State Owned Enterprise Reform, Stock Trading, Concentration Of Listed Companies

Shenzhen SASAC intends to change the concept of stocks and shares in the two countries.

Shenzhen's state-owned assets reform emerges new path.

In July 22nd, the Shenzhen municipal government issued the publicity of the municipal management cadres. It is noteworthy that Gao Zimin, chairman of the Shenzhen energy group, was proposed to be the director of the Shenzhen SASAC and the Secretary of the Party committee, which was interpreted by the market as "the reform or the first undertaking of the state owned assets of the Shenzhen energy enterprise".

"This is a personal appointment arrangement, which is still in the public notice period."

Shenzhen energy secretaries official said in an interview with reporters that at present, the largest shareholder of Shenzhen's energy is still Shenzhen's SASAC. In the early years, Huaneng International has been invited through the tender. It is the second largest shareholder and has been listed as a whole. "Ownership structure has not changed much over the years, and the next step depends on whether the government's policies are related to this."

In the A share market, the recent reform of state-owned enterprises

By the hot money, Shenzhen's state owned Shenzhen energy and gathering energy yesterday strong trading.

"At present, we have not yet received notice on the reform of energy enterprises," Xie Guoqing, Shenzhen gas affairs representative and director general of Guangdong Union energy, Ji Yuan Hong, told reporters.

Promoting resources to listed companies

"This is really a very unexpected thing, but I think Shenzhen energy enterprises such a monopolistic enterprise may not become a pilot of local state capital reform pilot, generally competitive industries, such as retail, department stores, real estate industry."

A brokerage energy analyst told reporters.

There are also people in the industry who believe that under the background of electricity reform, Shenzhen is the first pilot city to take the lead in energy reform.

Impossible.

Data show that in 2014, the total assets of state-owned enterprises in Shenzhen exceeded 758 billion yuan, net assets amounted to 363 billion 100 million yuan, state-owned net assets amounted to 264 billion 300 million yuan, operating income amounted to 109 billion 700 million yuan, total profit amounted to 28 billion 660 million yuan, 22 of Shenzhen SASAC holding companies had a total market capitalization of 350 billion yuan, an increase of 160% over 2013, and the securitization rate exceeded 50%.

Shenzhen City SASAC official website information shows that the SASAC direct management unit has 19, including two large energy group enterprises.

It is worth noting that in the state-owned assets system of Shenzhen, only one listed company of Guoxin Securities has a market value of over 100 billion yuan, followed by 43 billion 770 million yuan in Shenzhen energy, 28 billion 80 million yuan in agricultural products, 21 billion 430 million yuan in Shenzhen gas, and 25 billion 912 million Hong Kong dollars (20 billion 758 million yuan) in Shenzhen international stock market listing.

Last year, Shenzhen promulgated the general plan for further deepening the reform of state owned enterprises in Shenzhen. It put forward four major reform tasks and 18 key initiatives, and promoted more than 85% of state-owned capital to the "one wing and two wings" industrial system. The proportion of mixed ownership increased from 75% to 85%, and the asset securitization rate increased from 43% to 60%.

Shenzhen SASAC also said that this year will continue to optimize the "2+N" supervision and operation system with the SASAC direct supervision, the state-owned capital investment operation company supporting the performance of duties, and the industrial group market operation.

Li Youhuan, director of the comprehensive research center of the Guangdong Academy of Social Sciences, pointed out to reporters that the goal of the reform of state-owned enterprises in Shenzhen is to take the Temasek mode as a reference, forming an industrial layout of "one body and two wings", creating a basic industry as the main body, a modern service industry such as finance, quasi finance, and war emerging industries as the "two wings" characteristic industrial system.

Under this industry layout, we should concentrate our resources on the advantageous industries and the public utilities related to people's livelihood.

It is closely related to the livelihood of the people, but also has the engine of demonstration and driving capability. It plays an important role in promoting the gradual progress of the reform of state-owned enterprises.

Ma Xingrui, Secretary of the Shenzhen Municipal Committee, also recently proposed that by 2020, the state owned assets system of Shenzhen could emerge as a world top 500 enterprise. The SASAC has asked its enterprises to report on the plan to catch up with the world's top 500. Shenzhen intends to increase the industrial integration and homogeneous resource integration from the three directions of big energy, big finance and people's livelihood, and promote the concentration of resources to listed companies.

"When he was 21 years old, he took part in the" Mogan Mountain conference "in 80s of last century as a young scholar. He mainly discussed the major theoretical and practical problems of China's economic system reform.

Combined with the development process of Shenzhen's energy, Gao Min has the "reform gene".

Those who believe that the Shenzhen energy group from the past hardware manufacturers to become a solution to the regional energy plan, expand the boundaries of business development, equity incentive, to achieve these goals requires institutional innovation.

Energy SOE reform sample

In fact, Shenzhen's energy enterprise reform pilot plan is not groundless. Gao himself also mentioned energy reform on many occasions.

At the Shenzhen international low carbon city forum in early June this year, Gao told the media: to truly realize the energy revolution, it will ultimately depend on change. Energy reform is the last bastion of the planned economy.

If we do not change, it is unthinkable to realize the development of renewable energy and realize low carbon development. We must give full play to market pactions and guide the price mechanism through the market.

Gao Zimin also referred to the R & D of energy enterprises. He admitted that "many of our state-owned enterprises now only focus on production and do not pay attention to R & D, especially in some places. R & D budgets are not included in the budget of the entire company, which is fatal to a company's technological innovation or long-term competitiveness.

Over the past five years, our R & D investment has accounted for 20% of our total investment, and we are still declaring 14 major technological invention patents, and the main industry is power and energy technology innovation.

According to the analysis of the industry, there are three ways to reform the energy state owned enterprises: first, through the reorganization or integration of the capital market, such as horizontal or vertical mergers and acquisitions under the background of electricity reform; two, the development of mixed ownership enterprises; and three, the reform of internal management of enterprises, such as the widespread energy sources, and so on, which are expected to continue to carry out equity incentives for management and core technical personnel.

Shenzhen SASAC said that it is also necessary to further promote the reform of mixed ownership, explore the differentiated ownership structure of enterprises, play a decisive role in the market, and further improve the exit mechanism of venture capital enterprises and industrial fund investment projects.

"The company has discussed in detail, but there is no specific implementation time", the Shenzhen energy secretaries office said, at present, the company is doing research on equity incentive, but because the power industry is different from other industries, for example, a coal power plant project, from preparation to construction to production is expected to take 8~10 years.

The above considerations need to be considered.

Xie Guoqing, a representative of Shenzhen gas and securities affairs, said that as early as ten years ago, the Shenzhen gas mix reform had been completed. Private capital and overseas capital were introduced. Equity incentive was implemented in 2012. As for asset restructuring, the main reason is that there are fewer opportunities for mergers and acquisitions.

It is worth noting that at present, the widely gathered energy is the only listed company of the Shenzhen SASAC. Since its listing, there has not been much change in ownership structure, corporate governance and business structure. Founder Securities has pointed out that in the new wave of Shenzhen energy enterprise reform, it will not be ruled out as an important reform sample of Shenzhen SASAC.