Yang Guoqiang, the chairman of Guangzhou Country Garden Group, has been stranded in the tens of billions of coal-to-liquids.
On June 16, a person close to Yunnan Coal Chemical Group confirmed to reporters that Chuangyuan Investment, representing Yang Guoqiang, has withdrawn from the Yunnan Zhaotong Coal-to-Oil Project.
A year ago, the information of the real estate king Yang Guoqiang who turned his mind to become an energy king attracted strong attention from the industry.
Yunnan Zhaotong, which has high-quality coal resources, and Huolinguole, Inner Mongolia, were designated by Yang Guoqiang as the starting point for the large-scale entry into the coal-to-liquids industry. Today, the Zhaotong project has been confirmed by the Yunnan Coal Chemical Group and the Three Gorges Corporation. The Hollingol project, which was scheduled to start in the second half of last year, has also been stranded.
At the beginning, the media reported that Country Garden had to enter the coal-to-liquid industry. The slogan was very large. In fact, in our opinion, people who have some understanding of this field feel that there is some absurdity. After all, this is an area that requires huge amounts of money, high-end technology, and strong policy barriers. Now the only coal-to-oil project that is actually done in China is Shenhua, and as a private enterprise, Country Garden is hard to imagine a large one. . Wang Xiangsheng, a researcher in the petrochemical industry of Zhongyuan Securities, said.
However, a person close to Country Garden told reporters that despite the encounter in the coal-to-oil field, Yang Guoqiang’s determination to diversify has not changed. Recently, Yang Guoqiang has invested in a company that is doing LED lighting, hoping to open up a new situation in the energy-saving industry.
Financial pressure and line differences
The reporter was informed that in the near future, Yunnan Coal Chemical Group has signed an agreement with the Three Gorges Corporation to reorganize the Yunnan Jiehua Group under the Yunnan Coal Chemical Group into Yunnan Jiehua Clean Energy Development Co., Ltd. to jointly develop the Zhaotong Coal-to-Oil Project. The Three Gorges Corporation will directly invest 1 billion yuan, holding 40%, and Yunnan Coal Chemical Group will hold 60%.
At the beginning of this project, the Three Gorges Corporation was in talks with Yunnan Coal Chemical Group. Later, Yang Guoqiang’s Chuangyuan Investment proposed to invest 2 billion yuan to participate. At that time, their attitude was very positive. The above-mentioned people close to the Yunnan Coal Chemical Group recalled that, however, a few months later, with the gradual deepening of the negotiations, the venture capital investment gradually became more and more prosperous, and finally proposed to withdraw.
The tightest capital chain in Country Garden since the second half of last year is the most important reason. The person said that although Yang Guoqiang has always stressed that Chuangyuan's funds come from its private capital, it has nothing to do with the listed company Country Garden, but in any case, Yang Guoqiang's money bag is closely related to Country Garden's performance.
According to public information, Country Garden (2007.HK)'s share price has started to fall sharply since the second half of last year. By the end of the year, the stock price had fallen from more than 14 in 2007 to more than one, which made the Yang family's book value shrink from more than 130 billion to less than 10 billion. In order to show confidence in the company, Yang Guoqiang’s family continued to increase their shareholding in cash in the name of their second daughter, Yang Huizhen.
Coal-to-liquids may seem beautiful to private companies like Country Garden, but if you really go deeper, you will find that the investment you need is beyond imagination, which means not only funds, but also long-term preliminary work. A person from the Three Gorges Corporation said that the pioneer coal-to-liquids project in Yunnan had already obtained official approval from the state, but in the end it fell short because of insufficient funds. This time, our coal-to-liquids project in Zhaotong can be said to be a continuation of the pioneer project. At present, the pilot test of Yunnan coalification has achieved initial success, but it still takes a long way to truly realize industrialization. We don’t know when. Can really benefit.
The above-mentioned people also revealed that in addition to financial constraints, the differences between Chuangyuan and the other two partners on the technical route are also one of the reasons for their opt-out. At the same time as the planned investment, Chuangyuan Investment also brought the hot-dissolved catalytic process of Zhaoqing Shunxin Coal Chemical Technology Company. However, this was opposed by Yunnan Coal Chemical Industry Group and the Three Gorges Corporation.
The reason for Yunnan Coalification and the Three Gorges is that the hot-dissolved catalytic process has not undergone large-scale experiments in China. They tend to be studied by Yunnan Coal Chemical Industry and the Shanxi Coal Chemical Research Institute of the Chinese Academy of Sciences, because the process has been solved in Yunnan Coal Chemical Industry Group. The group achieved a successful 3,500 tons/year pilot. The above-mentioned person said that Chuangyuan Investment hopes that the project will be launched as soon as possible and will generate benefits as soon as possible. The Yunnan Coal Chemical Industry Group and the Three Gorges Corporation are two state-owned enterprises, and they hope to take a step by step.
Therefore, under several differences, Chuangyuan Investment chose to withdraw from the Zhaotong project.
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