The final year of the three-year reform of state-owned enterprises:
The restructuring of the state-owned economy has accelerated, and the capital market has become a strong support
Securities Times reporter Jiang Dan
On June 6, Sinosteel Luonai was officially listed on the Science and Technology Innovation Board. The company was founded in 1958 and was the first large-scale state-owned refractory production enterprise designed and constructed by itself during the "First Five-Year Plan" period of New China.In 2014, due to the heavy historical burden and the lack of market competitiveness, Sinosteel Luo Nai once fell into business difficulties.The case of Sinosteel Luonai's successful listing on the Science and Technology Innovation Board and entering the fast lane of high-quality development is a microcosm of state-owned enterprises' adjustment of stock and excellent increment in recent years.
At present, the three-year reform of state-owned enterprises has entered the final stage.The State-owned Assets Supervision and Administration Commission of the State Council has recently made several arrangements for the reform of listed companies controlled by central enterprises, with particular emphasis on ensuring that significant results are achieved in promoting the optimization of the layout and structural adjustment of the state-owned economy.Many market participants have noticed that state-owned enterprises have made frequent moves in the capital market this year.The state-owned enterprise reform concept sector has also continued to rise recently.
Structural adjustment of state-owned economy
achieve important results
The optimization of the distribution of state-owned capital and the adjustment of its structure are the "main event" of the reform of state-owned assets and state-owned enterprises.Since the 18th National Congress of the Communist Party of China, the SASAC has actively promoted the optimization and adjustment of the layout and structure, and the overall function and allocation efficiency of state-owned capital have been further improved.According to statistics, 47 companies in 26 groups have implemented strategic reorganization and professional integration, and 9 companies have been newly established or received, creating a group of highly competitive companies in the fields of ships, steel, energy, construction, water transportation, and equipment manufacturing. It has achieved important results in the integration of resources in the fields of rare earth, logistics, communication towers, oil and gas pipeline networks, and electrical equipment.In addition, the State-owned Assets Supervision and Administration Commission of the State Council promotes central enterprises to continuously increase the layout of strategic emerging industries, effectively remove inefficient and ineffective assets, and shorten the management chain.
At present, the three-year reform of state-owned enterprises has entered the final stage. The State-owned Assets Supervision and Administration Commission of the State Council recently put forward three "guarantee" requirements to ensure that various tasks are completed and a qualified answer sheet is handed over.Specifically, it includes: ensuring obvious results in the formation of a more mature and stereotyped modern enterprise system with Chinese characteristics and the state-owned assets supervision system, ensuring obvious results in promoting the optimization of the layout and structural adjustment of the state-owned economy, and ensuring that the vitality and efficiency of state-owned enterprises are improved. Significant results.Zhou Lisha, research director of the China Institute of Modern State-Owned Enterprises at Tsinghua University, told the Securities Times reporter that the "five forces" such as competitiveness, innovation, control, influence, and anti-risk ability will be important evaluation content for effectiveness, but they will also be evaluated according to different factors. Different areas of the industry are given separate considerations.
In order to achieve the aforementioned goals, the State-owned Assets Supervision and Administration Commission of the State Council has increased policy support.On May 18, the State-owned Assets Supervision and Administration Commission held a special promotion meeting on deepening the reform of state-owned listed companies, and it was clear that it would step up efforts to promote equity incentives for state-owned listed companies in an orderly manner; listed companies should implement share repurchase in a timely manner to enhance investor confidence; State-controlled listed companies will be given active guidance and support for share repurchase and cash dividends, and each group company will be encouraged to hold the shares of listed companies for a long time, and increase their holdings of undervalued listed companies in due course.On May 27, the State-owned Assets Supervision and Administration Commission of the State Council announced the "Work Plan for Improving the Quality of Listed Companies Controlled by Central Enterprises", which proposed 14 specific work measures from four aspects.
State-owned listed company
Capital market moves frequently
Relevant policy arrangements have boosted the market's confidence in relevant listed companies. The state-owned enterprise reform concept sector has continued to rise recently, and the stock prices of many listed companies have been linked.
According to Wind statistics, since the beginning of this year, the popularity of major restructuring events announced by state-owned enterprises and local state-owned enterprises has increased significantly compared with 2021.In just the past week, China National Building Materials, AVIC Group, General Technology Group and other listed companies under the central enterprise group have announced major asset restructuring matters, involving equity transfer, merger by absorption, asset replacement, etc.Specifically, Qilianshan, a subsidiary of China National Building Materials, plans to replace all assets and liabilities with China Communications Construction and six design institutes under China Urban and Rural Areas.China Automobile Research Institute announced that it was notified by the controlling shareholder General Technology Group that it is carrying out the integration of inspection and testing business with China CCIC.AVIC Electronics and AVIC Electromechanical announced the merger.
Li Jin, chief researcher of the China Enterprise Research Institute, said that since the beginning of this year, with the completion of the three-year reform of state-owned enterprises, the reorganization of large enterprises and the formation of new central enterprise groups has been significantly reduced compared with last year, and the professional integration of central enterprises has a trend of deep cultivation. .This year, the specialized integration of three groups of central SOEs has been implemented successively.The professional integration of the three groups of central enterprises has brought four new business platforms, namely inspection and testing, engineering design consulting, grain storage and oil and oil processing.In the next step, the construction of collaborative development platforms such as industrial Internet, logistics big data, and air cargo will also be accelerated.
At the same time, the cement assets of CNBM have been further concentrated after this round of integration, and the efficiency of resource allocation has been improved.Li Jin believes that with the dominant enterprises as the main body, there will be more and more internal replacements through free transfers and paid acquisitions.In terms of the injection of high-quality assets into listing, a large number of listed companies are actively developing specialized and special new businesses, and the demand for splitting such high-growth businesses for separate listing will continue to increase.
Liu Xingguo, a researcher at the Research Department of the China Enterprise Confederation, told the Securities Times reporter that at present, the asset quality of state-owned enterprises has been further improved, and the level of efficiency has also been significantly improved, and a large number of high-quality enterprises that meet the listing requirements have been cultivated and reserved. , will gradually land in the capital market, injecting new strength into the development of China's capital market.The addition of a new batch of high-quality state-owned enterprises will promote the improvement of the overall profitability of Chinese listed companies, thereby enhancing the investment value of China's capital market.
