Interpretation of Shandong State -owned Enterprise Reform Plan in 2019, List of Shandong State -owned Enterprise Reform Plan Timetable Time Text

Interpretation of Shandong State -owned Enterprise Reform Plan, List of Shandong State -owned Enterprise Reform Plan

The latest news of Shandong State -owned Enterprise Reform Plan

Suga capital market and state -owned enterprise reform symposium reported information. The ninth meeting of the Shandong Provincial Party Committee comprehensively deepened the reform leadership group, discussed the review and approved the "Implementation Opinions on Deepening the Reform of the Provincial State -owned Enterprise" and five supporting documents. The government is issued in the name of the government.

"Opinions on Deepening Several Key Works of the Reform of the Provincial State-owned Enterprise" Requirement that the members of the board of directors of the provincial management enterprise by the end of September must be all matched. Capital Investment and Operation Company

Stars of Shandong Securities Regulatory Bureau suggested that the capital market is the main position and promote the reform of Shandong state -owned enterprises through 5 channels; accelerate the overall listing, IPO and backdoor listing, improve the national asset securitization rate r

The state -owned capital investment and operation company shall implement the relevant asset integration and reorganization of the same business as the main business of its listed company as soon as possible, and inject the opportunity to inject high -quality assets into listed companies

Yesterday, Shandong Capital Market and State -owned Enterprise Reform The symposium reported the information of the Shandong Provincial Party Committee held before the Spring Festival. It will be issued in the name of the Shandong Provincial Party Committee and Provincial Government in the near future. State -owned enterprises such as cities in Shandong Province will also be implemented with reference.

The deputy governor of Shandong Province Yu Xiaoming, director of the Financial Office Li Yongjian, General Manager of the Shenzhen Stock Exchange Song Liping, Feng Heian, director of the Shandong Provincial Securities Regulatory Bureau, and many state -owned enterprises in Shandong Province attended the symposium.

The five major ways of reform of state -owned enterprises

The national volume in Shandong is in the top 5 in the country, but its reform is far slower than Shanghai, Jiangsu and other places. In order: the securitization rate of state -owned assets is not satisfactory, and the function of listed companies as a state -owned assets integration platform is unsatisfactory; state -owned holding listed companies' equity structure is unreasonable, and the capital structure is not reasonable.

In order to use the capital market to promote the reform of the state -owned assets of Shandong, relevant departments of Shandong have established the "Capital Market to promote the development of Shandong's mixed ownership development research". At this meeting, Feng Henian, the person in charge of the research team and director of the Shandong Securities Regulatory Bureau, combined with relevant national policies and other provinces' state -owned assets reform cases to make detailed reports on the current status of Shandong's state -owned assets reform and the main way of promoting the development of Shandong's mixed ownership.

In this research report, the Shandong Securities Regulatory Bureau suggested that the capital market is the main position and promote the reform of Shandong state -owned enterprises through 5 channels: based on increasing the securitization rate of state -owned assets, accelerating the overall listing, IPO, and "backdoor shells and shells "List. As far as the overall listing is concerned, for those companies with a concentrated equity, it is recommended to issue part of the preferred shares as appropriate as a payment consideration. In terms of backdoor listing, it is recommended to promote state -owned and holding companies with similar industries, industries, and the same main business to integrate to the same listing platform. At present, some high -quality cultural companies, financial companies, and even serving companies.

The open marketization reorganization of state -owned holding listed companies. In this regard, one must introduce social capital at the company's shareholders level, integrate the state -owned holding listed company, create an advantageous industry, use shares payment as a consideration, and actively carry out the mergers and acquisitions and reorganization of equity capital to the outside world. The full competition field that state -owned capital is not needed can be transferred to private capital or strategic investors; the third is to allow a number of participation in a number of economic structure adjustments and optimization goals, which is conducive to technological improvement, enhancement of independent innovation capabilities, and complete industrial chain. Public ownership and other types of ownership enterprises; fourth, the listed companies are the platform for the platform to integrate in -depth state -owned assets, increase the asset reorganization of assets between holding listed companies, adjust the clean -up and clean -up of non -main assets, and reserve space for other high -quality state -owned enterprises in the province.

The based on improving equity structure and asset -liability structure, exploring and issuing preferred shares, using exchanges to achieve premium reduction and orderly reduction. In this regard, different ways are adopted with different equity: if the largest shareholder holds shares of 30%or even 25%, it is recommended to issue preferred shares and convertible bonds; %Or even more than 50%, in addition to the traditional reduction method, can also explore the orderly reduction of the use of exchange bonds. Such companies such as Weichai Group, high -speed groups, and Shangang Group can consider issuing "one basket" to exchange bonds with stocks as the target.

This around the sound incentive mechanism, accelerate the implementation of employee shareholding plans, and focus on focusing on the shareholding plan with "reward" as the link.

In the establishment of a state -owned investment and operation company

In the establishment of a state -owned capital investment and operation company as an opportunity to straighten the relationship between listed companies and state -owned shareholders and improve the independence of listed companies. It can be newly built or converted to one or several state -owned capital investment and operation platforms as "reservoirs" that are circulated in an orderly manner and an investment and financing platform for state -owned capital. When forming and new state -owned capital investment and operation companies, we should pay attention to reducing the management level of their listed companies, shortening information transmission and decision -making chains, and improving the independence of listed companies. Through state -owned capital investment and operation platforms, companies that meet the development plan and have a certain profit level continue to become bigger and stronger. For enterprises that are not adapted to the development of market economy, poor profitability or losses, the exit is stable. Starting from the promotion of the provincial and municipal state -owned economic layout structure, through administrative allocation methods, the management of similar assets managed to relevant state -owned capital investment and operation companies will achieve synergy effect as soon as possible. State -owned capital investment and operation companies implement the relevant asset integration and reorganization of the same business as the main business of their listed companies as soon as possible, and choose to inject high -quality assets into listed companies.

At the symposium, Song Liping, general manager of the Shenzhen Stock Exchange, said that the capital market as the main position of state -owned enterprise reform, with unparalleled property rights, open transparency, transparent transaction, and fair pricing mechanism. It can greatly reduce many concerns such as "mixed reform" in China's asset loss and private assets. The Shenzhen Stock Exchange will deepen the reform of Shandong's state -owned assets, and try to make one policy as much as possible to make a plan for listed companies.

It. It is understood that the Shandong SASAC currently performs 23 provincial management enterprises that have fulfilled the responsibilities of the investor. In addition to the Shandong Gold and Inspur of Shandong, which has realized employees, there are: Shandong Iron and Steel Group (listed on the market The company's Shandong Iron and Steel), Shandong Commercial Group (Lu Commercial Real Estate, Ginza Co., Ltd.), Shandong Expressway Group (Shandong Expressway, Shandong Road Bridge), Shandong Aviation Group (Shanhang B), Shandong Heavy Industry Group (Weichai Power, Shandong Heavy Machinery), Shandong Heavy Machinery), Shandong Heavy Machinery), Shandong Heavy Machinery) Shandong Provincial State -owned Asset Investment Holding Co., Ltd., Lu Yin Investment, Xinhua Pharmaceutical, Lulu Pharmaceutical, etc. The high -quality cultural enterprises and financial enterprises in Shandong Province also have many high -quality non -listed companies such as Shandong Publishing Media and Qilu Securities. The upcoming state -asset reform of Shandong will undoubtedly have a strong role in the above -mentioned listed companies and enterprise groups.

If according to the reporter's understanding, the "Implementation Opinions on Deepening Several Key Works on the Reform of the Provincial State -owned Enterprise" adopted in principle require that all members of the board of directors of the provincial management enterprise before the end of September must all be available. In the first half of the year, 2-3 provincial management enterprises were converted into state-owned capital investment and operation companies.