The reporter visited a number of coal integration founders in Shanxi Province. As Shanxi's coal resources integration approached the end of the year, each coal company used the original crude accumulation for integration, and there was a large funding requirement for the later technological transformation and input production. It is the private enterprises in the integrated entity that are even more demanding for “fundsâ€. The intervention of the trust industry has greatly expanded the channels for the huge amount of funds.
Short-term funds stifle the technical transformation of coal enterprises
It is understood that in early 2010, after strict screening and review, Shanxi Province from the original 6000 to 7000 coal mining companies to integrate into the 1000 or so seats, and only 40% in the normal production, the other more than 600 need to pass The technological transformation will enable the mining conditions to reach the standard before they can be put into operation, and the funds needed for technological transformation will become the shortfall for the wooden barrels.
The reporter interviewed a person in charge of a coal-consolidation company in Taiyuan, Shanxi Province, saying that the current work on the policy level of Shanxi coal reform has basically ended. The next step is mainly to integrate the main coal companies to complete the arduous technical transformation of the task, increase the level of mechanization, and eventually the state Reducing the rate of casualties in production, increasing resource utilization, and reducing the damage to the environment are all implemented, and these require greater financial support.
A related person in charge of a private coal company told the reporter that the private enterprises in the coal reform integration accounted for about 30% of the total. Compared with the state-owned enterprises in the integration entity, the credit lines that these private enterprises received from banks did not meet their urgent needs. Huge capital needs.
"As with state-owned enterprises, private enterprises also want to use this coal consolidation to become bigger and stronger. However, the amount of private capital provided by banks to banks is very small, and the demand for capital is very large." The person in charge said that a number of rectification of private enterprises * * The gap is as high as 2-3 billion, and the bank's credit line is generally only 350 million, which brings opportunities for the involvement of other financial institutions such as trust companies.
He further pointed out that in the past, coal companies were not bad, but now they have used the original accumulation to achieve almost the same level of integration and mergers. At this stage, it is an excellent opportunity for financial institutions to enter Shanxi coal reform.
"Once our technical transformation is completed and the coal mines are in operation, our cash flow will be sufficient. After all, the coal industry is a one-time high investment, and the demand for funds will decrease year by year." The person in charge of the above-mentioned coal enterprises pointed out.
Leverage trust to make up for short board
It is reported that since the Shanxi coal reform began in 2008, more than 2,200 scattered, small, and chaotic mining entities have been consolidated into 130 major mine owners, and the situation has been greatly improved; at the same time, most of the high-quality coal resource integration entities are facing The huge amount of funds required for upgrades in technological upgrading and the new round of mergers and acquisitions expansion have created opportunities for the entry of trust funds.
In fact, as early as 2008, Zhu Shaoping, director of the National Financial and Economic Commission's Billing Division, proposed to open and gradually expand the coal trust. He pointed out that for coal companies, it is entirely possible to join hands with trust companies to develop and implement a certain type of coal project's fund trust plan, which will provide more financial support for coal energy development, especially coal deep processing, coal chemical industry, and environmental protection.
According to a reporter from the research department of a trust company, the coal trust mainly refers to the needs of the coal companies for funds under development and construction, entrusting the relevant trust companies to issue a collective fund trust plan for them, raising funds for investors, and using the funds raised for project construction. With business.
It is worth noting that the trust companies have been actively involved in the technological transformation of coal mining in Shanxi and provided them with much-needed huge financial support. According to reports, CITIC Trust, which has a long-term focus on the coal industry, has taken the lead in introducing the CITIC · Juxin Huijin Coal Industry Investment ** series collective trust plan, in which the total amount of funds raised in the first phase does not exceed RMB 2.5 billion, which is used for the integration of a private coal resource in Shanxi Province. The main corporate technological transformation.
According to the trust plan, the priority client and the middle-level client deliver the legally-owned funds to the trustee, and the general-level client delivers the legally-owned equity to CITIC Trust. After obtaining the trust fund, the enterprise is mainly used for technical upgrading of coal mines.
Specifically, the term of trust of the trust project is 2 years of priority (which can be extended to 3 years), 3 years in the intermediate level and 10 years in the general level. The investment threshold is 3 million yuan, and the expected annual return is 9.5%.
Set "firewall" under risk control
CITIC Trust's trust manager of the project introduced that the coal industry is a basic energy industry, with good profit margins and cash flow. But in the past, trust companies rarely entered because of the outstanding problems and contradictions such as low industrial concentration, extensive growth mode, low technology level, frequent safety accidents, serious waste of resources, and lagging environmental governance in the development of the coal industry. There are major uncertainties and risks. After the coal reform in Shanxi Province, this situation was changed and the trust companies were involved in the conditions.
The reporter learned that when the trust company is carrying out smashing for coal mining enterprises, it has put forward many requirements for enterprises in order to control risks and protect the interests of investors. For example, the risk management measures designed by CITIC Jushin Huijin Coal Industry Investment** in the first phase include 100% equity pledges, and the investee companies are stationed in directors; the directors have one-vote veto; monitor cash flow and other corporate investment activities and safety Production, etc., provide protection for investors' expected earnings and principal recovery.
At the same time, the trust company also conducted a full due diligence on the coal companies, such as whether the coal companies have good financial status, strong financial strength, and future expected cash flow. "The CITIC Trust's due diligence is very strict and no less than the bank." The trust plan has deep sighs.
It is understood that in order to control risks, the multi-channel firewall constructed by the trust company can be described as harsh, but it is still willing to be accepted by investment companies. The chief financial officer of a coal company told reporters that the entry of trust companies, on the one hand, through the means of stationing directors and supervision of funds, can promote the standardized operation of private enterprises in coal reform integration and promote the sustained and benign development of private enterprises. On the other hand, Through the leverage of trust funds, it can invigorate companies' operating profits by two to three times.
Involving in Coal Reform to Develop "Blue Ocean"
The suspension of the opening of the trust securities account has remained unfixed for a year, and the bank letter cooperating business was suddenly halted earlier this month. When people asked the trust industry where to go, the trust company's involvement in the Shanxi Coal Reform shows that the stage of the trust industry is actually very broad. In the areas of major social politics, economy, and people's livelihood, if we continue to pay attention to the hot spots, focus, and difficulties, and use the flexibility and integration of the trust industry, we will find many "blue seas."
“We have long paid attention to coal resources, an important basic industrial sector, and intervened in a timely manner to support the acquisition and technological transformation of the main coal mining enterprises in Shanxi by the way of the trust **, while coordinating with national industrial policies to promote the integration of coal resources, It also opened up new business areas for trust companies,†said the trust manager.
The reporter learned that several trust companies found that several trust companies are trying to participate in the financing projects of major coal companies after the Shanxi Coal Reform. They use audits, assessments, and conduct prudent analysis and calculation of the feasibility of the proposed investment company. The intervention injects fresh blood into the financing needs of coal companies at the time of coal reforms and “endsâ€, and at the same time provides a light for the flexible development of trust companies.