Report card of the most popular state-owned enterp

2022-08-19
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"State owned enterprise reform" report card: "double hundred action" accelerates the local state-owned reform and rescue, and heats up the two-way mixing of state-owned enterprises and private enterprises.

"double hundred action" enters the "construction season" from the "design stage". Chinalco and aviation industry group have been successively included in the pilot enterprises of state-owned capital investment companies. The third batch of mixed reform pilot enterprises have been approved one after another, and the fourth batch of mixed reform pilot projects have been launched... As governments in many places accelerate the promotion of state-owned enterprise reform plans, "National reform" has become a hot topic in the A-share market

December 11 First, pull out or turn off the power leads of the hydraulic source of the hydraulic universal testing machine - Industrial Computer - Computer - display - printer, etc. in sequence; On August, the central economic work conference made a deployment for the reform of state-owned enterprises next year - "we should accelerate the transformation from enterprise management to capital management, reorganize and establish a number of state-owned capital investment companies, establish a number of state-owned capital operation companies, and actively promote the reform of mixed ownership"

many insiders pointed out that the national reform in 2019 may achieve breakthrough results

"on the whole, the current progress of the national reform is in line with expectations, and the reform of local state-owned enterprises has significantly accelerated. However, there is no benchmarking case yet, and there are problems such as debt resettlement and employment resettlement. However, there are many opportunities in 2019, mainly focusing on the mixed ownership reform dominated by social capital, especially the seven monopoly industries, which may introduce social capital or foreign capital." On December 24, Wang Jun, chief strategist of Huachuang securities, pointed out to the 21st Century Business Herald

speed up local state reform

wind petrochemical and chemical industry achieved a profit of 765.2 billion. Metadata shows that among A-share listed companies, there are 1033 central state-owned enterprises and local state-owned enterprises, accounting for more than 28.98%, and the total market value accounts for nearly half. From the perspective of profitability, the net profit of state-owned enterprises accounted for 49.77% in the third quarter of 2018

since this year, with the help of the capital market, significant progress has been made in the merger and reorganization of central enterprises, the implementation of mixed reform, and the reform of local state-owned enterprises

in terms of strategic restructuring, since the beginning of the year, China National Nuclear Industry Corporation has announced or implemented mergers with China National Nuclear Industry Construction Group, Wuhan Research Institute of Posts and telecommunications, and Research Institute of Telecommunications Science and technology

recently, China gold has launched the integrated listing of Zhongyuan smelter and Inner Mongolia mining industry through its listed company Zhongjin gold (), and the restructuring plan of COFCO real estate () and Joy City real estate () under COFCO group has also been approved by the China Securities Regulatory Commission, marking the first shot of the "a h" restructuring of central enterprises

as the first batch of pilot enterprises for the reform of central enterprises, COFCO group is also trying to promote the overall listing of grain and oil, food, finance and real estate. COFCO capital's mixed reform project in its financial sector has also been launched recently, which will introduce social capital and employee shareholding through "capital increase and share conversion"

in July and September of the same year, the mixed reform of China Eastern Airlines () and China Southern Airlines () was also carried out in an orderly manner. The former plans to introduce Junyao group, Jixiang Airlines () and other enterprises to participate in the mixed reform, while the latter will issue 1.578 billion shares to a total of 7 investors, including the peer listed company Spring Airlines (), with an allocated capital of 9.5 billion yuan

"both China Eastern Airlines and China Southern Airlines have chosen to introduce peers as strategic investors. On the one hand, it will help reduce the company's asset liability ratio and improve the asset structure. In addition, it will introduce private capital through the opportunity of mixed reform, improve capital efficiency and improve route network development." On December 24, a securities analyst in South China who has long followed the reform of state-owned enterprises told the 21st Century Business Herald

while the reform of central enterprises is in full swing, the reform of local state-owned assets represented by Shenzhen, Shanghai, Guangdong, Shanxi and other places has also significantly accelerated

wind data shows that as of December 24, there were 58 major asset restructuring events of local state-owned enterprises in 2018, basically unchanged from 57 last year, but the total transaction value increased from 188.140 billion yuan last year to 335.859 billion yuan

this is closely related to the partial decentralization of local state-owned enterprise equity operation authority and the implementation of the "double hundred action" policy in the "measures for the supervision and administration of state-owned equity of listed companies" issued in May to comprehensively promote the plastic processing industry to move towards the middle and high end of the industry

public information shows that 404 state-owned enterprises have been selected by the "double hundred action", involving 111 listed companies, half of which are local state-owned enterprises. Besides Beijing, the regions with the largest number of companies are Shandong, Tianjin, Guangdong, Jiangsu, Liaoning, Shanghai and other places

"the most remarkable feature of the Shuangbai action is its high level, large number and wide range. The main content is focused on the mixed reform and employee stock ownership. With the release of Shuangbai pilot enterprises, the mixed reform of state-owned enterprises, equity incentives, employee stock ownership, etc. may be accelerated in 2019." The above securities analyst said

bailout continuation

while the reform measures such as mixed reform and strategic restructuring are steadily advancing, with the liquidity crisis in the capital market in 2018, the transformation of private enterprises into "state-owned assets" has also become a hot spot of state-owned reform, and the two-way mixing of state-owned enterprises and private enterprises has begun to disturb the capital market

according to incomplete statistics in the 21st Century Business Herald, a total of 61 controlling shareholders of private listed companies have become state-owned assets so far this year

Yatong () is undoubtedly the most typical case. With the market downturn, yiyatong holdings, the former controlling shareholder of yiyatong, transferred its shares of the listed company to Shenzhen investment holding. Until October 18, after completing several agreements, Shenzhen investment holding held more than 18.3% of the shares of the listed company, becoming the largest shareholder of the company

"Shenzhen investment holding is optimistic about the development of the company's supply chain, so it will not interfere too much with the company's elite team for the time being, and the second shareholder will not withdraw from the listed company." On December 24, a person from yiyatong Securities Department told

the entry of Shenzhen investment control has undoubtedly alleviated the "urgent need" of Yatong, which has experienced record high shareholder pledge rates and tight capital chains

earlier, the senior management of yiyatong said at the investor exchange meeting: "Shenzhen investment holding has a high credit rating. After Shenzhen investment holding becomes the company's largest shareholder, the company's ability to obtain credit support and financial support in the market will be greatly improved."

on October 31, Shenzhen investment holding and Kunpeng investment also signed a cooperation agreement with yiyatong to initiate the establishment of a supply chain industry investment fund with a total scale of 5billion yuan, mainly to invest in supply chain and new retail related assets and carry out industrial mergers and acquisitions

according to the person from yiyatong securities department, in the future, the company will also plan to connect some parks and other resources to listed companies by deeply grafting the resources of major shareholders' deep investment control

by taking shares in yiyatong, Shenzhen investment holding has also achieved an important expansion of the "one district, multiple parks" strategy in the supply chain field. The use of real money and silver by local state-owned assets to aid private enterprises has become another action, promoting the implementation of state-owned assets reform

with the further acceleration of the pilot reform of state-owned capital investment and operating companies ("two types of companies"), in the process of changing from "enterprise management" to "capital management", the trend of state-owned assets "bailing out" private enterprises and realizing two-way mixing will continue in 2019

from December 18 to 20, a number of listed state-owned enterprises such as Aluminum Corporation of China (), AVIC (), China Pharmaceutical (), Jihua Group (), Qilian Mountain (), and state machinery automobile () issued announcements one after another. The difference between the actual controller/controlling shareholder of Aluminum Corporation of China, aviation industry group, China General Technology Group, Xinxing Jihua Group, China Building Materials Group brand products and three non products lies in the difference between price and performance State machinery group and other companies have been included in the pilot enterprises of state-owned capital investment companies

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