According to the Financial Associated Press on December 31 (Reporter Liu Yue), to inject quality assets and achieve transformation and upgrading of the listed company, Tianjin Realty Development (600322.SH), whose main business was originally Real Estate Development, plans to dispose of all its assets and liabilities, and inject business assets such as heating and New energy Fund generation. The company’s stocks will resume trading on January 2, 2025.

The announcement released by Tianjin Realty Development this evening shows that the company intends to treat all assets and liabilities as disposed assets and exchange them for equivalent parts of the 100% equity of Tianjin Energy Investment Group Co., Ltd. and its subsidiaries in Jinneng Co., Tianjin Thermal Power, Gangyi Heating, and 98.18% of Jinneng Wind Power, as well as the 100% equity of Jinneng New energy Fund.

For the differential portion of the injected assets and disposed assets, the company will issue shares and pay cash to the counterparty for purchase. At the same time, the company plans to issue shares to no more than 35 specific investors to raise matching funds.

Tianjin Realty Development stated that this transaction is expected to constitute a significant asset reorganization and related party transaction but will not constitute a restructuring listing. After the completion of this transaction, the company's main business will change from Real Estate Development to heating and New energy Fund generation. The company believes that this transaction will enhance the profitability and sustainable operational capability of the listed company. Financial data shows that as of the end of September this year, the company’s debt-to-asset ratio was 96.7%.

The announcement shows that the counterparties for this transaction are Tianjin Energy Group, Jinneng Investment, and Tianjin Gas Group. Jinneng Investment and Tianjin Gas Group are wholly-owned subsidiaries of Tianjin Energy Group, while Jinneng Capital is the controlling shareholder of Tianjin Energy Group. Before this transaction, the controlling shareholder of Tianjin Realty Development was Jinneng Capital, and the actual controller was the State-owned Assets Supervision and Administration Commission of Tianjin. After this transaction is completed, the controlling shareholder of the listed company is expected to be Tianjin Energy Group, with the actual controller still being the State-owned Assets Supervision and Administration Commission of Tianjin, and this transaction will not result in a change of control of the listed company.

It is worth noting that there have been continuous cases of mergers and reorganizations in the A-share market recently, and the market heat remains strong. According to incomplete statistics by reporters at the Financial Associated Press, since December, several listed companies, including Huaihe Energy (600575.SH), Yunnan Yunwei (600725.SH), Koyuan Pharmaceutical (301281.SZ), Xinjufeng (301296.SZ), *ST Jiangsu Hagong Intelligent Robot (000584.SZ), ORG Technology (002701.SZ), Shanghai Welltech Automation (002058.SZ), and Spic Yuanda Environmental-Protection (600292.SH), have disclosed asset reorganization plans or reorganization progress.