From promoting IPOs to injecting high-quality assets into listed companies, to exploring multi-segment spin-offs and listings, the capital operation of state-owned enterprises has accelerated since the beginning of this year.The "Economic Information Daily" reporter found that 11 state-owned enterprises have been listed on A-shares this year, and the number of scientific and technological innovation enterprises has increased significantly.
Industry insiders believe that the SASAC has recently made intensive voices around the listing, and the "reserve army" of many companies in many places is ready to go. The listing of state-owned enterprises will usher in a new upsurge. Advanced manufacturing and strategic emerging industries deserve attention. Type enterprises, specialized and special new enterprises will become the main body of listing.
Listing action frequently
On June 6, Sinosteel Luonai Technology Co., Ltd. (hereinafter referred to as "Sinosteel Luonai"), a subsidiary of Sinosteel Group, was successfully listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange, with an increase of over 150.59% on the first day.
Sinosteel Luonai was reorganized by Sinosteel Refractory Co., Ltd. and Sinosteel Luoyang Refractory Research Institute in August 2020. Through a series of reform measures such as mixed-ownership reform and employee stock ownership, the company's operation has changed from a loss of nearly 100 million yuan to a continuous profit. New high.
Weng Jieming, deputy director of the State-owned Assets Supervision and Administration Commission, pointed out that Sinosteel Luonai should speed up technological innovation and strive to become a global leader in the field of high-end refractory materials; it should deepen internal reforms, enhance corporate vitality, and strive to become the vanguard of the reform and development of state-owned enterprises; it should improve corporate governance, strengthen Standardize operation and strive to become a model student of high-quality development of listed companies.
As the three-year reform of state-owned enterprises has entered the final year, the mixed reform and listing of state-owned and state-owned enterprises has continued.Wind data shows that as of June 9, 7 central state-owned enterprises and 4 local state-owned enterprises have been listed on A-shares during the year, many of which are "big men" such as CNOOC and China Mobile.
Zhu Changming, senior partner of Sunshine Times Law Firm and head of the state-owned enterprise mixed reform and employee shareholding research center, said that with the improvement of the multi-level capital market and the implementation of the registration system for stock issuance, high-quality companies with development potential and outstanding professional advantages State-owned enterprises have chosen suitable capital markets to list in succession. Since the beginning of this year, the number of innovative enterprises, technological innovation enterprises, and specialized new enterprises listed on the Growth Enterprise Market, the Science and Technology Innovation Board, and the Beijing Stock Exchange has increased significantly.
At the same time, there is a clear trend for state-owned enterprises to spin off and go public.On the evening of June 6, Hangzhou EZVIZ Network Co., Ltd., which was spun off from Hikvision, held its first IPO on the Science and Technology Innovation Board.Previously, China Science and Technology Jiangnan, a subsidiary of Radio and Television Express, was officially listed on the Growth Enterprise Market, and the Guangzhou State-owned Assets System completed the first "A split A".
"Splitting and listing will help straighten out the parent company's business structure, highlight the advantages of the main business, and also help expand the financing channels of subsidiaries and realize the value of subsidiaries." Zhu Changming said.
The "reserve army" is ready to go
Listing is an important way of state-owned asset securitization and capital operation, and there are not a few state-owned enterprises that are ready to go.
The reporter learned from China National Chemical Engineering Group Co., Ltd. that up to now, the company has completed the mixed reform of 24 second- and third-level enterprises.In the next step, we will steadily and prudently promote mixed ownership reform, do a good job in post-mixed ownership reform evaluation, and promote the in-depth transformation of the market-oriented operating mechanism.At the same time, it will actively explore equity incentives for joint-stock companies, promote listed companies to introduce strategic investors holding 5% or more of shares as active shareholders, and accelerate the listing of high-quality assets and business sectors such as chemical industry, equipment manufacturing, and ecological and environmental protection.
The local level is also actively deploying the listing work.Jiangxi Copper, a subsidiary of Jiangsu State-owned Assets Supervision and Administration Commission, recently announced that it plans to spin off its holding subsidiary, Jiangxi Copper, to be listed on the Growth Enterprise Market.Guangzhou State-owned Assets Supervision and Administration Commission has made it clear that it will strengthen capital operations, and strive to add 2-4 new listed companies in 2022, and complete the "second mixed reform" of 2 listed companies.By transforming the capital chain into an industrial chain, accelerating the integration of the industrial chain and the capital chain, creating a chain network project, and expanding the industrial scale.
Ningbo Zhoushan Port Co., Ltd. (hereinafter referred to as "Ningbo Zhoushan Port"), of which Zhejiang SASAC is the actual controller, will start the spin-off and listing of Ningbo Sino-Ocean in 2020, and has successfully introduced 3 relevant provincial state-owned enterprises as strategic investors to the main board of the Shanghai Stock Exchange. The listing application was accepted by the China Securities Regulatory Commission in September last year.
"After Ningbo Ocean's IPO, the company will form a new development pattern of 'big A set small A' listed companies, and further enhance the overall strength of shipping services." said Gong Liming, secretary of the party committee and general manager of Ningbo Zhoushan Port.
Specialized, special and new, etc. have received key support
"It is necessary to support and encourage state-owned technology-based enterprises to go public, coordinate and solve various problems, and promote innovative exchanges between central and local governments, so as to build a good platform and pave the way." Weng Jieming's experience in promoting the "Science and Technology Reform Demonstration Action" on June 8 , Strengthening the promotion of scientific and technological innovation incentives was emphasized at the meeting.
Recently, the State-owned Assets Supervision and Administration Commission (SASAC) has made arrangements for the listing work several times, proposing to continue to increase the injection of high-quality assets into listed companies, to steadily explore the spin-off and listing of multi-sector listed companies that meet the conditions, to strengthen the cultivation and reserve of listing resources, and to incubate a batch of scientific and technological innovation strengths. High-quality resources with strong and promising market prospects should be connected to the capital market, and attention should be paid to supporting the listing of enterprises with special reform projects such as the "Double Hundred Actions" and "Science Reform Demonstration" and "specialized, specialized, and new" enterprises.
"Not only recently, since the deepening of the reform of state-owned enterprises, the SASAC has been advocating that some high-quality state-owned assets will maintain and increase their value through mixed-ownership reform and capital securitization, that is, listing. Marketization can improve the shortcomings of the previous system and mechanism, activate development vitality, and ultimately achieve high-quality development." Zhang Chao, deputy director of the AVIC Securities Research Institute, said in an interview with a reporter from the Economic Information Daily.
Zhu Changming pointed out that from the perspective of the optimization and adjustment of the layout and structure of the state-owned economy, the listing of state-owned enterprises should still focus on the main business and advantageous industries. Advanced manufacturing and strategic emerging industries deserve attention, and state-owned technology-based enterprises and innovative enterprises will become listed. main body.
"Achieving securitization is a long-term behavior of state-owned enterprises throughout the 14th Five-Year Plan period. With strong profitability, companies that introduce strategic investors, employee stock ownership or equity incentives are more likely to realize asset securitization, which will become a template case for promotion ." Zhang Chao believes that we can focus on new fields such as new materials, semiconductors, aerospace, high-end manufacturing and other specializations.
Zhu Changming also emphasized that the listing of state-owned enterprises is not the end of the reform but a new starting point. State-owned listed companies should give full play to the function of the capital market to serve the reform and development of enterprises and optimize the allocation of resources, realize the integrated development and mutual promotion of industrial operation and capital operation, and use mergers, acquisitions, A series of capital operation methods, such as mixed-ownership reform, additional stock issuance, and bond issuance, give full play to the support of capital operation to the industry and inject new momentum into the high-quality development of enterprises.
