Reporter Liu Yan reports from Beijing
Since the beginning of this year, various forms of asset integration and reorganization, including equity transfer, merger by absorption, and asset replacement, have been intensively promoted among state-controlled listed companies.
Taking the triggered major restructuring as an example, Wind data shows that as of the press release on June 5, A-share state-controlled listed companies have disclosed a total of 77 major restructuring events, including 31 centrally-controlled listed companies and 46 local-controlled listed companies. The same period last year increased by 182% and 254% respectively.
An industry insider interviewed by a reporter from the "Economic Information Daily" said that a large part of the merger and reorganization of state-owned enterprises is carried out with the help of their listed companies, which promotes the professional integration within or across enterprises, which is conducive to reducing horizontal competition and transferring resources to the main business enterprises and enterprises. The concentration of advantageous enterprises is of great significance for maintaining the stability of the industrial chain and supply chain, improving the degree of industrial concentration and the core competitiveness of enterprises.
Internal plate integration accelerates and returns to its place
On June 1, Triumph Technology announced that it planned to acquire the three companies of Longhai Glass, Longmen Glass and Bengbu Zhongxian held by the controlling shareholder Triumph Technology Group Co., Ltd. (hereinafter referred to as "Triumph Group") for about 544 million yuan. The information shows that the glass production enterprise is 100% equity.The Equity Transfer Agreement was signed on May 31.
This is another recent integration case of a listed company under China National Building Materials.
The announcement shows that the three information display glass companies are upstream manufacturers of Triumph Technology.After the acquisition is completed, the company will cut into the electronic glass substrate industry from downstream glass processing, which can better develop industrial chain synergy with the company's consumer and vehicle display businesses, which will help improve its voice in the field of display materials and further improve core competitiveness.
The Everbright Securities report pointed out that the core technology of Triumph Technology's acquisition target is outstanding and the overall profitability is good, which is expected to increase the company's performance and maintain the "overweight" rating.As of the close on June 2, Triumph Technology reported 10.39 yuan per share.
Prior to this, two listed companies under the AVIC Group also announced their merger.
On May 27, AVIC and AVIC announced at the same time that they were planning to absorb and merge AVIC by issuing A shares to all shareholders, and to raise supporting funds.After the reorganization is completed, an important airborne system listing platform will be formed.
On June 3, AVIC issued a progress announcement on major asset restructuring, indicating that it would continue to suspend trading.
According to industry analysts, the merger of the two companies is the integration of similar assets in the airborne system at the AVIC Group level, which will help avionics and electromechanical systems to better support R&D and production, improve the efficiency of adaptation and delivery, reduce intermediate redundant processes, and improve overall gross profit margin.
"It is common for many subsidiaries to be involved in the same or similar business within state-owned enterprise groups, resulting in decentralized allocation of resources and repeated investment. The clear integration of internal sectors can quickly optimize the allocation of internal resources and improve the efficiency of resource utilization. , and then improve the financial performance and development quality of state-owned enterprises." Liu Xingguo, a researcher at the China Enterprise Confederation, told reporters.
In fact, it has always been a requirement of the SASAC for state-controlled listed companies to become stronger and more refined, with the main responsibility for the main business, and to achieve a clear ownership of the sector.
Weng Jieming, deputy director of the State-owned Assets Supervision and Administration Commission, previously stated that the clean-up and integration of listed companies should be conducive to accelerating the value of the industrial chain and supply chain to agglomerate to the mid-to-high end, and it will help advantageous enterprises with conditions to become modern industrial chain leaders.
Cross-enterprise reorganization accelerates operation
Not only that, professional integration across enterprises is also accelerating.
A few days ago, Qilianshan, a subsidiary of China National Building Materials, released a plan saying that the company plans to exchange all assets and liabilities with China Communications Construction and six design institutes under China Urban and Rural Areas.After the transaction is completed, Qilianshan will withdraw from the cement industry and will be engaged in engineering design consulting business in the future. The controlling shareholder will change from CNBM to China Communications Construction.
China Automobile Research Institute also 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.
The reporter noticed that since the launch of the three-year reform of state-owned enterprises, the state-owned assets system has vigorously promoted professional integration, and a number of restructuring projects with large-scale assets and far-reaching effects have been formed.Since the beginning of this year, the speed of asset restructuring of listed companies has accelerated significantly.
According to Wind, according to the latest statistics on the disclosure date, the total number of major restructuring events announced by state-controlled listed companies this year includes 77 major restructuring events, including suspension planning, pre-plan, approval of shareholders' meeting, approval by the SASAC, acceptance by the CSRC, and completion of implementation, far exceeding the same period last year. of 24.In terms of reorganization methods, it covers the issuance of shares to purchase assets, mergers and acquisitions, asset replacement, tender offer, and agreement acquisition.Mainly distributed in electrical equipment, machinery, electricity, food, real estate, non-metallic and mining and other fields.
"The optimization and adjustment of the layout and structure of state-owned capital is one of the important contents of the three-year reform of state-owned enterprises. In order to ensure the complete completion of the reform tasks, there is an objective need to accelerate the progress." Liu Xingguo said that listed companies, as an important part of state-owned enterprises, It should be at the forefront of various reforms and set an example.
Zhou Lisha, research director of the China Institute of Modern State-owned Enterprises at Tsinghua University, pointed out that the accelerated restructuring of state-owned enterprises and the integrated development of industries can promote the concentration of state-owned capital in key industries and key fields, and solve chronic diseases such as homogeneous development, disorderly competition, and repeated construction. , enhance market competitiveness and reflect a strong cluster effect.
It is worth noting that the SASAC has made arrangements for the restructuring and integration of listed companies in the system several times recently. "Increasing the injection of high-quality assets into listed companies" and "supporting revitalization through mergers and acquisitions, asset restructuring, and cross-market operations" have been widely cited. Mentioned.
CICC predicts that in the next period of time, the activity of mergers, acquisitions, reorganizations and spin-offs in the market will increase significantly.
Looking forward to releasing more fusion dividends
Reorganization and integration are only the first step. How to achieve a high degree of integration, how to build a complete industrial chain, and how to achieve benchmarking with world-class enterprises through integration are the essence of the title.
"It is necessary to deepen the reform of the internal market-oriented mechanism of the enterprise, highlight the main business and core competitiveness, and further improve the ownership structure and governance structure." Zhou Lisha told reporters.
Liu Xingguo believes that after integration, new enterprises must form a unity of optimized allocation of various elements such as resources, business, and channels.Participants should change their concepts, accept and agree with the existence of the new enterprise, obey the leadership of the management of the new enterprise, and implement the strategy and deployment of the new enterprise.It is necessary to optimize and adjust the assets and resources involved in the reorganization and integration in essence, so as to ensure that there are tangible benefits in terms of economies of scale and integration synergies.
In fact, the regulatory authorities have been strengthening the integration and integration after the reorganization.
The State-owned Assets Supervision and Administration Commission has made it clear that it will guide the central enterprises to establish and improve a working mechanism with clear responsibilities and clear division of labor in the process of structural adjustment and reorganization, and formulate detailed and appropriate integration plans to accelerate the horizontal integration of similar businesses and the vertical integration of upstream and downstream industry chains. , and do a good job in the integration and coordination of management, technology, and market resources at the same time.
At the same time, special investigation and supervision will be carried out on the reorganized enterprises, to urge to further strengthen the integration of internal resources, improve the efficiency of resource allocation, effectively exert synergy benefits, release the reorganization dividends, and realize the reorganization goal of "1+1>2".
(Editor in charge: Jiang Ninglu)
