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a-shares are once again undergoing a major restructuring.

on the evening of september 8, salt lake co., ltd. issued an announcement stating that in order to accelerate the joint construction of a world-class salt lake industrial base and create 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 industry group co., ltd. (hereinafter referred to as "china salt lake group"). the company's actual controller will be changed to china minmetals group co., ltd. (hereinafter referred to as "china minmetals").

by the end of 2023, china minmetals' total assets will exceed 1.1 trillion yuan, ranking 69th in the fortune global 500, with 8 listed companies. after the completion of the above transaction, salt lake will become the ninth listed company under china minmetals. it is reported that salt lake is known as the "no. 1 a-share salt lake lithium resource stock". as of the close of september 6, the company's stock price was 14.72 yuan, with a total market value of nearly 80 billion yuan.

it is worth mentioning that the "action plan for the construction of a world-class salt lake industrial base in qinghai (2021-2035)" clearly stated that by 2035, the output value of the entire salt lake industry will reach 120 billion yuan, and a world-class salt lake industrial base will be basically completed.

china's salt lake "aircraft carrier" is coming

on the evening of september 8, china salt lake co., ltd. issued an announcement stating that in order to accelerate the joint construction of a world-class salt lake industrial base and create 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-owned investment and china minmetals plan to jointly establish china salt lake group.

the announcement shows that the registered capital of china salt lake group is 10 billion yuan, and the equity structure is planned to be: china minmetals holds 53%; the state-owned assets supervision and administration commission of qinghai provincial government holds 18.73%; and qinghai state investment group holds 28.27% (the aforementioned registered capital and shareholding ratios are provisional numbers, and the final result shall be 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 salt lake co., ltd. held by qinghai guotou and its joint actor wuhu xinzeqing.

china salt lake group announced that after the completion of this equity change, qinghai state investment and its joint actor wuhu xinzeqing will no longer directly hold shares in the company. china salt lake group will directly hold 681 million shares of the company (accounting for 12.54% of the company's current total share capital). the company's controlling shareholder will be changed from qinghai state investment to china salt lake group, and the actual controller will be changed from the state-owned assets supervision and administration commission of qinghai provincial government to china minmetals.

at present, the "general cooperation agreement on the establishment of china salt lake group" signed by the above-mentioned parties has not yet come into effect. the above-mentioned transaction still needs to be reported to the competent state-owned assets supervision and management department for review and approval, and the evaluation report involved needs to complete the state-owned assets filing and pass the operator concentration review.

according to the official website, china minmetals was established in 1950. it is an important state-owned backbone enterprise directly managed by the central government with metal minerals as its core business, and a pilot enterprise of state-owned capital investment companies. by the end of 2023, china minmetals' total assets exceeded 1.1 trillion yuan, with 8 listed companies, including china metallurgical corporation a+h listed companies, five mainland listed companies, minmetals capital, minmetals development, china tungsten high-tech, zhuye group, and changyuan lithium, as well as two hong kong listed companies, minmetals resources and minmetals real estate. in 2023, the company's operating income reached 934.6 billion yuan, ranking 69th among the world's top 500 companies.

it is worth mentioning that china minmetals has been deeply involved in the qinghai salt lake industry for a long time. china minmetals' subsidiary, minmetals salt lake co., ltd., was established in september 2009, and its production plant is located in the yiliping salt lake in the central part of the qaidam basin. at present, a 10,000-ton/year lithium carbonate project and a 300,000-ton/year potassium chloride project have been completed and put into operation. the main products include battery-grade lithium carbonate, potassium chloride, lithium phosphate, etc. among them, the output scale of lithium carbonate ranks second among domestic salt lakes, and the output scale of potassium chloride has reached the second echelon in china.

build a world-class salt lake industrial base

in the announcement, salt lake co., ltd. stated that the above-mentioned parties intend to jointly establish china salt lake group in order to accelerate the joint construction of a world-class salt lake industrial base and create a world-class salt lake industrial group.

in fact, there were signs of the implementation of this strategy before this. on may 6, qinghai state investment group co., ltd. announced that it planned to carry out strategic cooperation with china minmetals in jointly building a world-class salt lake industrial base and creating a world-class salt lake industrial group. the cooperation involved the company and may involve changes in the company's controlling shareholder and actual controller.

on the evening of april 18, salt lake co., ltd. also disclosed a reminder announcement about the controlling shareholder's plan to carry out strategic cooperation, saying that the company received a "notification letter" from the company's controlling shareholder qinghai guotou on the same day, and qinghai guotou is planning to carry out strategic cooperation in the salt lake industry with china minmetals, and 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 action plan for qinghai to build a world-class salt lake industrial base (2021-2035) clearly stated that by 2025, the output value of the salt lake industry will exceed 34 billion yuan, and the construction of a world-class salt lake industrial base will begin to show results. by 2030, 2 to 3 leading enterprises with sales revenue exceeding 10 billion yuan will be cultivated, the output value of the salt lake industry will reach 70 billion yuan, and the construction of a world-class salt lake industrial base will take shape. by 2035, the output value of the salt lake industry will reach 120 billion yuan, and the world-class salt lake industrial base will be basically completed.

at the end of 2022, the qinghai provincial government issued a document stating that it would accelerate the establishment of china salt lake group, and mentioned the introduction of large state-owned enterprises and the integration of related enterprises.

analysts pointed out that with the in-depth involvement of china minmetals and the establishment of china salt lake group, the integration of resources between minmetals salt lake and china salt lake group may be put on the agenda in the future. the integration of qinghai salt lake resources may be the biggest highlight, and the plan to build a world-class salt lake industrial base may also be accelerated.

salt lake co., ltd. has unique strategic resource advantages. the reserves of potassium chloride, magnesium chloride, lithium chloride, sodium chloride, etc. in its qarhan salt lake rank first in the country.

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 2024 semi-annual report of salt lake co., ltd. shows that during the reporting period, the company achieved operating income of approximately rmb 7.237 billion, a year-on-year decrease of 27.31%; and achieved 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, achieving 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%.

salt lake co., ltd. said that 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 scale effect and cost control ability. the company has currently formed a complete set of industrial demonstration devices integrating adsorption lithium extraction and membrane separation and concentration technology, and has made breakthroughs in the technology of extracting lithium salt 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.