SASAC: Encourage The Central Enterprises To List Their Remaining Assets Without IPO.

"Encouragement"

This was Wang Yong's debut in the Central Committee of the central enterprise after taking over the head of the SASAC.

Wang Yong's voice on the rostrum is loud and loud, and the whole person looks energetic.

In his two hour speech, the SASAC's general idea of reform during the "12th Five-Year" period was also gradually outlined. Among them, pushing forward the restructuring and listing of central enterprises is undoubtedly the top priority.

In promoting the overall listing of central enterprises, Wang Yong stressed that the central enterprises whose main business assets have been listed as a whole should carry out the overall listing at the group level through various channels.

Enterprises that involve state security and the lifeline of the state-owned economy and enterprises that must adopt wholly state-owned enterprises must carry out the reform of the company system.

The central enterprises in other industries and fields should actively introduce all kinds of investors to realize the diversification of property rights.

Coincidentally, Ji Xiaonan, chairman of the supervisory board of state key large enterprises in the State Council, said in an interview recently that enterprises are not already out of the center stage in restructuring and listing, and the restructuring and listing of state-owned enterprises will remain an important part of China's capital market, and that the shareholding system, including restructuring and listing, is an important direction of the central enterprises.

"We can predict that the next step is to accelerate the pace of internal integration and overall listing of central enterprises."

A person in charge of the central enterprises told reporters.

From the information released by the SASAC on that day, a number of enterprises such as China's heavy (601106, stock bar) and XT group have been listed as a whole, and a number of enterprises such as China Minmetals and China nuclear construction group have completed the overall restructuring.

But such a speed is still slightly slower for the integration of central enterprises.

In fact, as early as the end of 2005, the SASAC central enterprises responsible person working conference, Li Rongrong for the first time put forward the concept of "overall listing" of central enterprises.

By the end of 2006, the SASAC officially announced the "central enterprise restructuring schedule", and plans to reduce the number of 159 central enterprises to 100 by 2010. The urgent need for restructuring the central enterprises has made it more closely linked with the capital market.

Until December 2006, the SASAC issued the "guiding opinions on promoting the adjustment of state capital and restructuring of state-owned enterprises", "encouraging state-owned listed companies that have already been listed to invest all their main business assets into listed companies by means of increasing capital and expanding shares and acquiring assets."

Then the central enterprises in 2007 accelerated the pace of assets injection into their subsidiaries.

Although the pace of central enterprises has been accelerating, no matter whether the main business is stripped or listed as a whole, the path taken by the central enterprises is uneven.

Data show that as of July this year, there are 178 companies with background of central enterprises and interested in overall listing, but few of them actually implement the "overall listing".

Wang Yong admitted at the meeting that some central enterprises blindly paved the stalls, the main industry is not outstanding, the main business profitability is weak or the profitability of the foundation is not solid, financial risk and business risk is very large.

In addition, the remaining assets and other non principal assets left behind by some central enterprises after listing as a whole are also difficult to rely on the integration of enterprises themselves.

The establishment of CIC two, 22, has become a new platform for restructuring and layout of central enterprises.

Wang Yong also pointed out at the founding meeting of the 22 day that state new holdings took up the role of participating in the reform of the central enterprises' shareholding system and participating in the unlisted share holding reform of the central enterprises.

Reporters learned that this month, China Minmetals Group United Nations New holdings, China Hardware Products Co., Ltd. jointly launched the establishment of China Minmetals Limited by Share Ltd.

Among them, China's five mines hold 96.5%, state new Holdings 2.5%, and hardware stocks 1%.

Minmetals shares will become the main platform to integrate all the listed companies of the Minmetals Group to achieve the overall listing, and Minmetals shares have become the first state-owned new company to participate in the pformation of the central enterprises shareholding system.

"The number of central enterprises is just a representation, not a decisive factor, and more importantly, the quality and effectiveness of the restructuring of the central enterprises."

Wang Yong said in an interview with the economic reference daily after the meeting.

He admitted to reporters that in addition to the integration among the central enterprises, the SASAC also encouraged the central enterprises to integrate the various ownership systems, including foreign investment and private ownership, and promote the pformation of property rights structure into shareholding, diversification and securitization.

Reporters learned that the SASAC proposed 2011 work priorities include: requiring central enterprises to increase market development, enhance the "going out" level, further promote the layout structure adjustment, and promote joint reorganization and so on eight aspects.

Among them, it is necessary to strengthen the internal resources integration of enterprises, to peel off the restructuring of non principal assets in a variety of ways, and support qualified enterprises to explore the integration of production and finance.