockholm Chamber of Commerce Arbitration Agency on the grounds that it violated the "Low-Pressure Oxylation Technology Non-Use and Confidentiality Agreement" (hereinafter referred to as the "Confidentiality Agreement")
.
The verdict is that Luxi Chemical used the protected information to design, build, and operate its butanol-octanol plant (ie, the polyol plant), thus violating and continuing to violate the "Confidentiality Agreement", and compensated for various expenses totaling about 749 million yuan
.
Zhang Lei, deputy general manager of the company, said that due to lack of experience in international cooperation in the early years, he violated the confidentiality agreement and paid a huge price, and he will learn lessons in the future
.
But it does not affect the operation of the polyol plant that the company has built
.
With the completion of Sinochem's restructuring, on the one hand, Luxi Chemical will also receive more resource support; on the other hand, Sinochem's subsidiaries include Sinochem Lantian, Sinochem Plastics, Yangnong Group and Luxi Chemical.
Some products overlap or are similar, and there is horizontal competition
.
