Competition Of New Capital Momentum Between Two "Central Cities" In The North: How Will Xi'An Win And Where Is Tianjin'S Future Strength?

The strength contrast between the listed companies and the companies to be listed contains the competition code of the city.

This report is the second issue of the 21st Century Capital Research Institute's list of new driving forces behind IPO of top 100 cities. This issue focuses on Tianjin, the economic center of Bohai Rim region, and Xi'an, the capital of hard science and technology.

On a number of social media platforms, the two cities are strong from all angles.

For example, the number of listed enterprises in Xi'an Research Institute is about 1.5 times of that in the 21st century.

Tianjin, as one of China's four major municipalities directly under the central government, carries five national strategic functions, including coordinated development of Beijing, Tianjin and Hebei, construction of free trade pilot zone, construction of independent innovation demonstration zone, construction of "one belt and one road" and development and opening up of Binhai New Area. At the same time, Tianjin is also the largest coastal open city and industrial and commercial city in northern China, with the largest artificial port Tianjin port in China.

Xi'an, an ancient cultural capital, is located in the center of China's land map and the junction of the two economic regions in central and Western China. It is the only way to connect the Central Plains, North China and cities in East China. It not only has rich university resources, defense science and technology resources, but also is an important gathering place of passenger flow, logistics, information flow and capital flow of the Silk Road Economic Belt.

Both of them are important economic centers and transportation hubs in northern China, but at the same time, they have different industrial characteristics and historical missions.

The research shows that Xi'an, which proposes to build a "hard science and technology city", is also catching up, and the number of listed reserve enterprises is comparable to that of Tianjin.

At the same time, the industry distribution of the two cities also has its own characteristics. As far as listed companies are concerned, Tianjin is mostly biomedical and real estate, while Xi'an has the largest number of defense and military industries and mechanical equipment, and its "hard science and technology" feature is quite remarkable, which is also inseparable from its industrial structure and scientific research resources.

New kinetic energy competition of capital: Xi'an makes efforts to catch up

The distribution of the companies to be listed outlines the new driving force of the city's capital.

The 21st Century Capital Research Institute found that although the number of 57 listed companies in Tianjin is about 1.5 times that of 39 listed companies in Xi'an, the number of listed reserve enterprises in Xi'an is no less than that in Tianjin.

As of July 23, 764 companies (excluding those that have received approval and are in the stage of issuance) that have been accepted by Shanghai and Shenzhen stock exchanges come from 175 cities across the country (there is also a red chip enterprise, robot No. 9 registered overseas).

Most of the cities with A-share reserves are southern cities. The top ten cities with the largest number of A-share reserves are Shanghai 75, Shenzhen 71, Beijing 59, Hangzhou 38, Suzhou 26, Guangzhou 22, Chengdu 20, Nanjing 16, Dongguan 14, Foshan 12.

Among them, Xi'an, a northern city, ranked 21st with 8 companies and Tianjin ranked 23rd with 7.

Xi'an card registration system, Tianjin is still the approval system

As of July 23, there were 8 IPO accepted enterprises in Xi'an, including Rongxin education and Culture Industry Development Co., Ltd., Xi'an Zhongrong Electric Co., Ltd., Xi'an Kaili New Material Co., Ltd., Xi'an Kangtuo Medical Technology Co., Ltd., e-point Tianxia Network Technology Co., Ltd., Esso Information Co., Ltd., and Xi'an Ruilian new materials Co., Ltd Shaanxi Clean Energy Group Co., Ltd.

Industry distribution includes chemical raw materials and chemical products manufacturing industry, Internet and related service industry of e-point, and special equipment manufacturing industry of Kangtuo medical.

Founded in 2005, Kangtuo Medical Co., Ltd. focuses on neurosurgery, cardiovascular surgery, craniomaxillofacial surgery, stomatology and other professional fields. It is a high-tech enterprise integrating research, development, production and sales of three types of implantable medical devices.

The 21st Century Capital Research Institute said that in recent years, the company has continued to expand the domestic and foreign markets. The company has established a sound distribution network in China, with more than 200 distributors. Its products are sold to many well-known top three hospitals in China. In the overseas market, the company's products are sold to many countries and regions such as the United States, the European Union, Brazil, Russia, Australia, Southeast Asia, etc.

In terms of the board to be listed, there are 4 companies applying for the science and technology innovation board, 3 companies applying for the gem, and 1 applying for the SME board.

It is worth noting that the science and technology innovation board and the growth enterprise market have successively entered the registration system channel, and the listing speed is fast, which means that the power of Listed Companies in Xi'an will be expanded rapidly.

Among them, Xi'an Ruilian new materials Co., Ltd., which applied for the science and technology innovation board, has entered the stage of submitting to the CSRC for registration, and is expected to become the next enterprise in Xi'an to land a shares.

From the perspective of the regional structure of Henan securities companies, there are two obvious advantages of securities companies.

Western securities, a local securities firm registered in Xi'an, also won a seat by sponsoring Shaanxi Meineng Clean Energy Group Co., Ltd.

From the perspective of backup enterprises in the guidance period, as of July 23, 2020, there are 4 backup enterprises in Xi'an within 3 years of the latest announcement date, including Xi'an Huatong new energy Co., Ltd., Shaanxi sijichun clean heat source Co., Ltd., Xi'an yingzhihang Aviation Technology Co., Ltd., and Tianyuan Ruixin communication Technology Co., Ltd.

On July 24, the 21st Century Capital Research Institute called four enterprises to understand the relevant progress of landing in the capital market, but failed to obtain effective response.

Xi'an Wanlong Pharmaceutical Co., Ltd., which previously planned to land on GEM, changed its IPO review status from feedback to pre disclosure update on May 18, 2018, but the enterprise side withdrew the materials voluntarily. The 21st Century Capital Institute confirmed from its senior management that the reason for the withdrawal was related to its shareholder, Kunwu Jiuding.

"There is no way but to withdraw. Wait two years to report it. We have to deal with Jiuding investment. We may buy back. Plan or apply for gem. " Its representation.

As of July 23, there were 7 IPO accepted enterprises in Tianjin, one less than that in Xi'an, and most of them were traditional manufacturing enterprises, including Tianjin Jinrong Tianyu Precision Machinery Co., Ltd., Tianjin dingweigu mold frame Engineering Co., Ltd., Tianjin Yiyi sanitary products Co., Ltd., Tianjin Youfa Steel Pipe Group Co., Ltd., and Tianjin Jieqiang Power Equipment Co., Ltd Ltd., Emma Technology Group Co., Ltd., Tianjin Tongrentang Group Co., Ltd.

Among them, the more famous are Emma technology and Tongrentang.

Emma technology can be described as the "senior senior" in the electric bicycle industry. It was established in 1999 and headquartered in Tianjin Jinghai economic development zone. Now it is the second IPO, and Jay Chou has been a spokesman for it for more than 10 years.

Tongrentang originated in 1644, the 17th year of Chongzhen reign of the Ming Dynasty. It has a history of 360 years and is one of the oldest Chinese medicine enterprises in China.

Although Tongrentang in Tianjin and Tongrentang in Beijing are both Tongrentang, they belong to the state owned assets supervision and Administration Commission of Beijing Municipality. The actual controllers of Tianjin Tongrentang are Zhang Yansen and Gao Guiqin. There is no relationship between them. Zhang Yansen was an acrobat who had been in the business for 23 years. He began to get involved in the restructuring process of Tianjin Tongrentang, and gradually acquired the state-owned shares, and successively became the actual controller of Tianjin Tongrentang and Goubuli group.

From the perspective of the distribution of the application board, seven enterprises in Tianjin are mainly concentrated in the main board, with a total of 4. In addition, 2 enterprises apply for gem and 1 apply for SME board.

This means that most of the accepting enterprises are still in the channel of approval system, which is further away from the date of successful listing.

Correspondingly, there are no lack of CICC, CITIC, Guotai Junan and other head brokers in the sponsor institutions.

From the perspective of the backup enterprises during the guidance period, as of July 23, 2020, there are 9 backup enterprises in Tianjin with the latest announcement date within 3 years, and there are 4 enterprises in Xi'an.

The 9 companies are Tianjin Zhenwei Exhibition Co., Ltd., Yijing Environmental Technology (Tianjin) Co., Ltd., mengjinyuan Gold Jewelry Group Co., Ltd., zhaoxun Media Advertising Co., Ltd., Huahai Qingke Co., Ltd., Tianjin Huahong Technology Co., Ltd., liuhefeng (Tianjin) Technology Co., Ltd., and Tianjin Tianda Qiushi electric power New Technology Co., Ltd Tianjin Tangren film and Television Co., Ltd.

In addition, CIC (Tianjin) intelligent Pipeline Co., Ltd. entered the counseling period in May 2017.

On January 22, 2020, Bohai, a listed company, announced that it plans to purchase 100% of the equity of CIC (Tianjin) intelligent Pipeline Co., Ltd. held by Yu Hailin and others in cash.

In response, the 21st Century Capital Research Institute called both sides on July 24 to understand the progress of the acquisition, but no response has been received.

In addition, the only securities company directly under the central government of Bohai City, which has not been listed in China since 2016, is also the only securities company directly under the central government.

According to the data of China Securities Association, the total assets of Bohai Securities in 2019 was 5.283 billion yuan, ranking 30 among 98 securities companies, which was the same as that in 2018; in 2019, its operating revenue was 2.617 billion yuan, ranking 32, up 13 places compared with that in 2018; the net profit was 940 million yuan, ranking 30, falling 6 places compared with 2018.

The 21st Century Capital Research Institute learned from people close to Bohai Securities that its listing process is advancing and there is no timetable at present. On July 24, the reporter called the office of the director and Secretary of Bohai Securities for confirmation. As of the deadline, the phone could not be connected.

Different industrial structure of Haiding

The comparison of the strength of Listed Companies in stock witnessed the competition of capital strength in the past. The degree of asset securitization of enterprises and the number of local listed companies have become important indicators to reflect the performance of government departments. Governments have issued many measures to encourage enterprises to integrate into the capital market.

Tianjin and Xi'an are typical.

The goal of Xi'an is more intuitive. In January this year, Xi'an municipal Party committee and municipal government issued the implementation plan of Xi'an National Central City construction, proposing that Xi'an should reach 100 listed enterprises by 2020.

What is the stronger pace of the two cities' listing in 2020 and how to implement the plan?

According to the statistics of the 21st Century Capital Research Institute, as of July 23, 57 and 39 A-share listed companies have been bred in Tianjin and Xi'an respectively, with the total market value of 826.217 billion yuan and 776.125 billion yuan respectively, and the average market value of each enterprise is about 14.495 billion yuan and 19.901 billion yuan.

In terms of the absolute number, the number of Listed Companies in Tianjin exceeds that in Xi'an, but in terms of enterprise scale, the average market value of enterprises in Xi'an is larger than that in Tianjin, and the number of SMEs listed in the latter is more.

Among the enterprises in the two places, the biggest boost to the total market value of a shares in Xi'an is Longji shares.

Benefited from the recovery of the photovoltaic industry, the stock price of Longji shares has continuously reached new highs. Since 2020, as of July 23, the stock price of Longji shares has risen by 113.62%, with a total market value of 1988.823 billion yuan, which is only one step away from the market value of 200 billion yuan.

Longji Co., Ltd. has a core competitiveness in the key technical links of silicon wafer crystal pulling and slicing and module conversion efficiency. In 2019, Longji shares achieved the output of 8.9gw single crystal modules, ranking first in domestic shipment.

As the most famous Internet Security giant in China, the role of Tianjin A-share "Dinghai Shenzhen" is 3600.

After that, the total market value of RMB 1317.7 billion has been recovered from RMB 30.87 billion in 2018.

Its operating revenue in 2019 is 12.841 billion yuan, slightly lower than that of the previous year. However, the net profit attributable to the shareholders of listed companies (referred to as net profit) reached 5.980 billion yuan, up 69.19% year-on-year. In 2019, 3600 will contribute more than 1.268 billion yuan to Tianjin municipal government.

In recent years, the cooperation between 3600 and Tianjin is also quite close. In 2019, 3600 successively won the bidding of 118 million yuan of emergency management informatization project of Tianjin Emergency Management Bureau and 251 million yuan of network security collaborative innovation industrial base of Tianjin high tech Zone.

On July 23, 3600 announced the bid for Tianjin provincial industrial Internet security platform again. The project was led by 3600 and jointly declared by Tianjin Communication Management Center, three major telecom operators and Tianda realistic.

State owned enterprises account for more than half of the total, and the mixed reform competition is full of highlights

In terms of the nature of the enterprises, the proportion of Chinese owned enterprises in the two places is relatively large, more than half of them. The total market value of state-owned enterprises accounts for about 58.6% of the total market value of local listed companies.

The progress of mixed reform in Tianjin has been significantly accelerated, and the mixed reform of state-owned enterprises in Xi'an also started its first shot in 2017.

Among the listed companies in Tianjin, there are 20 local state-owned enterprises and 11 central enterprises. The proportion of state-owned enterprises in the total listed companies is as high as 54.39%, and the total market value is 483.846 billion yuan, accounting for 58.56%.

These state-owned enterprises are mainly distributed in real estate, public utilities, transportation, medicine, biology, electrical equipment and other fields.

In recent years, with the help of capital market and other channels, Tianjin's mixed reform has accelerated significantly.

In March 2020, the official website of Tianjin Property Rights Trading Center released a centralized public announcement on the mixed transformation projects of Tianjin's high-quality state-owned enterprises in 2020, and the state owned assets supervision and Administration Commission of Tianjin launched 60 high-quality state-owned enterprises mixed transformation projects. The mixed reform companies include Tianjin Pharmaceutical Group and Zhonghuan group, which have entered the listing procedure, as well as TEDA Investment Holding Co., Ltd., Tianjin Urban Construction Group Co., Ltd., and North International Group Co., Ltd.

According to the statistics of Tianjin Municipal Capital Research Institute, there have been 8 key companies listed in the 21 century.

Among them, the mixed reform of Zhonghuan group is one of the important projects in the reform of state-owned enterprises in Tianjin this year. According to the latest announcement issued by China Central, TCL technology has become the ultimate transferee of 100% equity of Zhonghuan group.

Among the listed companies in Xi'an, there are 24 state-owned enterprises, including 5 central enterprises and 19 local state-owned enterprises. As of July 23, the total market value totaled 454.878 billion yuan, accounting for 58.61% of the total market value of the total listed company group, and the proportion of state-owned enterprises in the total number of listed companies was 61.54%.

These state-owned enterprises are mainly distributed in the fields of national defense and military industry, public utilities, machinery manufacturing, leisure and entertainment, nonferrous metals and mining.

On the whole, among the state-owned enterprises in Xi'an, the most remarkable is the aerospace military industry.

With the rapid development of China's space program, Xi'an has become China's largest civil space base and liquid propellant rocket test center. Relying on the Xi'an space base, which is known as the "hometown of China's aerospace power", Xi'an has cultivated many high-quality Aerospace military enterprises, among which Hangfa power, AVIC aircraft and aerospace power are all important listed companies under AVIC.

In 2017, Xi'an state-owned enterprise reform launched the "first shot", and Xi'an SASAC and Greenland holdings officially signed the "Xi'an Construction Engineering mixed ownership reform capital increase and share expansion agreement".

On September 27 of that year, Xi'an construction engineering company was changed from a wholly state-owned company to a mixed ownership enterprise.

On April 26 this year, the Xi'an mixed ownership reform promotion meeting was held. At the meeting, the state owned assets supervision and Administration Commission of Xi'an city made clear the working principle of "reform as much as possible and reform as fast as possible", and determined that the mixed reform rate of competitive state-owned enterprises would reach 50% by the end of this year.

Where are the pillars? The extension of industry and finance in the city

From the perspective of industrial structure, the two places present different characteristics.

Comparatively speaking, the development structure of the real industry in Tianjin is more abundant, and the financial and leisure service industry in Xi'an develops rapidly.

There are 19 listed companies in Tianjin.

Among them, the number of pharmaceutical and biological enterprises is the largest, and the high-quality pharmaceutical and biological enterprises with market value of more than 10 billion, such as kaleyin and tianlishi, are all rooted in Tianjin, followed by the real estate industry, with a total of 6 enterprises listed, but these enterprises are mainly small and medium-sized real estate enterprises.

Among them, most of the factors that can be affected by the poor performance of enterprises such as Chen Shanjiang.

In addition, Tianjin's computer, automobile, electronics, communications, chemical industry and other industries have also developed a certain scale and advantage enterprises, hatching 5, 4, 3, 2 and 2 listed companies respectively.

In fact, as one of the provinces (autonomous regions) and cities in Beijing Tianjin Tangshan industrial base, Tianjin has a good industrial foundation, and its advantageous industries include mechanical equipment, electronic information, petrochemical industry, automobile, new materials, biomedicine and aerospace.

However, in recent years, affected by the labor pains of environmental protection and industrial transformation, the negative growth trend of industrial economy appears.

However, on the other hand, Tianjin's service industry has shown a trend of rapid improvement. Since 2017, Tianjin's service industry has grown rapidly, and the tertiary industry has contributed more than 80% to GDP growth.

The 39 listed companies in Xi'an city come from 16 Shenyi class industries, which are also dominated by manufacturing industry. However, the industrial structure is even thinner than that of Tianjin. The manufacturing industry is mainly composed of defense and military industry and electrical equipment. Six military enterprises are listed with a total market value of 178.887 billion yuan, and 3 household electrical and gas equipment enterprises are listed with a total market value of 235.437 billion yuan.

In addition, leisure services, finance and other industries in Xi'an are developing well, with 3 and 4 enterprises listed respectively.

Among them, Western securities, Bank of Xi'an, Shaanxi state investment and other enterprises have been listed successfully. In addition, Xi'an tourism, Xi'an Catering, Qujiang culture and tourism also reflect the rich cultural heritage of Xi'an.

It is worth mentioning that in recent years, Xi'an is also vigorously developing the advanced manufacturing industry, and has put forward the goal of building a 100 billion level advanced manufacturing industry cluster.

According to the government work report of Xi'an in 2020, relying on leading enterprises such as Samsung, Shaanxi Automobile, Xifei, Xidian, Western superconductor and YANGSEN, Xi'an will strengthen six pillar industries, including electronic information manufacturing, automobile, aerospace, high-end equipment, new materials and new energy, and biological medicine, with a total output value of over 320 billion yuan in the year. Contribution to the internship of researcher Xu Bangfang and Chen Hanran

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