Once, Gezhouba Dam (600068. SH) is more like a construction team. It is a listed company focusing on simple engineering construction. Today, this listed company produces cement, manufactures explosives, develops real estate, operates hydropower stations, and invests in financial equity at the same time... The key to this transformation is that it was listed as a whole last year.
"Gezhouba wants to transform into a resource-based diversified investment management group." Yang Jixue, the chairman of Gezhouba as a deputy to the National People's Congress, explained the development strategy of Gezhouba when receiving an exclusive interview with the First Financial Daily at the Hubei delegation's residence a few days ago.
Due to the overall listing, the share price of Gezhouba once rose to nearly 20 yuan from less than 3.5 yuan at the beginning of last year, and has been running above 12 yuan for a long time. According to the 2007 annual report, Gezhouba earned 0.371 yuan per share, and 0.067 yuan per share in 2006 (before the overall listing).
Equity diversification or pilot equity incentive
"Our next step of development is to encourage more equity diversification," said Yang Jixue.
After the overall listing, the equity of Gezhouba has been diversified to a large extent. Now its major shareholder, China Gezhouba Group, holds 43.54% of the shares. "Under this premise, our subordinate units and holding subsidiaries should also take the path of (equity) diversification, so that they can develop faster." Yang Jixue said that when making other investments, he would also consider introducing strategic investors, so that the risks are more dispersed, the scale of enterprises can also become larger and larger, and a better modern enterprise system can be established.
Yang Jixue believes that another measure to promote equity diversification is to pilot options and equity incentives in the incentive and constraint mechanism.
Smooth operation of diversified investment capital
"Now the investment is very strong." Yang Jixue said that in the past, Gezhouba Dam was a single contracted building. Now it is necessary to carry forward the traditional advantages and make investment at the same time. At present, it has begun to invest in real estate, highways, cement, civil explosives, power stations and other fields.
At present, Gezhouba has more than 1000 mu of real estate development land under construction at the same time, three expressways are under construction, and the cement industry is encountering the opportunity of energy conservation and emission reduction. Yang Jixue introduced that according to relevant policies, tens of millions of tons of backward cement production capacity will be eliminated in Hubei Province, half of which will be supplemented by Gezhouba. If the progress goes smoothly, Gezhouba's cement production capacity will rise from 4 million tons to 10 million tons this year, and 20 million tons next year.
The civil explosion industry is also one of the important industrial chains for the development of Gezhouba. "Now we are the second largest in the national explosion industry and strive to be the first this year." Yang Jixue introduced. The development of Gezhouba Hydropower Station has also stepped into Xinjiang. Last year, a framework agreement was signed with the government of Xinjiang Uygur Autonomous Region, which will obtain a batch of coal resources and the right to cascade development of several rivers in Xinjiang.
"In this way, we will transform the listed company (Gezhouba Dam) from a traditional construction company into a large investment management group with resources," said Yang Jixue. Moreover, Gezhouba also makes financial investment. According to the 2007 annual report, Gezhouba holds Changjiang Securities (000783. SZ) 67.43 million corporate shares Bank of Communications (601328. SH) 2 million corporate shares Yangtze Power (600900. SZ) 34.77 million corporate shares Shaoneng (000601. SZ) 17.27 million corporate shares.
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Sina statement: The content of this article is purely the author's personal view, only for investors' reference, and does not constitute investment advice. Investors operate accordingly at their own risk.
