Yizheng Chemical 1033

[winston]

not vested

YIZHENG CHEM (01033.HK) delays trading resumption as more time needed for asset reorganization
2014-07-11

YIZHENG CHEM (01033.HK) 0.000 (0.000%) announced it understands from China Petrochemical Corporation (Sinopec Group) that the proposed material asset reorganization involves the related businesses and assets of the petroleum engineering sector of Sinopec Group.

As there is heavy workload on financial audit, assets appraisal and legal due diligence in respect of the material asset reorganization and there are a lot of matters to be coordinated in these regards, the intermediaries require a longer period to carry out their work which is difficult to be finished on the original schedule.

Meanwhile, the company still has to consult the relevant regulatory authorities further and communicate with them on the proposal for the material asset reorganization.

Therefore, trading of the H shares of the company is able to resume on 14 July and has continued to be suspended.

Source: AAStocks Financial News

[winston]

not vested

YIZHENG CHEM (01033.HK) 1Q loss widens to RMB330M
2014-04-29

In the first quarter ended March 2014, YIZHENG CHEM (01033.HK) 0.000 (0.000%) reported its operating revenue retreated 10% yearly to RMB3.702 billion.

Net loss was RMB328 million, or 5.5 fens per share, compared with a loss of RMB285 million in a year ago.

Source: AAStocks Financial News

[winston]

not vested

<Post Resumption>YIZHENG CHEM (01033.HK) leaps 64% to new high

YIZHENG CHEM (01033.HK) announced the assets reorganisation between Sinopec Group and the company, including the acquisition of all the interest in Sinopec Group's petroleum engineering business for RMB24.075 billion (to be settled by the issue of consideration A shares) and the transfer all its assets and liabilities to SINOPEC CORP (00386.HK).

After completion, Sinopec Group will directly holds 72.01% interest in YIZHENG CHEM; and SINOPEC CORP will become a sister company to YIZHENG CHEM.

YIZHENG CHEM's share price rocketed 72% at open this morning and further rose to $3.18.

It last traded at $2.9, up 64%, with trading volume rising to 368 million.

Source: AAStocks Financial News

[winston]

not vested

We believe Yizheng is the best shale gas play with proven capability (with 10% revenue contribution, by our estimate).

Moreover, its A share is currently trading at a 32% premium to the H share.

● Our target price of HK$4.20 is based on 14.2x 2015E P/E, in line with the US OFSs—this implies that shale gas-related earnings are valued at 30x P/E, which is fair in our view.

Key risks to our call include a sharp change in oil price leading to a lower-than-expected E&P capex from Sinopec, and failure to obtain approval for the restructuring.

Source: CS

[winston]

not vested

YIZHENG CHEM (01033.HK) initiated Buy, target at $5.5 - Deutsche

In a research report, Deutsche Bank initiated a Buy rating on YIZHENG CHEM (01033.HK) +0.340 (+9.392%) Short selling $2.45M; Ratio 0.844% with target price at $5.5 as the group is conducting a reorganization.

SOSC is China's second largest petroleum engineering and oilfield service provider, which will inject its profit-making assets into YIZHENG CHEM and shift the loss-making chemical assets to the parent company SINOPEC CORP (00386.HK) -0.110 (-1.618%) Short selling $98.53M; Ratio 6.449% .

The reorganization is expected to generate synergy effect for the company.

Source: AAStocks Financial News

[winston]

04 Dec, 2014

vested

<Resumption Ann>YIZHENG CHEM (01033.HK) asset reorganization approved by CSRC

YIZHENG CHEM (01033.HK) announced that the asset reorganization of the company was approved by the Listed Companies Merger and Reorganisation Vetting Committee of the CSRC (the CSRC Vetting Committee).

The reorganization is expected to be completed by end of 2014.

Application for trade resumption of shares has been made on 5 December.

Source: AAStocks Financial News