On the evening of December 26, State Grid Yingda Co.,Ltd. announced that, to further optimize its financial business layout, its wholly-owned subsidiary, Yingda Securities Co., Ltd., intends to sell its 100% equity stake in Yingda Futures Co., Ltd. to China Petroleum Group Capital Co., Ltd. for 1.129 billion yuan.
The announcement shows that this transaction is still subject to approval from the state-owned assets supervision department, and the qualification of China Petroleum Group Capital as the controlling shareholder of Yingda Futures requires approval from the China Securities Regulatory Commission. This transaction does not constitute a connected transaction or a major asset reorganization, is intended to be conducted in cash, and does not involve the issuance of shares. If the transaction is successfully completed, Yingda Futures will no longer be included in the consolidated financial statements of State Grid Yingda.
As of the end of the first quarter of this year, Yingda Futures had a net asset book value of 1.043 billion yuan, revenue of 19.22 million yuan, and a net profit loss of 10.43 million yuan. China Petroleum Group Capital had total assets of 1.03 trillion yuan, net assets of 185.739 billion yuan, revenue of 8.947 billion yuan, and net profit of 2.806 billion yuan, with good credit standing and the ability to pay the transaction amount as agreed in the protocol.
State Grid Yingda stated that the transfer of the 100% stake in Yingda Futures is conducive to the company focusing on its main business, optimizing its business structure, and further enhancing its core competitiveness. This transaction can increase the company's cash inflow, help concentrate resources to further expand transformation businesses, and play a positive role in achieving the company's strategic transformation.
Analysts pointed out that from an industry perspective, China Petroleum Group Capital, as a central enterprise financial platform, taking over Yingda Futures will help enhance the futures company's capital strength and risk-bearing capacity. This acquisition is seen as an important step for China Petroleum Group Capital to improve its futures business footprint. Furthermore, the transaction strengthens strategic synergy between the two central enterprise listed companies, State Grid Yingda and China Petroleum Group Capital, which will, to some extent, enhance industry stability.
