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In the second half of 2003, the Chinese Electric Power Group Company, which was established for less than a year, started its post-term mission for the overall listing under the promotion of intermediary institutions and capital operation experts and group internal capital governance elites. We also hired CICC as a project consultant to help launch the mission. After less than half a year of special preparations, the group company held its first overall listing convening meeting.
At the meeting, CICC said that it had not been approved by the group company leader and put forward the so-called overall listing plan for the domestic electric power group. Its focus is: taking domestic power as the listing platform, integrating domestic power group resources, and realizing the overall listing goal.
There is a lot of planning content, and I don’t understand it in full, but I still remember the content of Longyuan when I touched it. “All assets of Longyuan Company are entering domestic power through targeted growth methods, and Longyuan Company will no longer be preserved,” said a manager of CICC. The first reaction I heard at that time was shock, followed by anxiety and confusion. Sugar daddyBecause it was a discussion meeting, my first statement after this manager finished speaking. I said that Longyuan has become a flagship of the development of renewable dynamics in China. All businesses are booming. It will not take long. In more than ten years, in less than five years, Longyuan will become a leading and internationally renowned renewable dynamic power generation group in China. We and the electric power group company have achieved this goal. Now CICC has proposed a plan to cancel Longyuan Company. I wonder what the purpose is? As the general manager of Longyuan Company, I have expressed twelve-point opposition to the proposed plan.
In 2004, due to changes in the shape, the emergence of the Big River Waterfall migration, the asset explanation for the transformation of the entity system was not completed, the property properties were unclear, and some internal assets did not have the overall listing conditions, etc., the overall listing plan of the domestic electric power group was put in place. However, this incident inspired the Longyuan Company leadership team and all employees to develop strong pictures. They no longer look at Dong Zhangxi, and are dedicated to development. It took nearly ten years to realize the world’s first goal of renewable dynamic power generation (window).
After Longyuan Power’s implementation of the main board of the Drumbi Port in December 2009, Zhu Yongpeng, general manager of the China Electric Power Group and chairman of Longyuan Power, said at the 2010 Leading Group for the Construction Renovation of the China Electric Power Group that we must continue to maintain the strategic unchanging trend of “one platform, multi-point promotion, machine integration, and coordinated development”.However, to highlight the timeliness and practicality of this strategy, the strategic focus of capital operation in the near future should be on “multi-point promotion”.
“Multi-point promotion” refers to the capital operation panel of the common power generation platform with domestic power as the focus point, the new power business platform with Longyuan power as the focus point, the coal business platform with flat power as the focus point, the chemical industry platform with Yingli Special as the focus point, and the technology and environmental protection business platform with the focus point of the Science and Technology Environmental Group as the focus point. Longyuan Power also finally gained a place in the China Electric Group’s business board and slowly stood firm.
Why did Longyuan go public?
In 2001, during the National Power Company, Longyuan proposed a “stable foundation, flying with two wings”. At the end of 2002, after the power system was transformed, Longyuan entered the China Electric Group Company. In 2003, Long Yuan first proposed to accelerate the opening and did not look like a wandering cat. “Develop renewable dynamic power generation, and build a strategic planning goal of the first-class renewable dynamic power generation group in the country.
In 2006, the capacity of Longyuan wind turbine reached 587,000 kilowatts, and in 2007 it reached 1.298,000 kilowatts, with rapid development. However, Longyuan has a weak foundation and a lack of financial strength (when I took over as the president in 2001, the total assets of the entire Longyuan company were 1.223 billion yuan, and the assets of 1.112 billion yuan, with very little debt, but the total assets of 1.312 billion yuan). Renewable power generation power investment has been greatly affected by the capital bottle.
The company only invests in renewable dynamic projects such as risk and photovoltaics, ground heat, and tides based on the distribution profits and investment profits of the two thermoelectric factories, and truly creates the difficulty of “the clever woman is hard to cook without rice”. The Iron Group applied for capital investment to be increased. Because the Iron Group was established shortly after it was established, the capital was also severely lacking, and it was unable to meet Longyuan’s request for additional capital.
In 2007, the leader of Longyuan Company thought of the profitable experience of in-depth development and financing in Longyuan in 1994, and also focused on the domestic and foreign capital markets. At this time, Zhou Dabing, the general manager of the China Electric Group, Zhu Yongpeng, deputy general manager, and Zhang Guohou, the presidential engineer, also successively instructed Long Yuan to propose domestic and foreign listing to solve the preliminary idea of accelerating the development of renewable dynamic funds such as risk.
In the first half of 2007, Longyuan Power decided to start the reform and listing task, and the important scenarios and consequences were:
First, countries around the world have made a policy of wind-saving assistance, and the development conditions of large-scale wind-saving televisions are mature, and the scenery is broad.
Secondly, the Chinese authorities have also introduced support policies, and China’s wind industry has begun to enter a period of rapid development.
Third, in 2007, Longyuan had the highest growth rate among the world’s top ten night-range electric companies, and its industry performance has entered the explosion period, and its investment stories have emerged.
Fourth, Longyuan Wind is in the investment period of large-scale development and construction, and there is a large gap in capital demand.
Fifth, the international capital market is enthusiastically sought after by the wind industry, and Longyuan faces market opportunities that emerge from the sea.
Pinay escortAt that time, whether from the internal environment or from the internal driving reasons, the restructuring and listing of Longyuan reorganization has become a must-have option for the ripe melon.
Longyuan team conducted a careful analysis and comparison of whether it was listed on the domestic A-share market or domestic listing. The group company has listed on the domestic A-share market, and Longyuan continues to list on the domestic A-share market, which is bound to be competitive with the same industry. In addition, the Certificate has a three-year continuous business requirement on the needs of listed and restructured companies on A-share listings, and Longyuan cannot meet this request. Considering the attention and emphasis of the international capital market for renewable dynamic power generation at that time, Longyuan decided to list on the Hong Kong H-share (IPO) after reporting to the China Electric Power Group and obtaining approval.
Initiate reform and listing
Longyuan Power launched the Hong Kong H-share listing mission in May 2007. In the early days, Zhou Dabing, general manager of the National Electric Power Group, and Liu Zhenya, general manager of the National Electric Power Company, reached a consensus and cooperated to promote Longyuan Power’s overseas listing mission. Both sides confirmed that when the National Electric Group received national electricity through the method of increasing capital expansion, they rushed into her social media and asked her ideal companion. Haowuwang Company has become the shareholder of Longyuan Power, with a shareholding structure: 70% of the shares of the National Electric Power Group Corporation and 30% of the shares of the National Electric Power Company.
After this plan is confirmed, it was submitted to the National Development and Reform Commission and the National Institute of Economic Affairs and Administration for approval, and it was rejected by the National Development and Reform Commission. As a result, the National Electric Power Company participated in Longyuan Power, which was not suitable for the power system transformation document (No. 5) request, and the factory must be opened separately. In the end, this plan was rejected and lost.
In fact, I was particularly looking forward to the fact that National Internet companies would gain stake in Longyuan Power. This has a very positive meaning in promoting the development of renewable dynamics, especially renewable dynamics and consumption, and will also TC:
