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following the merger of china shipbuilding and china heavy industry, there is another big news about the integration and restructuring of state-owned enterprises.

on the evening of september 8, salt lake co., ltd. disclosed a reminder announcement on the signing of the "general cooperation agreement" and the change of control by the controlling shareholder. the announcement showed thatthe company's controlling shareholder will be changed to china salt lake group, and the actual controller will be changed to china minmetals group.

regarding the newly formed china salt lake group, some netizens compared it to the previous "china magic car" and "china magic ship", saying that this time the "china magic lake" has arrived.

the controlling shareholder is expected to be changed to china salt lake group

the announcement shows that the company's actual controller, the state-owned assets supervision and administration commission of the qinghai provincial government, the controlling shareholder qinghai state investment, china minmetals and its subsidiaries have signed the "general cooperation agreement on the establishment of china salt lake group". according to the "general cooperation agreement", the state-owned assets supervision and administration commission of the qinghai provincial government, qinghai state investment and china minmetals intend to jointly establish china salt lake group; at the same time, china salt lake group intends to purchase 681 million shares of salt lake co., ltd. held by qinghai state investment and its concerted party wuhu xinzeqing in cash. if the transfer is completed, the company's controlling shareholder will be changed from qinghai state investment to china salt lake group, and the company's actual controller will be changed from the state-owned assets supervision and administration commission of the qinghai provincial government to china minmetals.

the announcement stated:in order to accelerate the construction of a world-class salt lake industrial base and build a world-class salt lake industrial group, the company's actual controller, the state-owned assets supervision and administration commission of the qinghai provincial government, the controlling shareholder qinghai state investment and china minmetals plan to jointly establish china salt lake group with a registered capital of 10 billion yuan.the equity structure is planned to be: china minmetals holds 53%; qinghai provincial government state-owned assets supervision and administration commission holds 18.73%; qinghai state investment holds 28.27% (the aforementioned registered capital and shareholding ratios are provisional, and the final result is subject to the actual situation of the establishment of china salt lake group). at the same time, according to the relevant provisions of the "general cooperation agreement", china salt lake group intends to pay cash to purchase approximately 681 million shares of the company held by qinghai state investment and its concerted party wuhu xinzeqing.

the announcement emphasized that the "general cooperation agreement" has not yet come into effect. the transaction still needs to be approved by the relevant parties to the competent state-owned assets supervision and management department. the evaluation report involved in this transaction still needs to complete the state-owned assets filing. this transaction still needs to pass the operator concentration review. in addition, the "general cooperation agreement" stipulates other relevant conditions for effectiveness. after the "general cooperation agreement" comes into effect and china salt lake group is registered, china salt lake group, qinghai state investment and wuhu xinzeqing will sign a separate share transfer agreement and after the shenzhen stock exchange confirms the compliance, they can go through the share transfer transfer procedures at the shenzhen branch of china securities depository and clearing co., ltd. there is uncertainty as to whether this change of control can be approved or ratified and when it will be finally approved or ratified.

the shares of qinghai state investment group held by salt lake co., ltd. involved in this transfer are currently pledged, and the transfer can only be implemented after obtaining the written consent of the rights holder and completing the corresponding pledge release procedures. the "general cooperation agreement" is a related cooperation reached by the state-owned assets supervision and administration commission of the qinghai provincial government, qinghai state investment group and china minmetals on jointly building a world-class salt lake industrial base and creating a world-class salt lake industrial group. it does not involve major transactions of salt lake co., ltd. such as foreign investment and cooperative operation.

build a world-class salt lake industrial base

prior to this, salt lake co., ltd. announced on may 6 that qinghai state investment group intends to carry out strategic cooperation with china minmetals corporation in jointly building a world-class salt lake industrial base and creating a world-class salt lake industrial group. the cooperation involves the company and may involve changes in the company's controlling shareholder and actual controller. as of the date of disclosure of the announcement, the company's controlling shareholder is qinghai state investment group and the actual controller is the state-owned assets supervision and administration commission of the qinghai provincial government. there is uncertainty as to whether the cooperation can be implemented smoothly. the company will continue to pay attention to the progress of the above matters. if the subsequent relevant arrangements involve the company, the company will promptly fulfill its information disclosure obligations in accordance with relevant laws and regulations.

in addition, salt lake co., ltd. also disclosed a suggestive announcement on the evening of april 18 regarding the controlling shareholder's plan to carry out strategic cooperation, stating that the company received a "notice letter" from the company's controlling shareholder qinghai guotou on the same day. qinghai guotou is planning to carry out strategic cooperation in the salt lake industry with china minmetals corporation. the two parties will jointly build a world-class salt lake industry base. the relevant plan has not yet been finalized and needs to be approved by the relevant competent authorities. the content of the "notice letter" does not involve relevant arrangements for the company. the matter is still in the planning stage, and there is still a certain degree of uncertainty in the final completion and implementation. if the subsequent relevant arrangements involve listed companies, the company will promptly fulfill its information disclosure obligations in accordance with relevant laws and regulations.

as early as the end of 2022, the people's government of qinghai province issued a document stating that it would speed up the establishment of china salt lake group, introduce large central enterprises, and integrate related enterprises. according to the timetable mentioned at the time, the completion deadline for the establishment of china salt lake group is december 2023, and the responsible units are the state-owned assets supervision and administration commission of the qinghai provincial government and the qinghai provincial department of industry and information technology.

public data shows that salt lake city has a potash fertilizer production capacity of 5 million tons/year, ranking fourth in the world and accounting for about 35% of the domestic market; it has a lithium carbonate production capacity of 40,000 tons/year, accounting for about 8% of the country.

the company's 2024 semi-annual report shows that during the reporting period, the company achieved a total operating income of approximately rmb 7.237 billion, a year-on-year decrease of 27.31%; and achieved a net profit attributable to shareholders of listed companies of approximately rmb 2.212 billion, a year-on-year decrease of 56.6%. during the reporting period, the output of the core product potassium chloride reached 2.2551 million tons, a steady growth of 10.68% over the same period last year, and sales volume reached 2.2367 million tons, a year-on-year increase of 4.63%.

although the average selling price of potassium chloride has declined due to market fluctuations, the company has maintained a stable profit level by virtue of its scale effect and cost control ability. the company has currently formed a complete set of industrial demonstration devices that integrate adsorption lithium extraction and membrane separation and concentration technology, and has made breakthroughs in the technology of extracting lithium salts from ultra-high magnesium-lithium ratio low-lithium brine. relying on mature technology and high-quality salt lake resources, the company has always controlled the cost of lithium extraction on the left side of the industry, with obvious advantages.