Abstract Approved by the China Securities Regulatory Commission, it has conditionally approved the application for the private placement of Jiang Diamond (000852). Last night, Jiang Diamond shares disclosed the above matters. Jianghan Petroleum Drill Bit Co., Ltd. (referred to as "Jiang Diamond Shares") is the largest in Asia...
Approved by the China Securities Regulatory Commission, it has been conditionally approved to apply for the private placement of Jiang Diamond (000852). Last night, Jiang Diamond shares disclosed the above matters. Jianghan Petroleum Drill Bit Co., Ltd. ("Jiangzhuo Shares") is one of the largest manufacturers of oil and drilling equipment in Asia. The company said last year that it plans to raise funds through the private placement of shares to purchase its parent holding company. - The assets of China Petroleum and Chemical Corporation ("Sinopec"). The shares of Jiang Diamond Co., Ltd. have been suspended since May 28 last year and will be suspended from trading on July 10 of the same year until further notice. On September 17, the company issued a non-public offering plan, the total amount of funds to be raised is not more than 1.8 billion yuan, which is used to acquire 100% of the shares of the machinery company it holds from Sinopec Group.
According to industry insiders, Sinopec may attempt to sell oilfield services to Jiangdrills, allowing the latter to land on the Chinese stock market. In fact, as early as 2011, Sinopec clearly stated that it wants to list oilfield services separately. Injecting assets into Jiangdeng shares may be the most cost-effective and time-saving way.
Xu Shanwu, an analyst at Tianfeng Securities, said that with the injection of the assets of the petroleum machinery company into the listed company, Jiang Diamond’s product line will be expanded from a single drill bit product to a drill bit and downhole tool, onshore drilling equipment, The product portfolio of cementing fracturing equipment, offshore oil equipment and oil and gas storage and transportation equipment has built a complete industrial chain of the petroleum machinery business segment.
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