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Shanghai Textile Reform Postponed Integration And Unmoved

2014/7/12 8:45:00 14

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Shanghai Textile Reform Extension Integration

April 11th this year, the Shanghai SASAC held a working meeting of the head of the system enterprise. The Shanghai textile group was accused of having submitted the latest round of state-owned assets reform plan.

According to the news, the reform plan is still poor and the last step is refined. It can be announced in May and June this year.

The idea of setting a tune has also been determined - promoting the overall listing, improving the asset securitization ratio, and stepping firmly on the pace of reform of Shanghai's state assets.

however, three months later, < a href= "http://sjfzxm.com/news/index_cj.as" > plan < /a > did not arrive as scheduled, and the leading textile enterprises in East China still did not move.

Shanghai Textile Group's reform of state-owned assets has undergone many market expectations and plans since 2012.

In 2012, the pfer of shares in Shanghai's textile industry was regarded as the curtain of the integration of Shanghai's state-owned textile sector.

However, in the next two years, the trend of integration has gone down.

From P to the second half of 2013, a large number of personnel changes occurred in Shanghai textile industry. Zhu Yong, Wu Jianping, Liu Ping, Feng Yapei, Shen Yaoqing, Cheng Ying and a series of state-owned assets insiders were appointed to the Shanghai Textile Group Co., Ltd. as Deputy Secretary of the Party committee, discipline committee secretary and vice president.

Once again, the outside world is linking Shanghai's textile industry with the unprecedented reform of state-owned assets. However, Shanghai textile has not responded to the foreign trade since then.

integration and listing but not moved .

as early as the 2008 guiding policy on "further promoting the reform and development of state owned enterprises in Shanghai", Shanghai has made it clear that it is necessary to "basically complete the overall listing of industrial enterprise groups or the listing of core business assets in 3-5 years. The rate of securitization of Shanghai's operating state-owned assets must be increased from 18% to about 40%".

in response to the call, the Textile Holding Group announced the reorganization plan in the last of Shanghai's nine state-owned assets groups.

in fact, as one of the key modes of the reform of state owned assets, Shanghai Textile Group has basically completed the preparations for the structural adjustment of the integrated listing.

at the same time, Shanghai textile (Group) Co., Ltd. has the share of leading shares and has changed to 30.08%, and the shareholding ratio of Shanghai Shenda (Group) Co., a wholly owned subsidiary of another group, has also been adjusted to 31.07% of the total share capital.

the major delivery of the stake is not easy for the Shanghai textile group. It has always been a large number of Hushang SOEs, regardless of the choice of reform path and time point, all of which reflect the conservative characteristics.

and since 2013, Shanghai's new round of high-density state-owned asset reform craze has been attacked. Shanghai SASAC's requirements for the reform of textile groups have become particularly clear.

In mid May of last year, Zhou Bo, a vice mayor of Shanghai state owned assets, made a survey in Shanghai Textile Group: "at present, Shanghai Textile Group has to make good use of the resources of listed companies at the new critical moment. We must rely on the advantages of the group industry and trade to further grasp the foreign trade, and pay more attention to the expansion of the domestic market at the same time. We must attach great importance to new formats and new business models and strive to make breakthroughs."

a lot of people in the industry think that all these actions mean that the curtain of the integration of Shanghai's state-owned textile sector has been opened, and rumors about its equity incentive have repeatedly stirred up the capital market.

"the possibility of equity incentive is bigger. At present, Shanghai Textile Group is in the key period of reform, and it is expected to increase investor confidence and enthusiasm through equity incentive."

Li Jianan, a researcher at CIC's chemical industry, said.

asset integration platform two select

according to the planning target of Shanghai SASAC, during the "12th Five-Year" period, 90% of Shanghai's state-owned assets group should achieve overall listing or core assets listing.

In the Shanghai Textile Group's asset packaging and listing plan, the outside world has been speculating who will be the platform for the overall listing.

despite the fact that the textile group has always insisted that "there is no specific consideration" yet, from the business scope, the controlling shareholders of Shenda and leading companies are Shanghai Textile Group, and their business coincides with each other. The actual controller is also the SASAC of Shanghai. The two directions of choosing the first one are becoming more and more clear.

Compared with the comprehensive strength, who seems to have the opportunity at this stage?

public information shows that Shen Da stock was reformed in 1992, and the majority shareholder is Shanghai Shanghai Shenda Group Co, a wholly owned subsidiary of the textile group. Its main business is textile import and export trade, automotive interior decoration and new materials.

And the leading stock has always been the core business of the city fashion clothing home textiles brand, fabric management and textile international trade, with three famous brands such as three guns and civilian light.

in the financial hard targets, the leading shares reached 4 billion 200 million yuan in 2013, net profit of about 520 million yuan, up 14% over the same period last year.

In the same year, Shenda's operating income was nearly 7 billion, and net profit grew by about 17% yuan over the same period of 190 million yuan.

the rising trend of state owned assets reform, the mainstream judgment in the industry thinks that Shenda shares and leading shares business are highly coincident. As the former performance is better than the latter, Shenda shares as a competitive state-owned enterprise, or will eventually choose to withdraw to Shanghai's state-owned assets textile integration platform, and the leading shares will turn to shell resources to sell.

in March of this year, Shanghai SASAC related personages also disclosed that Shenda shares are high quality listed companies of Shanghai textile group. Shanghai textile will make good use of this "good platform" when formulating group reform plan, so as to develop mixed ownership.

for the speculation of the market, Shanghai textile has always maintained a restrained silence.

As of press release, the company did not respond to market rumors.

in addition, in the current 49 Shanghai state owned enterprises, Shanghai Textile Group is listed as a strategic emerging industry and advanced manufacturing industry, belonging to the competitive industry.

This also means that the market should be oriented to maximize the economic benefits of enterprises.

According to the Shanghai SASAC's thinking, such enterprises need to gradually open up mixed ownership business and encourage rational access of private capital.

Li Jianan believes that the challenge of Shanghai Textile Group on the reform of mixed ownership management is mainly that the textile industry is now going downhill. Even if it is introduced into strategic investors, it is difficult to bring substantive breakthroughs in the performance of enterprises.

However, its advantage lies in the fact that the reform environment of state owned assets in Shanghai is relatively loose, and the difficulty of textile industry reform is relatively small.