Industry insiders predict that in the future, state-owned enterprises will be mixed and upgraded to capacity, or a negative list will be launched. "Mixed reform+preferred stock" and employee stock ownership will become important forms of realization. At the same time, state-owned enterprises will further optimize the layout and adjust the structure, and the reorganization and integration are expected to accelerate. Capital market is the key stage of state-owned enterprise reform. Mergers and acquisitions, overall listing, mixed reform, employee stock ownership and equity incentives will become hot topics, and a new round of reform bull market will be ready.
On the last day of the first half of the year, the 14th meeting of the Central Committee for Comprehensively Deepening Reform deliberated and adopted the Three-year Action Plan for the Reform of State-owned Enterprises (2020-2022), pointing out that the next three years will be the key stage of the reform of state-owned enterprises, and it is necessary to uphold and strengthen the Party's overall leadership over state-owned enterprises, uphold and improve the basic economic system, adhere to the direction of socialist market economy reform, highlight key points, fill in shortcomings and strong and weak items, and promote the optimization and structural adjustment of state-owned economy to enhance competitiveness.
There is a profound background and practical significance behind this judgment and deployment. In recent years, the top-level design of state-owned enterprise reform in China has been improved day by day, and significant progress has been made in some important fields and key links, which has injected impetus into the development of state-owned enterprises. However, with the epidemic sweeping the world, economic and social development at home and abroad is facing enormous challenges.
"To change the traditional economic growth mode and deal with the impact of the epidemic on the economy, we must break through the shackles of traditional systems and mechanisms, actively encourage exploration and innovation, rely on reform to cope with changes, and open up new opportunities." Zhu Changming, head of the mixed reform center of state-owned enterprises in Sunshine Times Law Firm, said in an interview that state-owned enterprises, as the "pillar" and "ballast stone" of the national economy, can only provide strong support for the stable operation of China's economy by deepening reform and achieving high-quality development. The three-year action is a link between the past and the future. It is an upgraded version of the reform of state-owned enterprises in the previous stage and an important guarantee for China's economic transformation and industrial restructuring.
Liu Xingguo, a researcher at the Research Department of china enterprise confederation, also told reporters that the meeting released two key signals: First, the principles and requirements of reform were clarified with three adherences; The second is to put forward the reform direction of "highlighting key points, filling shortcomings and strong and weak items". The deliberation and adoption of the three-year action plan means that the reform of state-owned enterprises will enter a new stage of accelerated implementation, and upgraded reform measures will be introduced to achieve breakthrough results in key areas and key links as soon as possible.
China Telecom's Tianyi E-commerce Co., Ltd. started the second round of mixed reform. Xugong Group Construction Machinery Co., Ltd. plans to raise a total of 654.38+05.656 billion yuan from strategic investors and employee stock ownership platforms, and 40 state-owned enterprise mixed reform projects will be made public in Shandong ... As the bull's nose of this round of state-owned enterprise reform, the state-owned enterprise mixed reform has been accelerated recently.
Zhao Chenxi, Deputy Secretary-General of the National Development and Reform Commission, previously revealed at the press conference that four batches of 2 10 mixed ownership reform pilots have been announced this year, and the implementation opinions on deepening the mixed reform of state-owned enterprises will be studied and formulated to create an upgraded version of the mixed reform policy.
"After the adoption of the three-year action plan, this opinion will be further accelerated and is expected to be introduced as soon as possible." Zhu Changming predicted that in the future, the mixed reform of state-owned enterprises will be expanded from pilot projects in important fields to state-owned enterprises in other fields, and the reform of preferred shares will take substantial steps. "Mixed reform+preferred stock" may become an option in the future, and employee stock ownership will also be supported, which will become an important way to realize mixed reform. In addition, mixed-reform enterprises will explore the implementation of a more flexible and efficient supervision system.
Liu Xingguo believes that the deepening of mixed reform in the future will be mainly reflected in several levels: First, mixed reform and upgrading, that is, further upgrading to the level of state-owned enterprises, including central enterprises; The second is to introduce a negative list of mixed reform of state-owned enterprises, and achieve full coverage of mixed reform of state-owned enterprises outside the negative list; The third is to speed up the establishment of a new supervision model for mixed-reform enterprises and comprehensively promote the comprehensive market-oriented reform of mixed-reform enterprises.
The layout optimization and structural adjustment of state-owned economy are also the highlights of state-owned enterprise reform. Zhao said that this year, the National Development and Reform Commission will formulate opinions on promoting the layout optimization and structural adjustment of the state-owned economy. According to informed sources, this opinion is being solicited from various ministries and commissions, which needs to be coordinated with the 14th Five-Year Plan for the strategic adjustment of the layout and structure of state-owned capital led by the State-owned Assets Supervision and Administration Commission of the State Council, and is expected to be issued in the second half of this year.
Liu Xingguo believes that the layout optimization and structural adjustment of the state-owned economy will be deepened around "grasping key points, filling shortcomings, strengths and weaknesses". In the future, the layout of state-owned capital should focus on key areas such as strategic emerging industry investment, modern advanced manufacturing industry, industries related to the national economy and people's livelihood and national security through mergers and acquisitions and investment advance and retreat; Through layout optimization and structural adjustment, it is necessary to promote state-owned enterprises to fill the shortcomings of development and enhance the weaknesses of development, which means that optimization and adjustment need to be implemented around the integration of innovative resources.
"Around the construction of a modern economic system, state-owned capital will further adjust its structure and optimize its layout." Zhu Changming said that mergers and acquisitions, cross-shareholding and strategic cooperation between central enterprises, central enterprises and local state-owned enterprises will be a good show.
According to the deployment arrangement of SASAC the State Council, this year we should focus on the main responsibility of continuously promoting slimming and fitness. At the same time, we will focus on promoting the professional integration of equipment manufacturing, chemicals, offshore equipment and overseas oil and gas assets, as well as the regional integration of coal and electricity resources, study and start the integration of refining and chemical business, and continue to do a good job in coal and other de-capacity work. In addition, we will vigorously develop advanced manufacturing and strategic emerging industries in the process of optimizing the structure.
Related work is already in progress. For example, the first batch of pilot projects for regional integration of coal and electricity resources of central enterprises are being promoted. After the integration, China Huaneng and other five power generation groups will form a pattern of "one central enterprise and one province" in Gansu and other five provinces.
The restructuring of local state-owned enterprises is also accelerating. Provincial state-owned enterprise group companies and their subsidiaries at all levels have transferred a certain proportion of state-owned shares, and this year's "cage for birds" project has achieved a net income of 654.38+0 billion yuan ... Recently, the Shanxi provincial government issued the "Implementation Opinions on Accelerating the" cage for birds "of provincial state-owned enterprises to promote the optimal layout of state-owned capital", which put forward such a goal.
The capital market is undoubtedly the key stage of the reform of state-owned enterprises. In Liu Xingguo's view, the capital market can provide financing services for the reform and development of state-owned enterprises, help state-owned enterprises to complete mixed reform and realize asset securitization by issuing shares, and complete layout optimization and structural adjustment through mergers and acquisitions. Hot topics in the future capital market are expected to include mergers and acquisitions, overall listing, mixed reform, employee stock ownership and equity incentives.
Zhu Changming also judged that the capital market will be surging in the second half of the year, and a new round of reform bull market will be ready. Firstly, the capital market is used to solve the pricing problems of mixed capital, war investment and employee stock ownership; Secondly, asset securitization will be further accelerated, and the reform of registration system will provide a broad capital market space for the mixed reform of state-owned enterprises; In addition, asset restructuring has been further accelerated, and the financing ability and development vitality of state-controlled listed companies have been restored.