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interface news reporter | gao jing

continuechinese shipbuilding(600150.sh) andchina heavy industry(601989.SH)later, another central state-owned enterprise will be restructured.

on the evening of september 8,salt lake shares(000792.sz) announced that on september 7, the actual controller, the state-owned assets supervision and administration commission of qinghai provincial government (hereinafter referred to as qinghai provincial government sasac), the controlling shareholder, qinghai state-owned assets investment management co., ltd. (hereinafter referred to as qinghai state-owned assets investment), china minmetals and its subsidiaries signed the "general cooperation agreement on the establishment of china salt lake group".

the agreement involves two matters. first, the state-owned assets supervision and administration commission of the qinghai provincial government, qinghai state investment corporation and china minmetals corporation plan to jointly establish china salt lake industry group co., ltd. (hereinafter referred to as china salt lake group).

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 announcement shows thatthe purpose of establishing china salt lake group is to accelerate the joint construction of a world-class salt lake industrial base and create a world-class salt lake industrial group.

in 2021, the people's government of qinghai province issued the "action plan for the construction of a world-class salt lake industrial base in qinghai (2021-2035)", proposing 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, 2-3 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 people's government of qinghai province announced "several measures for qinghai province to accelerate the construction of a world-class salt lake industrial base and promote the high-quality development of the salt lake industry", further proposing that, under the premise of market demand, resource implementation, mature technology and economic feasibility, large state-owned enterprises should be introduced and related enterprises should be integrated to form the china salt lake group.

china's lithium resource reserves are mainly salt lake resources, which account for more than 80% of the country's total lithium resource reserves and are mainly distributed in qinghai, tibet and other places.

public data shows that the 33 large and small salt lakes in the qaidam basin in qinghai are the main gathering places of china's salt lake brine resources. the cumulative proven reserves of salt lake resources are about 400 billion tons, accounting for more than 50% of the country's salt lake resources.

at present, there are already companies including salt lake co., ltd.zangge miningmany companies including qinghai lithium industry co., ltd. (000408.sz), qinghai citic guoan, and minmetals salt lake are engaged in lithium extraction from salt lakes in qinghai province.

the formation of china salt lake group means that we are one step closer to building a world-class salt lake industrial base.

the second matter involved in the above agreement is that china salt lake group plans to purchase approximately 681 million shares of salt lake shares held by qinghai guotou and its joint actor wuhu xinzeqing investment management partnership (limited partnership) (hereinafter referred to as wuhu xinzeqing) in cash, accounting for 12.54% of the current total share capital.

the transfer price of the above-mentioned shares is tentatively set at 13.558 billion yuan, which is about 19.9 yuan per share, about 35% higher than the closing price of salt lake shares on september 6.

after the share transfer is completed, the controlling shareholder of salt lake co., ltd. will be changed from qinghai state-owned 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.

this transfer also requires qinghai guotou to obtain the written consent of the pledgee of its salt lake shares shares regarding this transfer, and after obtaining the "confirmation opinion on share agreement transfer" issued by the shenzhen stock exchange, handle the unpledging and transfer of the relevant shares.

as of the first half of this year, the total number of shares of salt lake co., ltd. pledged by qinghai guotou accounted for 99.85% of its holdings and 11.59% of the total share capital of salt lake co., ltd., with a relatively high pledge rate.

china minmetals was founded in 1950. it is a state-owned enterprise directly managed by the central government with metal minerals as its core business. it is also a fortune 500 company. the company's operating income in 2023 is 934.6 billion yuan.

china minmetals' official website shows that by the end of 2023, the company's total assets will exceed 1.1 trillion yuan, and it has 8 listed companies, includingchina metallurgical group corporation(601618.sh, 1618.hk) a+h listed companies,minmetals capital(600390.SH)、minmetals development(600058.SH)、china tungsten high-tech(000657.SZ)、zhuye group(600961.sh), changyuan lithium technology (688779.sh), and five mainland listed companies.minmetals resources(1208.hk) and minmetals real estate (0230.hk). salt lake will become the ninth listed company under china minmetals.

salt lake co., ltd. is a large provincial listed state-owned enterprise managed by the qinghai provincial state-owned assets supervision and administration commission. it is currently china's largest potash fertilizer industrial production base. its main products are potassium chloride and lithium carbonate. as of september 6, its market value was 79.972 billion yuan.

in the first half of this year, affected by the decline in market prices of potassium chloride and lithium carbonate products, salt lake co., ltd. achieved revenue of 7.2 billion yuan, a year-on-year decrease of 27.31%; net profit was 2.2 billion yuan, a year-on-year decrease of 56.6%.

the semi-annual report of salt lake co., ltd. shows that the company has focused on building a world-class salt lake industrial base in recent years, with a stable potassium chloride production capacity of 5 million tons/year, accounting for about 35% of the domestic market. the lithium carbonate production capacity has reached 40,000 tons/year, accounting for about 8% of the country.

china minmetals has also made arrangements in the salt lake field. in 2009, it established minmetals salt lake co., ltd. (hereinafter referred to as minmetals salt lake). the production plant is located in yiliping salt lake in the central part of the qaidam basin in qinghai province.

as of now, wukuang salt lake has built and put into operation a 10,000-ton/year lithium carbonate project and a 300,000-ton/year potassium chloride project. its main products include battery-grade lithium carbonate, potassium chloride, lithium phosphate, etc.