Guodian Electric Power Beat Three Jump: 14 Billion 500 Million Did Not Cover Up Heat Last Year.

Figure 5 billion 500 million convertible bonds this year.

In one year alone, the total share capital of Guodian increased by 2 times, and its total assets increased nearly twice.

Over the past year, the State Grid has been operating capital power frequently, constantly bringing the parent company's power generation assets into operation.

By the end of 2009, Guodian power general

And several times

China Merchants Securities underwrites convertible bonds again

As the largest power generation company that has been listed, no matter which broker it is, the refinancing of Guodian power is a rare item.

Guodian electric power in December last year's public issuance, UBS Securities as sponsor, UBS Securities, China Merchants Securities, CICC three brokerages as co principal underwriters, as the saying goes, there are not enough money, but investment banks still get a share.

The announcement shows that at the end of 12 last year, Guodian electric power increased 3 billion yuan by 9 billion 570 million yuan in 3.19 yuan / share, with a total cost of 260 million yuan.

The public issuance was underwritten due to insufficient market subscription.

Statistics show that 252 million shares are underwritten by UBS Securities, China Merchants Securities and CICC, including 214 million shares of China Merchants Securities Underwriting.

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Guodian power shares, which have been underwritten by merchants, have been losing money in the past four months.

Fortunately, when the stock price of Guodian electric power was released in April 11th of this year, it issued a convertible bond announcement. It has been floating above 3.19 yuan per share, so far it has been higher than the underwriting cost price of investment.

With the announcement of Guodian electric power quarterly in April 27th, whether investment will remain the second largest shareholder will be clear at a glance.

However, there are also brokerage analysts said that even if Guodian power quarterly, China Merchants Securities is still the second largest shareholder, but China Merchants Securities may also gradually reduce after April 11th, and profit from it.

At present, the issue of Guodian electric power 5 billion 500 million yuan convertible bonds, the position of sponsors and underwriters has once again become the focus of market attention.

Although merchants, CICC and UBS are not involved in the participation, the financial weekly reporter learned from those close to the issue that after the last time, merchants still participated in the issue of convertible bonds, and jointly underwritten with other brokerages.

Refinancing, UBS sponsor CICC laid off

In fact, last year, China Merchants Securities began to participate in Guodian power refinancing project, while the CICC company in the underwriting group was much earlier than it did. Only in August last year, its sponsor status was suddenly replaced by UBS Securities.

In fact, as early as Guodian electric power in 2006 split share structure reform, CICC has served as its sponsor.

Subsequently, it became the sponsor of 3 billion 100 million yuan public issuance in 2007.

In August 2009, Guodian power also signed an agreement with CICC to sponsor the non-public offering of A shares by CICC. The sponsorship period will be until December 31, 2011.

It was only after the motion of public power issue of the general meeting of Guodian power company in August 2010 that Guodian electric power issued a notice to replace the sponsor agency. The sponsor status of CICC was replaced by UBS Securities, and the continuous supervision was also followed by UBS Securities.

Therefore, in the 3 billion public offering of Guodian power at the end of 2010, UBS Securities acted as sponsor, while CICC was only a joint underwriter.

The reason is intriguing.

Financial weekly reporter asked many questions, but the reason is still unknown.

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But no matter who is sponsoring, who is underwriting, Guodian electric power is committed to building China Guodian group thermal power, hydropower, wind power asset integration platform strategy has been accelerating the move forward.

5 billion 500 million convertible bonds promote new energy strategy

In April 11th, Guodian announced the issuance of convertible bonds.

The announcement states that Switching Company bonds can be issued with a total value of not more than 5 billion 500 million yuan.

The fund-raising funds will be used for 5 hydropower projects in Sichuan and Xinjiang, and 11 wind power projects in Ningxia and Shandong, with a total investment of about 5 billion 598 million yuan.

In fact, this refinancing has highlighted the strategic intention of Guodian power to gradually increase the proportion of new energy and renewable energy.

According to the "12th Five-Year plan" formulated by Guodian electric power, the proportion of new and renewable energy sources will increase by 10 percentage points to 41% in 2015, and the proportion of wind power will rise to 22.4% from 4.7% in 2010.

Wu Fei, chief analyst of CITIC Securities utility and environmental protection industry, said that the goal of the pformation of Guodian power "12th Five-Year plan" to new energy and renewable energy and the double performance of the group's clear positioning of the listed company have made the future performance of Guodian power more than expected.

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Frequent refinancing, formation of integrated platform for power generation business

In fact, the strategy of Guodian Power Group's power generation business integration platform has been implemented since 2009.

Statistics show that as early as November 2009, Guodian electric power made a plan to acquire Jiangsu electric power 80% through a non-public offering, but the acquisition did not take place until the end of 6 2010.

In July 1, 2010, Guodian electric announced that China Guodian subscribed for 80% of the shares of Jiangsu electric company, which was owned by the state power company.

Since then, in December 2010, Guodian electric power has raised 9 billion 570 million yuan in public offering to buy 20% stake in Jiangsu electric company held by China Guodian and self built power generation projects.

According to the previous commitment of the controlling shareholder China Guodian, under the condition of ripe conditions, China Guodian intends to start capital injection again within one year.

Initially considering that the power generation assets of Fujian, Yunnan and the Xinjiang Uygur Autonomous Region, which are owned by China Guodian, will be selected as an alternative to the company, while supporting the company to do better and better, it will further solve the problem of competition with the company.

In fact, the power generation platform of Guodian power group is also the result of market competition.

The main enterprises in the power generation industry include five major power generation groups, other central electric power, local power, and foreign power companies.

By the end of 2009, the five major power groups, namely Huaneng Group, Datang Group, China Guodian, Huadian Group and CLP Group, had installed capacity of nearly 1/2 of the total installed capacity of the country.