Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
(a joint stock limited company incorporated in the People's Republic of China with limited liability)
(Stock Code: 01088)
OVERSEAS REGULATORY ANNOUNCEMENT
This announcement is made pursuant to Rule 13.10B of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited.
The "Announcement Regarding the Change of Registered Capital in Shenhua Tianjin Coal Dock Co., Ltd." as published in Chinese on the website of the Shanghai Stock Exchange (www.sse.com.cn) on 24 July 2020 are enclosed hereto as overseas regulatory announcement.
By order of the Board
China Shenhua Energy Company Limited
Huang Qing
Secretary to the Board of Directors
Beijing, 23 July 2020
As at the date of this announcement, the Board comprises the following: Mr. Wang Xiangxi, Mr. Yang Jiping and Mr. Xu Mingjun as executive directors, Mr. Jia Jinzhong and Mr. Zhao Yongfeng as non-executive directors, Dr. Yuen Kwok Keung, Dr. Bai Chong-En and Dr. Chen Hanwen as independent non-executive directors, and Mr. Wang Xingzhong as employee director.
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Stock Code: 601088 Stock Short Name: China Shenhua No. of Announcement: Lin 2020-037
China Shenhua Energy Company Limited
Announcement Regarding the Change of Registered Capital in
Shenhua Tianjin Coal Dock Co., Ltd.
The board of directors and all directors of China Shenhua Energy Company Limited guarantee that the information set out in this announcement does not contain any false statements, misleading representations or material omissions, and severally and jointly accept responsibility as to the truthfulness, accuracy and completeness of the content herein.
IMPORTANT HIGHLIGHTS:
- Shenhua Tianjin Coal Dock Co., Ltd. ("Tianjin Coal Dock") is a controlled subsidiary of China Shenhua Energy Company Limited (the "Company") and Tianjin Coal Dock is held as to 55% by the Company. The Company and Tianjin Port Co., Ltd. ("Tianjin Port", 600717.SH) have agreed on a pro-rata reduction of their respective capital in Tianjin Coal Dock to the existing registered paid-in capital of RMB1,524.9885 million. The subscribed capital contributions of RMB1,138.5390 million that have not yet been paid by both parties will remain outstanding (the "Change of Registered Capital").
- After the Change of Registered Capital, the Company will continue to hold 55% equity interest in Tianjin Coal Dock and its capital contribution will be changed to RMB838.745 million.
- Overview
- Tianjin Coal Dock was established on 28 April 2004 jointly by Tianjin Port and the Company with a registered capital at inception of RMB1,264.00 million. The Company and Tianjin Port hold 55% and 45% of the shares respectively.
- In 2014, the Company and Tianjin Port entered into the Capital Increase Agreement of Shenhua Tianjin Coal Dock Co., Ltd., pursuant to which both parties agreed to increase their capital contribution in Tianjin Coal Dock by RMB1,399.5275 million, for the construction of the second-phase project of Shenhua Coal Dock in Nanjiang Port Area of Tianjin Port (the "Second-PhaseProject"). In particular, the capital contribution subscribed for by the Company shall be RMB769.7401 million, whilst that of Tianjin Port shall be RMB629.7874 million. The registered capital of Tianjin Coal Dock was increased to RMB2,663.5275 million.
- As of the date of this announcement, the paid-in amount of the additional subscribed capital contribution by the Company and Tianjin Port to Tianjin Coal Dock is RMB260.9885 million on a pro-rata basis. The cumulative paid-in registered capital of Tianjin Coal Dock amounts to RMB1,524.9885 million, details of which are as follows:
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Subscribed capital | Percentage of | Paid-in capital | Percentage of | |
Shareholders | contribution | the paid-in | ||
the subscription | (RMB0'000) | |||
(RMB0'000) | capital | |||
The Company | 146,494.01 | 55% | 83,874.5 | 55% |
Tianjin Port | 119,858.74 | 45% | 68,624.35 | 45% |
Total | 266,352.75 | 100% | 152,498.85 | 100% |
4. Due to changes in external conditions, the general meeting of Tianjin Coal Dock has considered and approved the termination of the Second-Phase Project . The basis for further payment of the outstanding additional subscribed capital contribution has become obsolete. In compliance with market regulatory requirements, the Company and Tianjin Port have agreed to reduce the registered capital of Tianjin Coal Dock in correspondence with the existing paid-up registered capital thereof, and the obligation to the outstanding amount of the subscribed capital having not been paid by them will no longer be fulfilled.
II. Basic Information of Tianjin Coal Dock
Name of the Company: Shenhua Tianjin Coal Dock Co., Ltd.
Company type: limited liability company
Address: No.6201 Tanggu Nangang Road, Binhai New District, Tianjin
Legal representative: Xing Chenghai
Registered capital: RMB2,663.5275 million
Scope of business: operation of docks and other port facilities, cargo handling and storage operations in port areas; road freight operations; coal sampling and testing services; domestic freight agency.
The key financial indicators of Tianjin Coal Dock for the most recent year and period are as follows:
Unit: RMB0'000 | ||
Financial indicators | 2019 (audited) | January to March 2020 |
(unaudited) | ||
Total assets | 220,108.96 | 232,653.58 |
Net assets | 197,263.30 | 207,332.40 |
Operating income | 90,333.91 | 22,180.31 |
Net profit | 26,663.61 | 9,882.81 |
III. Details of the Change of Registered Capital
The Termination Agreement of the Capital Increase Agreement of Shenhua Tianjin Coal Dock Co., Ltd. was entered into by the Company and Tianjin Port on 23 July 2020, the principal terms of which are as follows:
1. The outstanding amount of RMB1,138.5390 million in the subscribed capital
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contribution in Tianjin Coal Dock shall no longer be paid by the two shareholders.
- The registered capital of Tianjin Coal Dock shall be adjusted and reduced from RMB2,663.5275 million to the paid-in capital of RMB1,524.9885 million based on the existing paid-in capital.
- Both parties' shareholding in Tianjin Coal Dock shall remain unchanged. The shareholding structure of Tianjin Coal Dock shall be as follows:
Subscribed capital | Percentage of | Paid-in capital | Percentage of | |
Shareholders | contribution | the paid-in | ||
the subscription | (RMB0'000) | |||
(RMB0'000) | capital | |||
The Company | 83,874.50 | 55% | 83,874.50 | 55% |
Tianjin Port | 68,624.35 | 45% | 68,624.35 | 45% |
Total | 152,498.85 | 100% | 152,498.85 | 100% |
IV. Impact on the Company
The Change of Registered Capital was a decision made by both of its shareholders based on the project status and operation of Tianjin Coal Dock . The Change of Registered Capital will not adversely affect the current production and operation of Tianjin Coal Dock and will not change its shareholding structure; Tianjin Coal Dock will remain as a controlled subsidiary of the Company and the scope of the consolidated financial statements of the Company will not be changed, nor will the Change of Registered Capital have a material impact on the profit or loss of the Company in the current period.
V. Others
According to the relevant regulatory rules where the Company's shares are listed and the Articles of Association of the Company, the Change of Registered Capital is not subject to the approval of the board of directors or the general meeting of the Company. As the Change of Registered Capital involves the disclosure obligations of other listed companies, to ensure that shareholders of the Company are properly informed, the Company would like to make this announcement simultaneously.
By order of the Board
China Shenhua Energy Company Limited
Huang Qing
Secretary to the Board of Directors
24 July 2020
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CSEC - China Shenhua Energy Company Ltd. published this content on 23 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 July 2020 09:45:09 UTC