Central Enterprises Mixed Reform Pilot Scheme Will Be Approved To Explore The Attempt Is Still The Main Keynote.

China's central enterprises mixed pformation pilot scheme will be approved.

The seven major monopolies of oil, natural gas, railways, civil aviation, telecommunications and military industries are still changing key areas for central enterprises.

Insiders said that despite the fact that the mixed operation of the pilot enterprises has been on the offensive, their mixed road is not smooth sailing.

At least from the investment point of view, mixed change is not just a simple introduction of some foreign investors.

Since April, many central enterprises such as China Unicom and China Air China have officially announced mixed changes, making significant progress since last year's national development and Reform Commission and the SASAC identified the first batch of mixed reform pilot list.

Insiders said that China's central enterprises mixed pformation pilot scheme will soon be approved, including power, oil, natural gas, railways, civil aviation, telecommunications, and military industry seven major monopoly industries are still central enterprises to focus on mixed areas.

The national development and Reform Commission and the SASAC launched the first batch of pilot projects in the first batch of mixed ownership reform in some important areas last year. At that time, the central enterprises including China Eastern Airlines, China Unicom, China Southern Power Grid, Harbin Power Group, China nuclear construction and Chinese shipbuilding companies were included in the first batch of mixed pformation pilot projects. They will try to introduce qualified non-state-owned strategic investors, establish a market incentive and restraint mechanism and salary management system, explore the implementation of the state special management unit system, improve the corporate governance structure of mixed ownership enterprises, and strengthen the ways and means of Party building in state-owned enterprises.

However, judging from the enterprises that have already disclosed the mixed changes approved, there are basically no specific plans announced, indicating that the road of mixed change is not achieved overnight.

Status quo

Part of the central enterprises to enter the mixed countdown

On the 5 th of this month, China Unicom officially announced that the group is planning and promoting development.

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In fact, there have been rumors that many versions of the mixed version of China Unicom have been rumored before, but so far, officials have not yet made a statement, so rumors including Alibaba and HUAWEI have entered the conjecture stage.

Air China issued a notice on the night of April 21st, saying that the company received the notification from the controlling shareholder China National Aviation Holding Company, and the national development and Reform Commission replied that it agreed to carry on the reform of the mixed ownership system of air cargo and logistics, which means that China Aviation Group's mix and pformation of air cargo logistics has been in the firing line.

Although the announcement at that time indicated that up to now, China Aviation Group has not yet formulated specific plans to implement, nor has it reached any agreement or arrangement with any other party.

But in fact, as early as this year, Fan Cheng, chairman of the Air China stock Committee and chairman of Beijing Airlines Limited company, revealed in a media interview that Air China had already made substantial changes in the mix. In the future, it may also push the market pformation of aviation and aircraft maintenance, ground service and so on in two major aspects.

COFCO has also officially launched a mixed reform project of COFCO capital in its financial sector, introducing social capital and ESOP through capital increase + equity swap.

According to the COFCO capital increase plan disclosed by the Beijing equity exchange, the total amount of fund-raising is 8 billion yuan, of which at least 50% are non state capital or social capital.

The total shareholding ratio of new shareholders after the increase is not more than 39%, of which the proportion of employee stock ownership is about 5%.

China Eastern Airlines's China Eastern logistics has launched a mixed reform plan recently. China Eastern Airlines will give up absolute control rights. Non state owned strategic investors and financial investors share 45% of the total shareholding and core employees hold 10%.

Dynamic

Many central enterprises blowing mixed

In fact, in addition to Unicom and Air China, in the form of announcements, it is clear that the central enterprises that have mixed changes to different stages are still in the stage of positive statements and external sales.

Since the beginning of this year, central enterprises have made statements in the seven industries, including power, railways, oil, natural gas, civil aviation, military industry and telecommunications.

For example, the State Grid indicated that it would take the form of joint venture cooperation and listing as the main form of mixed pformation, focusing on the construction of pumped storage power stations, the expansion of the distribution investment business, and the industrial and financial units.

China Southern Airlines Group said this year it will focus on introducing advanced Internet companies, cross shareholding with global industry leaders or jointly establishing subsidiaries to promote the reform of mixed ownership.

It is believed that the introduction of advanced Internet companies or become a new highlight in the field of civil aviation.

China Telecom will take the lead from smart home this year.

The four fields of the new ICT and the Internet of things make a breakthrough in the exploration and reform.

The China Railway Corporation said it would expand cooperation with the upstream and downstream businesses of the railway pportation, take the form of the cooperation of the state railway and share platform, and set up a cooperation platform company, so as to promote the integration of railway capital and social capital, and explore a new mode of mixed ownership reform with diversified investment in equity.

There are institutional evaluation of the "iron boss" is the seven most important monopoly industries in the mix and change the most clear thinking.

Prospect

Exploration is still the main keynote of mixed reform of central enterprises.

Despite the fact that the pilot enterprises have been mixed up, the fact is that their mixed roads are not simple and smooth sailing.

Take China Unicom as an example, it is one of the earliest central enterprises to promote mixed reform.

As early as August 2015, the outside world began to hear that China Unicom was selected as a pilot of "mixed reform" of state-owned enterprises.

In October 2016, China Unicom announced its announcement for the first time, confirming that the group is studying and discussing mixed changes.

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In April 5th this year, China Unicom's A shares were suspended. At that time, Unicom said that the group was planning and promoting major issues related to the reform of mixed ownership, and the matter would be based on A shares China Unicom, which may involve changes in the shares of A shares.

This should be regarded as a substantive stage of the China Unicom mixed pformation, and it is considered a landing of a boot.

But what caused concern is that when China Unicom announced the suspension, it said it would announce progress and resume trading within 5 working days.

But in April 11th, China Unicom announced that the mixed reform plan was still under further demonstration, and there was still a major uncertainty.

Until now, another one of Unicom's mixed boots has not landed. Yesterday Unicom announced that the stock will continue to be suspended.

Therefore, insiders say that at least from the investment point of view, it can not be too simple to see mixed changes. It is not just a simple introduction of some foreign investors. At the same time, it can not be regarded as a panacea for solving the long-standing problems of some central enterprises.

Especially in the early stage of the implementation of mixed reform, the exploration and attempt is still the main keynote of mixed reform of central enterprises.

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