In recent months, a significant reorganization has sparked widespread attention in the chemical industry: Nanfeng Chemical Group was transferred to China Salt Industry at no cost. This move marks another instance of a central state-owned enterprise (SOE) acquiring a controlling stake in local SOEs through low-cost share transfers. A key player in the salt and chemical sector has now become part of the China National Salt Corporation, sending ripples through both industries. Analysts believe this restructuring signals a growing trend of mergers and acquisitions among central SOEs, with "gratuitous transfer" becoming a hallmark of China’s unique reorganization model. The reason behind such moves often lies in the homogeneity of these companies, leading to consolidation for efficiency and scale. This development has set off a wave of similar reorganizations across Shanxi’s chemical sector, signaling that large-scale M&A and strategic alliances will be a major trend in the future of China’s chemical industry. Looking back, the restructuring of central enterprises in Shanxi's chemical industry has been intensifying since 2002. For example, Bluestar Group reorganized Taihua TDI in May 2002, followed by China National Salt Corporation entering Nanfeng Chemical Group in October 2007. Within just five years, China National Chemical Industry Group entered several key Shanxi-based companies, including the Shanxi Synthetic Rubber Group, Yuanping Chemical Group, Double Happiness Tire Company, and Yucheng Foster Chemical Co. Additionally, Sinochem International and Tianji Group jointly established Tianjiu Sinochem Gaoping Chemical Co., Ltd. These restructured firms include at least six provincial key chemical companies. After the reorganization, central SOEs have invested nearly 10 billion yuan to control assets worth about 120 billion yuan, boosting capital efficiency by 12 times. Currently, many powerful chemical companies in Shanxi are still negotiating restructuring, with some already seeing results. The sudden interest from capital in Shanxi’s state-owned enterprises has surprised many in the economic community. Companies realized they had a rare opportunity to join the "national team." As a result, many are actively seeking partnerships with central enterprises, indicating a broader trend driven by the development of the coal-chemical industry in China. Industry analysts note that central SOEs focus on resource-based companies in Shanxi, which possess two key characteristics: basic chemical raw materials and strong resilience. The "11th Five-Year Plan for the Development of the Chemical Industry in Shanxi Province" highlights investments totaling 87 billion yuan in key coal-chemical projects over the next five years, focusing on five main areas: fat, alcohol, alkynes, benzene, and oil. By the end of the plan, capacity is expected to reach 1 million tons/year of urea, 4.5 million tons/year of methanol, 2.5 million tons/year of PVC, 1.6 million tons/year of benzene, and 2.55 million tons/year of coal tar. This demonstrates that Shanxi's coal-chemical industry is rich in resources and has competitive advantages, supported by strong policy backing. With rising oil prices and energy shortages globally, the coal-chemical industry holds great potential. As a major coal-producing province, Shanxi offers promising investment opportunities. For the current Shanxi chemical industry, achieving the "Eleventh Five-Year" targets in a short time is challenging. Therefore, promoting large-scale reorganization of state-owned enterprises is essential to build industrial chains and accelerate growth. The goal of joint mergers and acquisitions is to achieve mutual complementarity and strengthen the overall competitiveness. In recent years, successful collaborations between central SOEs and Shanxi-based companies have proven effective. For example, after signing a restructuring agreement with Bluestar Group through debt restructuring, the Taihua TDI project saw a 350 million yuan investment. This not only restored normal production but also increased TDI output from 20,000 to 30,000 tons/year. It also revived long-idle fixed assets and resolved an 800 million yuan debt. In July 2003, the Taiyuan Rubber Factory signed an asset reorganization agreement with Bluestar Group and the Taiyuan Municipal Government, transferring Shuangxi Tire Industrial Co., Ltd. to Bluestar. Under Lan Xing’s management, 1.27 billion yuan was invested, reviving a 1.8 million/year all-steel radial tire project that had been stalled for over a decade. By July, the project reached full capacity, producing 600,000 sets annually. Similarly, the Shanxi Synthetic Rubber Group and Bluestar Group integrated assets in 2003, with a 30,000-ton/year neoprene project under construction. The reorganization of Fucheng Foster Chemical Co. by China National Chemical Industry Group led to the completion of a 10,000-ton polyphenylene ether production line. The central government’s reorganization of Shanxi’s chemical companies has taken on deeper significance. Some scholars argue that the Shanxi provincial government is determined to retain local resources, especially in resource-based sectors like coal chemicals. This makes the reorganization easier due to government guidance and market-driven integration. However, some experts raise concerns. Why should local enterprises sell their assets? In the coming years, many top Shanxi companies may face acquisition or control by central SOEs. In five years, when we look at the top 100 companies in Shanxi, how many will still be truly local? Local governments remain cautious, balancing benefits and risks. As Zhang Chonghui, director of the Shanxi Provincial State-owned Assets Supervision and Administration Commission, noted, the SASAC is increasingly acting like a company during reorganization. Recent agreements between Shanxi Luan Group and Xinjiang Coal Co., Ltd. highlight cooperation based on technology and resources, benefiting both regions and promoting common prosperity.

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