Representatives of non-ferrous metals enterprises gathered in Qinghai to discuss green development
"Intheforeseeablefuture,thereisstillmuchroomfortheneedfornon-ferrousmetalsinhumansociety.Aslongaswestrivetoconformtothetrendofenvironmentalprotection,wewillbeabletothrowoffthehatof"twohighandonecapital"andletthenon-ferrousmetalindustryandmanyotherindustriesembarkonthetrackofecologicalenvironmentalprotectionandgreendevelopmenttogether."ChenQuanxun,presidentofChinaNonferrousMetalsIndustryAssociationandSecretaryofthePartyCommittee,saidinXining,QinghaiProvince,onthe2nd.Onthesameday,the2008ChinaNonferrousMetalsIndustrySummitCorporateCultureForumwasheldinXining,QinghaiProvince.Morethan100representativesfromleadingChinesenon-ferrousmetalsenterprisessuchasminingindustryinWesternChina,aluminiumindustryinChina,metallurgyindustryinYunnanandmorethan80enterprisesgatheredinQinghaitodiscusshowtoadapttothenewsituationofecologicalenvironmentprotectionintheneweraandhowtostrengthentheconstructionofenvironmentalprotectioncultureofnon-ferrousmetals.Accordingtoreports,inrecentyears,thepercapitaecologicaldamageintheworldhasexceeded40%ofthecarryingcapacity.China'spercapitaecologicalcarryingcapacityisonly53%oftheglobalaverage.Ittakes2.2yearsforChinatorecoverfromthedestructionoftheecologicalenvironmentinoneyear."Onlywhentheevolutionofhumancivilizationisfullyintegratedintothecycleofnature,shouldallactivitiesoftheanthroposphereachieveastableandbalancedself-circulationinnature,asinthehydrosphere,theatmosphere,thebiosphereandthelithosphere."ChenQuanxunsaid."Innovationisnotonlythevitalityofenterprises,butalsothetypicalmanifestationofcorporateculture.Asanenterprise,itneedstotaketheinitiativetoassumesocialresponsibility,baseitselfonthelocalnaturalattributes,andconstantlypromotetheconstructionofecologicalcivilization."ZhangYongli,secretaryandchairmanofthePartyCommitteeoftheWesternMiningGroupCorporation,saidthatsince2015,thewesternminingindustryhasinvestedmorethan800millionyuantoimplementaseriesofsafetyandenvironmentalprotectionprojects.In2018,thecompanylaunchedathree-yearplanfortheconstructionofintelligentmines,greenminesandgarden-typefactories.Bytheendof2020,allindicatorsofminingandmineralprocessingwillreachtheadvancedlevelinChina,allofwhichwillmeettheprovincialgreenminestandards.Thegreeningcoveragerateoffactorieswillreach100%ofthegreeningarea.Allnon-miningproductionunitswillbuildgarden-typefactories,andthecompanywillachieveenergysavingandemissionreduction.Nationalstandards,withpracticalactiontopracticetheconceptofgreendevelopment,JinshanYinshanintogreenmountains.ChenQuanxunsaidthatwiththecontinuousimprovementofmaterialandculturallivingstandards,people'sneedsareconstantlyupgrading.TobuildamodernpowerfulcountryandabeautifulChina,peoplehavepaidmuchmoreattentiontonotonlytheproblemof"food,clothingandwarmth",butalsothepursuitofagoodecologicalenvironment,whichhasbecomethebasicsurvivalneedsandchoicesofthemostordinarypeople.Therefore,forindustrialenterprises,recognizingtheecologicalenvironmentisthemostinclusivelivelihoodwell-being,thatis,recognizingthefundamentalresponsibilityofenterprisestoworkersandsociety.
Representatives of non-ferrous metals enterprises gathered in Qinghai to discuss green development
"Intheforeseeablefuture,thereisstillmuchroomfortheneedfornon-ferrousmetalsinhumansociety.Aslongaswestrivetoconformtothetrendofenvironmentalprotection,wewillbeabletothrowoffthehatof"twohighandonecapital"andletthenon-ferrousmetalindustryandmanyotherindustriesembarkonthetrackofecologicalenvironmentalprotectionandgreendevelopmenttogether."ChenQuanxun,presidentofChinaNonferrousMetalsIndustryAssociationandSecretaryofthePartyCommittee,saidinXining,QinghaiProvince,onthe2nd.Onthesameday,the2008ChinaNonferrousMetalsIndustrySummitCorporateCultureForumwasheldinXining,QinghaiProvince.Morethan100representativesfromleadingChinesenon-ferrousmetalsenterprisessuchasminingindustryinWesternChina,aluminiumindustryinChina,metallurgyindustryinYunnanandmorethan80enterprisesgatheredinQinghaitodiscusshowtoadapttothenewsituationofecologicalenvironmentprotectionintheneweraandhowtostrengthentheconstructionofenvironmentalprotectioncultureofnon-ferrousmetals.Accordingtoreports,inrecentyears,thepercapitaecologicaldamageintheworldhasexceeded40%ofthecarryingcapacity.China'spercapitaecologicalcarryingcapacityisonly53%oftheglobalaverage.Ittakes2.2yearsforChinatorecoverfromthedestructionoftheecologicalenvironmentinoneyear."Onlywhentheevolutionofhumancivilizationisfullyintegratedintothecycleofnature,shouldallactivitiesoftheanthroposphereachieveastableandbalancedself-circulationinnature,asinthehydrosphere,theatmosphere,thebiosphereandthelithosphere."ChenQuanxunsaid."Innovationisnotonlythevitalityofenterprises,butalsothetypicalmanifestationofcorporateculture.Asanenterprise,itneedstotaketheinitiativetoassumesocialresponsibility,baseitselfonthelocalnaturalattributes,andconstantlypromotetheconstructionofecologicalcivilization."ZhangYongli,secretaryandchairmanofthePartyCommitteeoftheWesternMiningGroupCorporation,saidthatsince2015,thewesternminingindustryhasinvestedmorethan800millionyuantoimplementaseriesofsafetyandenvironmentalprotectionprojects.In2018,thecompanylaunchedathree-yearplanfortheconstructionofintelligentmines,greenminesandgarden-typefactories.Bytheendof2020,allindicatorsofminingandmineralprocessingwillreachtheadvancedlevelinChina,allofwhichwillmeettheprovincialgreenminestandards.Thegreeningcoveragerateoffactorieswillreach100%ofthegreeningarea.Allnon-miningproductionunitswillbuildgarden-typefactories,andthecompanywillachieveenergysavingandemissionreduction.Nationalstandards,withpracticalactiontopracticetheconceptofgreendevelopment,JinshanYinshanintogreenmountains.ChenQuanxunsaidthatwiththecontinuousimprovementofmaterialandculturallivingstandards,people'sneedsareconstantlyupgrading.TobuildamodernpowerfulcountryandabeautifulChina,peoplehavepaidmuchmoreattentiontonotonlytheproblemof"food,clothingandwarmth",butalsothepursuitofagoodecologicalenvironment,whichhasbecomethebasicsurvivalneedsandchoicesofthemostordinarypeople.Therefore,forindustrialenterprises,recognizingtheecologicalenvironmentisthemostinclusivelivelihoodwell-being,thatis,recognizingthefundamentalresponsibilityofenterprisestoworkersandsociety.
China Aluminum's 10 Billion Debt-to-Equity Swap will close: or a sample of deleveraging by central enterprises
Afterhalfayearofgestation,themarket-orienteddebt-to-equityswapschemeofChinaAluminum(601600.SH)hasfinallytakenasubstantialsecondstep.OnJuly31,ChinalcoannouncedthedraftreportonassetpurchaseandrelatedpartytransactionsbyissuingsharesontheA-sharelistedplatformofChinalco.Accordingtothereport,ChinaAluminumintendstoissueabout2.119billionsharesinatargetedway,andbuybackthesharesoffoursubsidiariessuchasChinaRongruitong,ChinaLife,ZhaopingInvestmentandChinaXindaatatransactionpriceof12.713billion.Thepriceofthenewdirectionalissuanceis90%oftheaveragepriceof60tradingdaysbeforetheannouncement,whichis6yuanpershare.Afterthecompletionofthetransaction,thefoursubsidiarieswillonceagainbecome100%ownedsubsidiariesofChinaAluminum.Priortotheincrease,theaboveeightinstitutionsheld25.67%equityinBaotouAluminum,30.80%equityinShandong,81.14%equityinChinalcoMiningand36.90%equityinZhongzhouAluminum.RelevantpersonagesoftheChinalcoSecretariatOfficedisclosedtothe21stCenturyEconomicReporterthattheacquisitionoftheremainingsharesofthefoursubsidiarieswasactuallythesecondsubstantialstepforChinalcotoimplementmarket-orienteddebt-to-equityswapasthefirstexampleofnon-ferrouscentralenterprises."Aftertheacquisitioniscompleted,Chinalcowillregain100%ofthesharesoffourimportantsubsidiaries,andthedebtratioofChinalcoanditsfoursubsidiarieswilldecreasesignificantly."Market-orienteddebt-to-equityswaptakesthesecondstepInfact,sincelastyear,economicreportsinthe21stcenturyhavebeenfocusingonlarge-scaledebt-to-equityswapsinChina'saluminiumindustry.ThisnewspaperreportedonDecember5lastyearthatChinaAluminumIndustryintendstointroduceeightinvestmentinstitutionstoincreasethecapitalofthefourwholly-ownedsubsidiariesby12.6billionyuanandimplementmarket-orienteddebt-to-equityswapthroughdirectequityswapofcreditor'srightsandcashcapitalincrease.AccordingtoaninsiderofChinaAluminumGroup,BaotouAluminum,ChinaAluminumShandong,ChinaAluminumMiningandZhongzhouAluminumarenotonlytheimportantsubsidiariesofChinaAluminum,butalsotheoldstate-ownedenterprisesofaluminaandelectrolyticaluminiumproduction.Inthecontextofthestate'scallfortheimplementationof"threego,onefallandonesubsidy",ChinaAluminumdecidedtocarryoutmarket-orienteddebt-to-equityswapsforthefoursubsidiariestohelpenterprisesachievedebtreductionandloadreduction.AccordingtotheappraisalreportprovidedbyChinaUnionwealthAssets,afterthe12.6billionmarket-orienteddebt-to-equityswaplanded,theasset-liabilityratiooffoursubsidiariesdeclinedsharply.Amongthem,theasset-liabilityratioofChinalcoShandongdroppedfrom56.1%toabout29.01%,ZhongzhouAluminumIndustryfrom56.54%toabout25.99%,BaotouAluminumIndustryfrom70.05%toabout53.92%,andChinalcoMiningIndustryfrom90.95%toabout25.9%.ChinaAluminumalsodisclosedto21stcenturyeconomicreportersthatastheleaderofthealuminiumindustry,ChinaAluminumwillrealizethemagnificentturnof"de-leveraging"throughthedebt-to-equityswap.Itsasset-liabilityratiowillbereducedfrom72%to66%,andtheannualfinancialcostwillbesavedby600millionyuan.Itisworthmentioningthatafterthecompletionofthetransaction,theproportionofsharesheldbyeightinstitutionssuchasHuarongRuitonginChinaAluminumIndustryrangesfrom0.2%to4.94%.TheshareswillbelockedinfromDecemberto36monthsfromtheendoftheissuanceofshares.However,thecontrolrightsoflistedcompanieshavenotchanged.ThelargestshareholderisstillChinalcoGroup,whoseactualcontrollerisstillSASASACoftheStateCouncil.Chinalcoalsodisclosedintheabove-mentionedreportthatthesecondstepofthislargedebt-to-equityswap,namely,theabove-mentionedfixedincreasetransaction,hasbeendeliberatedandapprovedbytheinternaldecision-makingbodyofChinalcoGroupandhasobtainedtheprincipledconsentofSASASACundertheStateCouncil.Next,itneedstobeapprovedbytheshareholders'meetingoflistedcompaniesandtheSecuritiesRegulatoryCommission.Debt-to-equitySwapHelpsCentralEnterprisesDe-leverageDongMiofalistedcompanypointedouttothe21stcenturyeconomicreporterthatChinaAluminumisnotthefirststate-ownedenterprisetoeatthecrabof"market-orienteddebt-to-equityswap".InvestorsfamiliarwiththecapitalmarketmayrememberthatChinalco'sdebt-to-equityswaplandedinaverysimilarwaytothepreviousimplementationprocessofSinopecHeavyIndustries'debt-to-equityswap.Inthemarket-orientedoperationofdebt-to-equityswapinChina'saluminiumindustry,therearetwosteps:thefirststepisto"convertsubsidiarydebtintoequity";thesecondstepisto"issuesharestopurchaseassetsbylistedcompanies".Aftertheimplementationofthescheme,theinvestmentinstitutionscangraduallywithdrawfromthemarketafterthelock-inperiodexpiresaccordingtotherelevantprovisionsofthelistedcompanies.Accordingtotheanalysisoftheabove-mentionedpeopleto21stcenturyeconomicreporters,themarket-orienteddebt-to-equityswapofChinaAluminumIndustryisexpectedtoprovideareplicablemodelcaseforotherstate-ownedenterprisesandstate-ownedenterprisesinterestedinpromotingdeleveraging.Itisexpectedthatinthenextperiodoftime(notonlyinthesecondhalfofthisyear),accordingtothetwo-steppathofChinalco,thenumberofstate-ownedenterprisesthatcontinuetoimplementmarket-orienteddebt-to-equityswapswillcontinuetoincrease."D
Representatives of non-ferrous metals enterprises gathered in Qinghai to discuss green development
"Intheforeseeablefuture,thereisstillmuchroomfortheneedfornon-ferrousmetalsinhumansociety.Aslongaswestrivetoconformtothetrendofenvironmentalprotection,wewillbeabletothrowoffthehatof"twohighandonecapital"andletthenon-ferrousmetalindustryandmanyotherindustriesembarkonthetrackofecologicalenvironmentalprotectionandgreendevelopmenttogether."ChenQuanxun,presidentofChinaNonferrousMetalsIndustryAssociationandSecretaryofthePartyCommittee,saidinXining,QinghaiProvince,onthe2nd.Onthesameday,the2008ChinaNonferrousMetalsIndustrySummitCorporateCultureForumwasheldinXining,QinghaiProvince.Morethan100representativesfromleadingChinesenon-ferrousmetalsenterprisessuchasminingindustryinWesternChina,aluminiumindustryinChina,metallurgyindustryinYunnanandmorethan80enterprisesgatheredinQinghaitodiscusshowtoadapttothenewsituationofecologicalenvironmentprotectionintheneweraandhowtostrengthentheconstructionofenvironmentalprotectioncultureofnon-ferrousmetals.Accordingtoreports,inrecentyears,thepercapitaecologicaldamageintheworldhasexceeded40%ofthecarryingcapacity.China'spercapitaecologicalcarryingcapacityisonly53%oftheglobalaverage.Ittakes2.2yearsforChinatorecoverfromthedestructionoftheecologicalenvironmentinoneyear."Onlywhentheevolutionofhumancivilizationisfullyintegratedintothecycleofnature,shouldallactivitiesoftheanthroposphereachieveastableandbalancedself-circulationinnature,asinthehydrosphere,theatmosphere,thebiosphereandthelithosphere."ChenQuanxunsaid."Innovationisnotonlythevitalityofenterprises,butalsothetypicalmanifestationofcorporateculture.Asanenterprise,itneedstotaketheinitiativetoassumesocialresponsibility,baseitselfonthelocalnaturalattributes,andconstantlypromotetheconstructionofecologicalcivilization."ZhangYongli,secretaryandchairmanofthePartyCommitteeoftheWesternMiningGroupCorporation,saidthatsince2015,thewesternminingindustryhasinvestedmorethan800millionyuantoimplementaseriesofsafetyandenvironmentalprotectionprojects.In2018,thecompanylaunchedathree-yearplanfortheconstructionofintelligentmines,greenminesandgarden-typefactories.Bytheendof2020,allindicatorsofminingandmineralprocessingwillreachtheadvancedlevelinChina,allofwhichwillmeettheprovincialgreenminestandards.Thegreeningcoveragerateoffactorieswillreach100%ofthegreeningarea.Allnon-miningproductionunitswillbuildgarden-typefactories,andthecompanywillachieveenergysavingandemissionreduction.Nationalstandards,withpracticalactiontopracticetheconceptofgreendevelopment,JinshanYinshanintogreenmountains.ChenQuanxunsaidthatwiththecontinuousimprovementofmaterialandculturallivingstandards,people'sneedsareconstantlyupgrading.TobuildamodernpowerfulcountryandabeautifulChina,peoplehavepaidmuchmoreattentiontonotonlytheproblemof"food,clothingandwarmth",butalsothepursuitofagoodecologicalenvironment,whichhasbecomethebasicsurvivalneedsandchoicesofthemostordinarypeople.Therefore,forindustrialenterprises,recognizingtheecologicalenvironmentisthemostinclusivelivelihoodwell-being,thatis,recognizingthefundamentalresponsibilityofenterprisestoworkersandsociety.
