Zhengzhou Coal and Electricity (600121.SH) issued a clarification notice. On May 24, 2024, the company noticed that some media...
According to Zhitong Finance App News, Zhengzhou Coal and Electricity (600121.SH) issued a clarification notice. On May 24, 2024, the company was concerned that “Yu Zeyang, chairman of Zhengzhou Coal and Electricity, the controlling shareholder of Zhengzhou Coal and Electricity and the vice chairman of Zhengzhou Coal and Electricity, said at today's shareholders' meeting that in order to fulfill its promise to avoid competition in the industry, the two assets of Yanghe Coal and Haoqin Coalfield are expected to be injected into the listed company in the next two to three years.” The company's stock rose and stopped on May 24, 2024. In order to prevent the relevant information from misleading investors, clarification has been provided.
The company held the 2023 Annual General Meeting of Shareholders on May 23, 2024. At the meeting, some investors asked “In 2018, the controlling shareholders of the company promised to inject high-quality coal assets into the listed company. When will they be fulfilled?” Yu Zeyang, chairman of Zheng Mei Group and vice chairman of the company, answered this question, saying that Zheng Mei Group has been working to achieve the overall listing of its main coal business for many years, but currently the coal assets related to Zheng Mei Group have not met the requirements for asset securitization, and there is still a gap between the conditions for injection into listed companies. Using Yanghe Coal as an example, Zheng Mei Group took back 60% of the shares held by another shareholder in Yanghe Coal Industry last year and achieved control. Since the mine's profitability is currently weak and there are no conditions to be injected into a listed company, we will take strong measures to improve its operating conditions, and inject it in due course after the cultivation maturity meets the conditions.
Zheng Mei Group's solutions to the commitments were disclosed in detail by the company through designated media on August 30, 2018. The details of the above resources were also explained (see Notice No. 2018-027 for details). In addition, the company also announces commitments to controlling shareholders in its annual report every year, and there are no corrections or additions that need to be made.