華電福新(00816)私有化復牌股價直飆60%,已經提前兩天大漲
6月2日,港股華電福新(00816)迎來私有化復牌後第一天,股價開盤即飆漲超55%並持續拉高,截至發稿,股價漲58.28%,報2.39港元,成交6.89億港元,最新市值200億港元。

(來源:富途牛牛)
華電福新日前公佈,於2020年6月1日,要約人福建華電福瑞能源發展有限公司及公司訂立合併協議,據此,要約人及公司將根據合併協議的條款及條件實施合併。
根據合併協議,待前提條件及該等條件達成後,要約人將支付以下金額的註銷價:向H股股東支付每股H股2.50港元,較5月27日收市價每股H股份約1.51港元溢價約65.56%;及向內資股股東支付每股內資股人民幣2.29995元。待達成後,公司將向聯交所申請自願撤回H股上市地位。
據悉,要約人是由華電福新母公司華電集團全資擁有,而華電集團由國資委控制。
此次私有化華電福新的公司載體是母公司華電集團於2020年5月18日在中國註冊成立的有限責任公司,主要從事火力發電;水力發電;熱電聯產;風力發電;太陽能發電;其他電力生產;電力供應;電力諮詢服務;對電力、熱力、燃氣及水生產和供應業的投資;工程監理;環保技術推廣服務;環保諮詢;煤炭及製品批發(不含危險化學品)。
對於華電福新的私有化,中泰國際認為,參考其他案例,該收購價合理。例如,華能集團於2019年10月按每股H股3.17港元,即相等於6.3倍2020年市盈率,提出私有化華能新能源。(二)是次私有化將引發市場推測其他新能源股也將獲大股東私有化,例如龍源電力(916 HK;未評級)、大唐新能源(1798 HK;未評級)。相關股價短期將上升。
值得一提的是,在華電福新公佈重大重組事件停牌之前,該股已經提前兩天被市場大幅抄起,兩天累計大漲超14%,並且成交量亦比以往明顯放大,這被市場人士認為其私有化的消息或存在被部分人提前知曉的可能。

(來源:富途牛牛)
華電福今年4月份完成總髮電量401.1萬兆瓦時,按年下跌9%,其中,風電發電量按年跌13.2%;太陽能發電量按年增加22.8%;水電發電量跌24.9%;煤電發電量升1.2%;天然氣(分佈式)發電量按年增加11.1%;而其他清潔能源發電量就按年增加11.4%。
2020年一季報財務數據顯示,華電福新的流動債務水平較高,其中流動資產為154.22億元,而同期的流動負債則高達226.26億元。而公司長期借款在2019年更是達到了502.17億元的高位。此外,年內,公司應收賬款及應收票據達到了111.61億元,同比增長了40%。
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