The major events planned for one month of the suspension of the Three-ring Shares were finally announced yesterday. It is planned to replace the assets of 100% of the total assets and liabilities with Hubei Energy Group, and Hubei Energy will make a wholly-owned listing through the Shell Third Ring Shares. At this point, the Hubei Provincial State-owned Assets Supervision and Administration Commission's strategy of integrating multiple corporate assets has gradually become clear. When Hubei Energy and Sanhuan’s shares are truly “affiliated”, they will benefit from the “relatives” of both parties.

Yangtze Power has benefited or doubled in two years

Tricyclic shares announcement shows that Hubei Provincial SASAC, Yangtze Power and Guodian Group have obtained a corresponding share of the company’s assets in accordance with their respective proportions of Hubei Energy Shares; Changjiang Power and Guodian Group agreed to obtain a share of the issued assets. The transfer was granted to the Hubei Provincial SASAC, and the Hubei Provincial SASAC agreed to pay the RMB 88.1004 million and the 17.29.59 million Hubei energy rights and interests of the assets replacement balance it had enjoyed to the Yangtze Power and Guodian Group respectively.

Among the three companies that hold Hubei Energy shares, Changjiang Power has invested Hubei Energy for 3.1 billion yuan in 2007. Yesterday, at the same time as the release of the Sanhuan Shares Reorganization Plan, Changjiang Electric also issued an announcement saying that the company currently holds 20.01 million shares of Hubei Energy, which accounted for 41.69% of its total share capital. Related parties were on September 14, 2009. Signed the reorganization framework agreement.

On the day prior to the release of the restructuring plan by Three Rings, some market analysts analyzed the benefits of the Yangtze Power to reporters. The relevant data showed that the gross profitability of Hubei Energy was 890 million yuan, and the total share capital of 2.2 billion shares after the third ring of backdoors. Calculation, earnings per share is expected to reach 0.40 yuan, is expected after the resumption of trading shares of the Third Ring can rise to 7-8 yuan. If the three-ring stock price is positioned at 8 yuan, according to Changjiang Power's 41.69% stake in Hubei Energy, the future equity value held by Changjiang Power will reach 7 billion yuan, which corresponds to a 0.36 yuan increase in the value of the share capital of Yangtze Power after its IPO.

If things are really like the evolution of the above analysis, Changjiang Power originally invested RMB 3.1 billion and now adds about RMB 4 billion. Yesterday, after the resumption of trading of shares in the Three Rings, it was sealed in the daily limit, closing at 5.42 yuan.

Tricyclic Group seeks another way

This time, the restructuring of Hubei Energy Backdoor Sanhuan shares also left a lot of questions for the market: There have been rumors that the Sanhuan Group has an overall listing plan, but it did not borrow its own shell - the three ring shares, but detoured Fuyang Bearing, what exactly is the reason?

Some people analyzed that the "Tengno" two listed company shell resources, is the knife of Hubei SASAC. Xiangyang Bearing is the largest state-owned enterprise in Xiangfan City and it is urgent to find a suitable reorganization party. Thus, the Hubei State-owned Assets Supervision and Administration Commission thought of the Sanhuan Group, the largest auto parts company in the province. Previously, Fuyang Bearing Deputy Secretary Liao Yonggao had said that Hubei Province hopes that Sanhuan Group can take over Fuyang Bearing to build an aircraft carrier for auto parts. Automotive bearings are a vacancy for Sanhuan Group, which can improve its business layout. In terms of Xiangyang Bearing, it is possible to rely on Sanhuan Group to become bigger and stronger. For the above rumors, the reporter contacted Sanhuan Group from multiple channels, all failed.

However, analysts from investment banks analyzed that the Sanhuan Group’s calculations were to first sell the assets of Sanhuan to sell net shells, which would earn a fortune; and then use assets to participate in the issuance of Xiangyang Bearing to realize the automobile spare parts for Hubei. The integration of the industry does not delay the overall listing. The Tricyclic shares announcement sets all the assets and liabilities in the assets to be undertaken by Sanhuan Group, the current controlling shareholder of Sanhuan Group, or a unit designated by the Sanhuan Group; Fuyang Bearings, May 2009. According to the announcement, 95% of the company's state-owned shares were transferred to Sanhuan Group without compensation from Xiangfan City SASAC.

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