Our reporter Wu Xiaolu
"Listed companies have become the main carrier of the mixed reform of central enterprises, which has effectively promoted the complementary advantages and mutual benefit of various ownership capitals." Hao Peng, director of the State-owned Assets Supervision and Administration Commission of the State Council, said at a press conference of the State-owned Assets Supervision and Administration Office on February 23 .
In recent years, with the help of multi-level capital markets, the mixed reform of state-owned enterprises has been pushed in depth.
Implementing equity incentives, conducting mergers and acquisitions, and promoting the restructuring and listing of state-owned enterprises, the capital market has become an important position for mixed-reformation of state-owned enterprises.
2021 is a critical year for the three-year reform of state-owned enterprises, and promoting the restructuring and listing of state-owned enterprises remains one of the important tasks.
Market participants believe that the mixed reform and listing of state-owned enterprises is not only an important measure for the reform of state-owned enterprises, but also helps promote the stability and sustainable development of the securities market.
According to the data of Flush Shun iFinD, a reporter from "Securities Daily", as of February 23, the number of A-share state-owned listed companies has reached 1,250, accounting for 29.81%.
Since the beginning of this year, a total of 5 state-owned enterprises have been listed on A-shares, 3 are central state-owned enterprises and 2 are local state-owned enterprises.
30 state-owned enterprises listed on A shares last year
In mid-January, Liugong issued an announcement stating that the company intends to absorb and merge Liugong Co., Ltd. by issuing shares to all shareholders of Guangxi Liugong Group Machinery Co., Ltd. ("Liugong Co., Ltd.") to realize the overall listing of group assets.
Last December, Liugong Co., Ltd. just completed the mixed reform.
According to data from the Shenzhen Stock Exchange, in 2020, state-owned assets will obtain control of 35 Shenzhen-listed companies and 8 state-owned holding companies will be listed on the Shenzhen Stock Exchange for the first time.
Flush iFinD data shows that 22 state-owned holding companies made IPOs on the Shanghai Stock Exchange last year.
On the whole, 30 state-owned enterprises listed on A shares last year.
The "Opinions of the State Council on Further Improving the Quality of Listed Companies" issued in early October last year proposed to encourage and support the listing of pilot enterprises of mixed ownership reform and support state-owned enterprises to carry out mixed ownership reforms relying on the capital market.
In October last year, Weng Jieming, deputy director of the State-owned Assets Supervision and Administration Commission of the State Council, stated that during the three-year reform of state-owned enterprises, it was clearly proposed that the listing of state-owned enterprises and various reforms around listing should be promoted.
"From the "Guiding Opinions of the CPC Central Committee and the State Council on Deepening the Reform of State-owned Enterprises" issued in 2015 to the three-year action plan for the reform of state-owned enterprises, a series of reform documents all propose to'promote the restructuring and listing of state-owned enterprises and create conditions for the overall listing of group companies.' This shows that Promoting the listing of mixed-reformed enterprises (overall) is an important measure to deepen the reform of state-owned enterprises." Xiang Anbo, deputy director of the Enterprise Research Institute of the Development Research Center of the State Council, said in an interview with a reporter from the Securities Daily.
Xiang Anbo said that in general, listing is regarded as an advanced form of mixed reform.
For qualified state-owned enterprises, listing is a more standardized and safer form of mixed reform, which is not only conducive to maintaining and increasing the value of state-owned assets, but also conducive to state-owned enterprises improving the modern enterprise system and forming a dynamic mechanism for continuous reform and development.
And the overall listing is regarded as a more thorough and cleaner way of listing.
The overall listing of state-owned enterprises is not only an important measure for the reform of state-owned enterprises, but also helps to promote the stability and sustainable development of the securities market.
Local governments push for mixed reform and listing of state-owned enterprises
The reporter combed through public information and found that at present, Shanghai, Tianjin, Zhejiang, Guangdong, Anhui, Jiangxi, Chongqing, Gansu, Heilongjiang, Yunnan, Guangxi Zhuang Autonomous Region and other provinces and municipalities have issued three-year implementation plans for the reform of state-owned enterprises. Among them, Shanghai, Heilongjiang, Jiangxi, Anhui and other places clearly mentioned the promotion of corporate restructuring and listing.
For example, at the end of December last year, after the "Three-Year Implementation Plan for the Reform of State-owned Enterprises in Anhui Province (2020-2022)" was issued, Li Zhong, Secretary of the Party Committee and Director of the State-owned Assets Supervision and Administration Commission of Anhui Province, said in an interview that he actively and steadily deepened the reform of mixed ownership and made great efforts to improve The operation and governance level of mixed-ownership enterprises, actively promote the restructuring and listing of state-owned enterprises, and highlight the special reform projects; in early February, the "Three-Year Implementation Plan for the Reform of State-owned Enterprises in Heilongjiang Province (2020-2022)" was issued, the Secretary of the Party Committee of the State-owned Assets Supervision and Administration Commission of Heilongjiang Province, When introducing the implementation plan, Director Wang Zhikui said that he will focus on promoting the listing of qualified subsidiaries of provincial industrial investment groups.
Weng Jieming said that listed companies are the main carrier of mixed reform and an important channel to promote corporate internal governance. I believe that after three years of reform, state-owned absolute control, relative control, or state-owned capital participating listed companies that represent important characteristics of mixed ownership will increase. more.
"The transformation of the concept of state-owned assets supervision from managing assets to managing capital has established an ideological foundation for the mixed reform and listing of state-owned enterprises, and has also paved the way for the improvement of related supporting mechanisms." Hu Qimu, chief researcher of the China Steel Economic Research Institute, told the Securities Daily reporter Said that the mixed reform and listing of state-owned enterprises has three important meanings.
First of all, based on the important position and key role of state-owned enterprises in the national economy, after state-owned enterprises are listed after the mixed reform, they can make better use of the capital market to complete important missions such as structural adjustment, technological upgrading, and resource element allocation optimization of the pillar industries of the national economy. The high-quality development of the national economy plays an important role in promoting.
Secondly, from a micro level, the mixed reform and listing means to improve the corporate governance mechanism and carry out high-quality information disclosure, which can influence state-owned enterprises to improve operating efficiency and become stronger, better, and larger through the operating rules of the capital market.
Increasing the proportion of direct financing through listing can also effectively reduce the development cost of state-owned enterprises.
Finally, through the mixed reform and listing, state-owned assets can better play a leading and leading role, leveraging more private capital to participate in the construction of a new development pattern, and sharing development dividends.
As more state-owned capital and private capital participate in the capital market, the ability and effectiveness of financial services to the real economy have been further improved.
Xiang Anbo believes that, compared with other mixed reform methods, promoting the listing of mixed reform companies that meet the requirements of the capital market has a theoretical basis, policy basis, legal support and practical value. Of course, there are corresponding requirements for corporate qualifications, and implementation is relatively riskier. small.
In general, promoting the listing of mixed-reform enterprises has practical value, policy significance, reform promotion and demonstration effect.