In 6 billion 300 million the oil throughput operation repo three companies listed A shares clearing obstacles

Special correspondent Luo Qiping newspaper reporter Tian Yudong Hongkong, Beijing reported

Rumors finally happened, but the parties do not want to respond.

Almost synchronized with the successful acquisition of PK oil company, in October 27th, PetroChina started in the market spread over 5 years of capital "big move". Jilin chemical (Information Forum) A shares, H shares, and two other oil holding of the Shenzhen public division of Liaohe oilfield (Information Forum) (000817) and Jinzhou Petrochemical (Information Forum) (000763) suspension at the same time, Jilin on the Hongkong stock exchange announcement clear, will announce the repurchase plan make it a non public company.

Shares in the oil company (HK0857) spokesman Mao Zefeng said: "the query of PetroChina has said in the past will be in the appropriate time under the integration of listed companies, is conducive to the company's overall and long-term development, the integration issues will notice as soon as possible."

Reporters contacted the China Petroleum Group company spokesman, said the group will soon be announced on the matter, but nothing will be said, the specific program is not disclosed".

The source said that the current proposal should be more accurate integration of equity".

Big moves in the oil market has also opened the imagination. Another large state-owned group subsidiary of Sinopec Yangzi Petrochemical 9 listed companies, recently it's (the information forum), Qilu Petrochemical (Information Forum), Shanghai Petrochemical (Information Forum) and other stocks are trading in the market pulse. The reporter contacted Sinopec official, but everyone said: "No comment."

6 billion 300 million repurchase of three companies?

Jilin chemical industry (0368.HK, 000618) as a A + H company, particularly eye-catching.

Jilin chemical industry in the recent observation of A shares and H shares market performance, we can find that the two companies listed in the stock market soared in the near future, the former rose 3 in the month of 107%, which also rose by 71% in the next month.

Hongkong market analysts said, for holding 67.3% of the Chinese Petroleum Corporation 0857.HK, the current stock price is still cheap, even if given 10% to more than 20% of the premium, the repurchase, solve long-term equity issues, while avoiding the problem of the reform of the voting rights of the shareholder + H shares to equity, the still worth the money.

Joint securities analyst Xiao Hui in an interview with reporters, said the three companies under the temporary suspension of oil and oil integration program is inseparable.

On the acquisition of specific programs, Xiao Hui predicted the possibility of greater cash buyback". She also pointed out that, with reference to Sinopec Yanshan petrochemical case. At the beginning of 2005 to Sinopec merger and integration of Beijing Yanshan (Information Forum), to HK $3.8 / share price to Beijing Yanshan H shares tradable shareholders a cash payment of HK $3 billion 840 million, Beijing Yanshan before the suspension price of HK $3.425, a premium of 10.9%. 15%-20% premium level for A shares tradable shareholders, easy to accept. To achieve a premium of 15%-20%, which is also consistent with the current A-share market share price reform of A average price of 30%. For more than 30% of the premium level, the possibility is minimal."

Market sources pointed out that the three companies are expected to be announced in October 31st or later proposal. Is served as financial advisor for PetroChina Goldman, according to one familiar with the deals Goldman senior said in the newspaper, the repurchase price is roughly h before the suspension closing price, plus more than 20% of the premium, A shares is the closing price plus about 10% premium before the suspension.

If calculated according to the above method, the estimated price of H shares repurchase Jilin approximately HK $2.95 acquisition of 964 million 778 thousand shares of H shares to HK $2 billion 846 million 2 billion 960 million yuan, Jilin purchased A shares is about 5.4 yuan, the acquisition of 200 million A shares to 1 billion 80 million yuan; as for the purchase price of Liaohe Oilfield is about 8.15 yuan, need money Jinzhou Petrochemical 1 billion 630 million yuan, the repurchase price of 4.25 yuan, 637 million 500 thousand yuan of funds needed. The total sum of the four expenditures, PetroChina has to pay a total of about $6 billion 300 million, in order to fully repurchase three listed companies.

The Goldman executives said, if investors are not satisfied with the offer, you have to bargain, but the total cost of not more than $1 billion 8 billion 100 million yuan. Investors holding shares of course hope that the higher the premium the better, but also to take into account the cost of oil, not only to maintain the status quo, anyway, we have been waiting for five years."

Bypass share reform

Prior to the parent company listed in the foreign mature capital markets are not allowed, but PetroChina's Jilin Petrochemical is a company like this.

Jilin H-shares in Hongkong in 1995 1996, the issuance of A shares, than the oil landed in Hongkong five years earlier.

In the oil market in Hongkong and New York on April 2000, the management of oil in Hongkong has promised to investors, in order to make equity related transactions and more clearly to avoid, at the appropriate time integration Jilin and mainland A shares of the company.

Five years later, why choose at this time to start?

"Why integrate now? Because the Jilin H shares is still low. In addition the repurchase, does not face after the reform of non tradable shares, and Jilin headache A shares and H shares." Goldman Sachs, a senior said.

According to the latest share reform plan, while the issue of A shares and H shares of listed companies, the share reform plan by the shareholders of A shares, H shares shareholders have no right to decide, will not get