"Semi-annual Report" on the reorganization of central and state-owned enterprises: 377 "contributions" to the A-share market
Our reporter Du Yumeng
In recent years, the reorganization and integration of central enterprises and state-owned enterprises have been deepened from point to surface, and the direction of professional integration has become clearer.
Judging from the situation in the first half of the year, whether it is the reorganization and integration of state-owned enterprises or the mergers and acquisitions of state-controlled listed companies in the capital market, they are all committed to the optimization and adjustment of the structure of state-owned assets.
Many industry experts interviewed by a reporter from the Securities Daily believe that restructuring is not the end, and how to make better use of corporate synergy and achieve high-quality development of the industry is the ultimate goal.
The reorganization of central enterprises is advancing steadily
Promoting reorganization and integration is an important measure for central enterprises to accelerate the adjustment of the state-owned economic layout and achieve high-quality development. It is also a key focus of the three-year reform of state-owned enterprises.
According to Liu Xingguo, a researcher at the Research Department of the China Enterprise Confederation, to promote the adjustment and optimization of the state-owned economy, on the one hand, we must continue to optimize the layout of state-owned enterprises among industries, and promote the actual layout of state-owned capital to be more in line with the Party Central Committee and the State Council’s state-owned capital layout. On the other hand, it is through continuous adjustment to improve the quality of state-owned assets, enhance the competitiveness and profitability of state-owned enterprises, highlight the advantages of state-owned capital, and help state-owned capital and state-owned enterprises to become stronger and larger.
Based on the 2021 work schedule announced by the State-owned Assets Supervision and Administration Commission of the State-owned Assets Supervision and Administration Commission of the Enterprise Reform Bureau in late March, in terms of "solidly promoting the adjustment and optimization of the layout and structure", the first is to steadily promote the strategic reorganization of central enterprises in the chemical, steel, and information fields, and guide enterprises to focus on the country The strategy is to actively and steadily carry out mergers and acquisitions; the second is to form a new central enterprise group in a timely manner, to complete the reorganization of oil and gas pipeline network assets, and to do a good job in the transfer and reception of new central enterprises; third, to support the further development of central enterprises with medical and health as the main business Integrate resources and cultivate competitive medical and health groups.
Deepen the reduction of production capacity of steel and coal for central enterprises.
The reporter combed and found that in the first half of the year, the reorganization and integration of state-owned enterprises had completed part of the "punch-in" tasks in response to the above three items.
For example, on March 31, Sinochem Corporation and China National Chemical Corporation officially announced the reorganization; on April 29, the State-owned Assets Supervision and Administration Commission announced that the newly formed China Satellite Network Group Co., Ltd. was managed by the State-owned Assets Supervision and Administration Commission of the State Council. Acting on behalf of the State Council to perform investor responsibilities, and was included in the list of companies performing investor responsibilities by the State-owned Assets Supervision and Administration Commission of the State Council; on June 23, the State-owned Assets Supervision and Administration Commission announced another reorganization news, and China Putian Information Industry Group Co., Ltd. was integrated into China Electronics Technology Group. Limited company, this will undoubtedly create a "communication giant" enterprise.
In addition, the reorganization between central and local governments is also progressing steadily.
Take the “spoiler” of the State-owned Assets Supervision and Administration Commission of the state-owned enterprises' steel and coal capacity reduction work as an example.
The "14th Five-Year Plan for National Economic and Social Development of Liaoning Province and the Outline of Long-Term Goals for 2035" announced by Liaoning Province in April this year mentioned that during the "14th Five-Year Plan" period, it is necessary to "speed up the optimization and optimization of the state-owned economy "Structural adjustment" includes cultivating a group of enterprise groups with core technological competitiveness and international influence, promoting the joint reorganization of central steel enterprises such as Anshan Iron and Steel and Benxi Iron and Steel, and cultivating world-class iron and steel enterprises.
"The main line to promote the integration of the steel industry is actually to increase the industrial concentration and optimize the industrial layout." Hu Qimu, chief researcher of the China Steel Economic Research Institute, told reporters that compared with developed countries, the current concentration of my country's steel industry is low. A series of problems such as overcapacity and unreasonable industrial structure.
To promote integration is to replace the relatively loose relationship of industry associations with equity relationships, and to use market mechanisms to promote the realization of optimal allocation and sharing of resources, so as to give better play to corporate synergy and ultimately achieve high-quality development of the industry.
Liu Xingguo added that resource integration through mergers and acquisitions can effectively resolve excess capacity in the industry, gather industry R&D resources, and accelerate the technological breakthrough process in the steel industry.
It is worth mentioning that Hao Peng, Secretary of the Party Committee and Director of the State-owned Assets Supervision and Administration Commission of the State Council, recently emphasized that all central enterprises must organically combine the preparation and implementation of the "14th Five-Year" enterprise development plan with the deepening of enterprise reform and the acceleration of the optimization and adjustment of the layout structure. The focus of optimization and structural adjustment is on the real economy, increasing investment in forward-looking strategic emerging industries, further optimizing the allocation of industrial chain resources, strengthening industrial chain coordination, and promoting the optimization and upgrading of industrial chain supply chains. State-owned capital investment, The operating company must play its role as a professional platform in this regard.
State-owned enterprise capital market moves frequently
Since the beginning of this year, state-controlled listed companies in the capital market have similarly continued their efforts to promote reorganization and integration.
Hu Qimu said that as the concept of state-owned assets supervision has changed from managing assets to managing capital, it has cleared many institutional obstacles for central enterprises and state-owned enterprises to conduct mergers and acquisitions through the capital market and promote mixed ownership reforms, which is conducive to the better use of market mechanisms to optimize resources. The role of allocation is to promote state-owned enterprises to become stronger, better and larger from the micro level, and to optimize the layout of state-owned assets from the macro level.
According to statistics from Tonghuashun iFinD, according to the first announcement date and excluding transaction failure cases, as of June 30 this year, a total of 1,220 company mergers and acquisitions have occurred in the A-share market. Among them, 377 cases involve state-controlled listed companies, accounting for About 30%.
From the perspective of project progress, of the 377 mergers and acquisitions mentioned above, 83 have been completed and 294 are in progress.
From the perspective of the specific nature of the company, there were 92 cases involving state-owned state-owned holding listed companies of state-owned enterprises, 157 cases involving provincial state-owned holding listed companies, 123 cases involving state-owned holding listed companies in cities, and 5 cases involving other state-owned listed companies. Listed company.
Wu Gangliang, a researcher at the China Enterprise Reform and Development Research Association, said in an interview with a reporter from the Securities Daily that the capital market is used to promote the merger and reorganization of state-owned enterprises. First, the capital market valuation is relatively transparent and reasonable, and the operation is standardized and mature. It is the "main channel" for the reorganization and integration of state-owned enterprises; the second is that listed companies have a relatively strict internal control system and information disclosure mechanism, superimposed by external supervision from regulatory agencies and third parties, and their corporate governance structure is relatively complete; third is to actively promote The listing of state-owned enterprises in the capital market and mergers and acquisitions and reorganizations are also necessary for local government departments to transform state-owned assets supervision methods.
The premise of "capital management" is that state-owned capital has high liquidity, and the listing of state-owned enterprises or the participation of state-owned enterprises in mergers and acquisitions and reorganizations is actually the process of "capitalization" and "securization" of state-owned assets.
In addition, Wu Gangliang stated that state-owned enterprises should not simply "lay the franchise" in the process of advancing mergers and acquisitions. They must adhere to the principles of marketization and rule of law, pay attention to controlling merger risks, and actively choose those that are consistent with their main responsibilities. M&A target.
At the same time, we must especially prevent excessive borrowing and blind expansion, pay attention to the synergy effect after mergers and acquisitions, and prevent "integration and failure."
(Securities Daily)