this year is a crucial year in the three-year campaign to reform soes. entering late june, this round of state-owned enterprise reform with a limit of three years ushered in an important time node to transition to the second half. "in contrast to the firm target of completing 70 percent of the tasks by the end of the year, we need to set the time limit for the project backwards and use stopclocks to ensure the quality of the reform while speeding up progress." sasac responsible person recently stressed.
as soe reform moves into the second half of the three-year campaign, a number of reforms will usher in a sprint period. supporting policies for the restructuring of the state-owned economy, the development plan for central enterprises, the deepening of mixed ownership reform, the shareholding of key employees of mixed-ownership enterprises, and the listing of state-owned enterprises are expected to be upgraded.
on june 22nd, under the guidance of the property rights administration bureau of the state-owned assets supervision and administration commission of the state council, the beijing state-owned assets supervision and administration commission and the economic department of all-china federation of industry and commerce, the "promotion conference of mixed ownership reform projects in 2021" was held in beijing and undertaken by beijing equity exchange. a total of 286 mixed-use reform projects and coordinated development projects between central and private enterprises were launched, aiming to raise more than 120 billion yuan. high-tech enterprise projects involving strategic emerging industries such as new energy, new materials and high-end equipment manufacturing accounted for more than 50 percent of the total.
mix to change hoof speed steady
as a "breakthrough" in the reform of state-owned enterprises, mixed-use reform has been "accelerated".
at the level of a central enterprise, sun yongcai, party secretary and chairman of crrc corporation, said recently that crrc corporation has been steadily promoting the mixed reform. as for the pillar business of strategic emerging industries, the focus is to actively introduce non-state-owned capital and strategic investors on the premise that the equity is not less than 51%.
"up to now, 12 of cofco's 17 specialized companies have completed mixed reform or achieved equity diversification by introducing external capital in different forms." cofco party secretary, chairman lv jun revealed.
in addition, anshan iron and steel group sped up the mixed improvement step by step. in 2020, the group promoted 9 enterprises such as engineering technology companies and mining design institutes to complete mixed improvement, and the proportion of mixed improvement enterprises increased by 6.8%.
the mixed reform of local state-owned enterprises has also entered the fast lane. a person in charge of the state-owned assets supervision and administration commission of guangdong province (sasac) recently introduced that guangdong will issue operational guidelines for provincial enterprises' mixed reform and a three-year action plan for provincial second-level enterprises' mixed reform, which will clarify the overall direction, key links and operational steps of the mixed reform and actively promote enterprises in fully competitive industries and fields to implement the mixed reform.
the plan for deepening mixed ownership reform of state-owned enterprises in northeast china has been published and implemented. the plan will provide strategic investors with an appropriate shareholding ratio, give them weight in the shareholding structure and say in the governance structure, and give full play to the role of "strategy".
at the "2021 mixed ownership reform project promotion conference" held on june 22, more than 140 high-tech enterprise projects were involved in strategic emerging industries such as new energy, new materials and high-end equipment manufacturing. the number of mixed-use reform pilot enterprises, "double 100 enterprises" and "science and technology reform demonstration enterprises" in key areas were 22, 26 and 18 respectively.
"recently, sasac is conducting research on strengthening differentiated management and control of state-owned mixed ownership enterprises with relative controlling shares." the relevant person in charge of the state-owned assets supervision and administration commission (sasac) said recently that the mixed system reform should take differentiation control as the breakthrough point, promote the mixed system reform enterprises to establish flexible and efficient market-oriented operation mechanism, and take the lead in making breakthroughs in the "three system reforms".
"state-owned enterprises mixed reform in the process of deepening, 'mixed' after how to 'reform' has become the focus of more and more attention of state-owned enterprises." wang na, a researcher at the institute of mixed reform of state-owned enterprises, said the central government's reform policy should highlight the "reform" of state-owned enterprises, focusing on further deepening the mixed reform of state-owned enterprises, improving corporate governance of state-owned enterprises, reform of the market mechanism, and improving the management of state-owned assets.
launch speed and force
the reform of state-owned enterprises is accelerated and intensified, and the multi-level capital market is undoubtedly an important platform. data from the state-owned assets supervision and administration commission show that by the end of 2020, the number of state-owned listed companies in the a-share market accounted for 28.14% and the market value 43.07%.
in june, china eastern logistics co., ltd. was listed on the main board of the shanghai stock exchange as one of the "double 100 enterprises" in the reform of state-owned enterprises and one of the first batch of mixed-use enterprises in important fields, becoming the "first stock in mixed-use reform of aviation". in may, electric wind power was listed on the science and technology innovation board, becoming a successful case of spin-off and listing of state-owned enterprises. in addition, sinochem energy has become one of the "double hundred enterprises" in the reform of state-owned enterprises by introducing the largest amount of strategic investors to raise funds, and has applied for listing on the main board.
locally, state-owned enterprises in the eastern region are listed at a gallop. for example, shanghai's state-owned assets supervision and administration commission recently issued the "implementation opinions on promoting the quality of state-holding listed companies", which supports the listing of high-quality enterprises. we will promote capitalized securitization of state-owned assets, and accelerate the overall listing of enterprise groups or the listing of core business assets by means of ipos, backdoor mergers, restructuring and spin-offs.
state - owned enterprises in the western region in the embrace of capital market highlights appear frequently. for example, the memorandum of cooperation on promoting the improvement of the quality of ningxia state-owned listed companies recently signed by the state-owned assets supervision and administration commission of ningxia and the ningxia securities regulatory bureau proposes to strengthen the cultivation of enterprises for listing. jointly cultivate the resources of state-owned enterprises to be listed, increase the cultivation of key leading enterprises in the "nine key industries", establish the resource database of ningxia state-owned listed enterprises, and do a good job of guidance and supervision.
promoting the listing of high-quality assets of state-owned enterprises is an important part of the three-year soe reform campaign. recently, the state-owned assets supervision and administration commission of the people's republic of china (sasac) pointed out that we should attach great importance to the development quality and market performance of state-owned holding listed companies, build listed companies into development leaders and innovation leaders, and set an example of honest management and responsibility in the capital market. we will actively foster and encourage more qualified enterprises to be listed on the science and technology innovation board. we will continue to promote more high-quality assets into listed companies.
"the total assets and profits of listed companies held by state-owned enterprises account for 67 percent and 88 percent of the total, respectively. the capital market strongly supports the development of state-owned enterprises." song zhiping, president of the china association of listed companies, said recently that state-owned listed companies are the vanguard of the capital market and should make use of the capital market to do a good job in the reform and development of state-owned listed companies, support the healthy development of the capital market and promote the better development of the national economy.
reorganization brewing new breakthrough
actively promote layout optimization and structural adjustment, is also one of the important three - year soe reform action.
for example, china cosco shipping group has designed and promoted the integration of the group headquarters and the reorganization of the core business simultaneously. china ocean shipping group party secretary, chairman xu lirong, said by reshaping industry layout, corporation established in the "difference" planning to shipping, ports and logistics for the three core business, shipping finance, equipment manufacturing, value-added services, digital innovation as the auxiliary "3 4" new pattern of industrial cluster, the whole industry chain business advantage.
at present, the restructuring of sinochem and chemchina has been implemented, and the restructuring of china putian and china power technology, china baowu and tisteel group, angang and bensteel is also accelerating.
from the point of place, the relevant person in charge of state-owned assets supervision and administration commission of guangdong province said that guangdong province is to study and draft the "difference" planning layout optimization and state-owned capital structure adjustment, to carry out the professional integration of special operation, complete the first bidding, construction association, clean energy, electronics manufacturing, qimao, explosive, solid waste waste seven plate provincial second tertiary enterprise specialized integrated work, we will start the second batch of provincial-level enterprises to integrate their specialization at the second and third levels.
hainan province recently issued a three-year action plan for soe reform (2020-2022), with provincial enterprises taking the lead in resource integration, merger and reorganization. in principle, each provincial enterprise should have no more than three main businesses, and the revenue and profit of each main business should reach more than 25% of the total revenue and profit of the enterprise respectively.
the outline of the fourteenth five-year plan for the development of central enterprises will soon be published and implemented. wu gangliang, a researcher of china enterprise reform and development research association, believes that the state-owned assets supervision and administration commission will promote the restructuring and adjustment of central enterprises in iron and steel, information and other fields this year, and guide enterprises to focus on the national strategy to carry out mergers and acquisitions. the distribution and structure of oil and gas pipelines, medical and health care, steel and coal will also be further optimized. in addition, state-owned enterprises will further speed up the divestiture of non-main industries and non-dominant industries, and optimize state capital to important industries, key areas and forward-looking, strategic and emerging industries.
"the mergers and reorganizations of state-owned enterprises, such as chemchina and chemchina, have provided valuable experience for the subsequent restructuring of state-owned enterprises. more state-owned enterprises will join the ranks of mergers and reorganizations and compete in the international market with a new look and strong strength." an expert on state assets said that focusing on the "14th five-year" phased tasks, the reform of state-owned enterprises is riding the wind and waves, opening a new journey.
source: state-owned assets and administration commission of the state council