In addition to COFCO Capital Investment Co., Ltd. and China National Gold Group Gold Jewelry Co., Ltd. (Admiralty Jewelry), enterprises included in the latest batch of mixed reform pilot list of the National Development and Reform Commission may also include related subsidiaries of Huaneng Capital Services Co., Ltd. and China National Salt Industry Corporation (China Salt Industry Company).
On September 14, the reporter learned from more than one central enterprise that with the final approval of the National Development and Reform Commission approaching, the shortlisted enterprises are making further efforts, including further seeking diversified shareholders and launching active cooperation and negotiations.
In addition to the efforts of central enterprises themselves, in order to speed up the mixed reform of central enterprises, the Economic Observer learned exclusively that a new high-level mixed reform fund is expected to be launched if it can be successfully approved by the State Council. It is conservatively estimated that the scale of this mixed reform fund will reach at least 1000 billion yuan.
However, as of press time, the reporter did not get an exact positive reply from Huaneng Capital and China Tobacco Company.
speed up
For the subsidiaries of central enterprises included in the new batch of pilot lists of the National Development and Reform Commission, the mixed reform has been imminent. "We are all waiting. After the approval of the National Development and Reform Commission, a lot of work will begin immediately. " On September 14, a person from a central enterprise who had participated in the declaration of mixed reform by the National Development and Reform Commission told the Economic Observer that the reform of employee stock ownership and salary incentives within the enterprise had long been eager to try. However, it is not convenient to disclose more about the shareholding ratio and number of employees, as well as the consideration criteria and specific amount of salary incentives before approval.
At present, the National Development and Reform Commission has selected the third batch of pilot enterprises, which are being submitted for approval according to procedures. The third batch of mixed reform pilots will not only continue to include some central enterprises in the pilot, but also select some local state-owned enterprises according to local applications.
This time, the latest progress of mixed reform at the NDRC level also includes promoting the implementation of various pilot tasks. The Ministry is working with relevant departments to continuously promote the reform of mixed ownership in the fields of electricity, oil, natural gas, railways, civil aviation, telecommunications and military industry, and has selected 19 enterprises to carry out two batches of pilot projects.
The Economic Observer learned that China Tobacco Company is one of the related enterprises that actively strive to enter the latest batch of mixed reform pilots of the National Development and Reform Commission. The company's specific mixed reform plan, as well as the upcoming change plan of strategic investor types, total investment and shareholding ratio, can not be disclosed until the final opinion of the National Development and Reform Commission is issued. As of press time, China Tobacco Company did not give a formal and exact reply.
China National Salt Industry Corporation, as the only central enterprise and the only national enterprise of salt industry in China, is the leading enterprise of salt industry in China, and also the largest chemical enterprise in Asia, the second largest in the world and the most important in China.
Although the names of the subsidiaries shortlisted by the National Development and Reform Commission and the relevant reform rules are still unclear, a person who has discussed the investment business with China Tobacco Company said that from the perspective of the parent company, the parent company of China Tobacco Company is discussing the shareholding system reform. The overall reform ideas include "wanting to be a diversified shareholder at the parent company level, changing the previous SASAC shareholding situation, and promoting the completion of the shareholding system reform at the parent company level of central enterprises through the power of diversified capital".
"However, it is still unknown which central enterprises or funds will be attracted to participate in promoting share reform." The above-mentioned people who have discussed the investment business with China Tobacco Company believe that the shareholding system reform at the parent company level of China Tobacco Company will in turn promote the mixed reform of other subsidiaries.
A state-owned researcher suggested that from the industry analysis, if the related subsidiaries of Zhongyan promote mixed reform, they can focus on the structural adjustment of the enterprise itself and make it a flexible market entity. In the future, it is necessary to solve the problem of decentralized development of salt industry and further promote mergers and acquisitions in the industry through mixed reform.
Yuan Dongming, deputy director of the Enterprise Research Institute of the State Council Development Research Center, once told the Economic Observer that from the feasibility of reform, the pilot of mixed reform led by the National Development and Reform Commission still starts from a relatively easy place, such as promoting incremental mixed reform as required, and further deepening the difficulty of mixed reform of listed companies.
run-up
For enterprises that are about to implement mixed reform, the newly joined shareholders are an important booster for the smooth reform.
Taking Huaneng Capital, which has a high degree of marketization in the power industry, as an example, the Economic Observer learned that the enterprise is currently focusing on exploring the model of industry+capital, that is, combining industry with finance to promote mixed reform.
A person in charge of an enterprise who has had contact with Huaneng Capital said that if Huaneng Capital's mixed reform can be implemented, it will play a good demonstration role in the future transformation and development of enterprises in the industry and the reform of market-oriented system and mechanism.
In addition to the efforts of central enterprises themselves, a high-standard fund specifically for the mixed reform of central enterprises in the future is being planned. According to preliminary estimates, the scale of this fund is at least 1000 billion.
Different from some previously established funds to promote the reform of state-owned enterprises, the shareholders of the above-mentioned 100 billion-level mixed reform funds are no longer limited to central enterprises and local state-owned enterprises, but will most likely choose private capital. For example, a private multinational company with a deep business background and market influence that cannot be ignored in the fields of finance and real estate has expressed strong interest in this special mixed reform fund. In addition, individual BAT Internet giants are also paying close attention to this mixed reform fund.
In fact, before this, China State-owned Enterprise Structural Adjustment Fund (hereinafter referred to as "State-owned Fund") initiated the establishment of the first market-oriented mixed-reform sub-fund-Beijing State-owned Mixed-reform Investment Fund.
It is reported that the initial scale of the fund is 5 billion yuan, which is jointly established by the State Fund, China Industrial and Commercial Bank Beijing Branch and Guo Fu Capital, with Beijing Guo Fu Mixed Investment Management Center as the fund manager. The fund will focus on the direction of mixed ownership reform, mergers and acquisitions of central enterprises and local state-owned enterprises, and use capital power to promote the structural adjustment, transformation and upgrading of this round of mixed state-owned enterprises.
At the signing ceremony of Beijing State-owned mixed reform investment fund held by Beijing Equity Exchange, Xiong Yan, chairman of Guo Fu Capital, once said that state-owned enterprises need specialized funds when they enter the construction period, and the investment criteria of mixed reform fund are industry development, value space, team ownership and arrangement for withdrawal.
Xiong Yan also said that in the future, the special fund will play an active role as a financial investor, promote team shareholding, cooperate with superiors to optimize assets, acquire high-quality assets, and promote policy loosening.
Then, who will be the actual manager of the 100 billion-level mixed reform special fund? What similarities and differences will appear in the choice of the scope of investment enterprises?
A person in the financial industry said that the above-mentioned 5 billion yuan Beijing mixed reform investment fund may focus more on relevant state-owned enterprises in Beijing in the future, and the investment focus of the above-mentioned 100 billion-level mixed reform fund will not be limited to local state-owned enterprises. As for the actual manager of the fund and the shareholders of private enterprises to be included in the future, it cannot be made public at present, and all information can only be disclosed in time after the State Council's approval.
According to the requirements of the National Development and Reform Commission, in the next step, the pilot enterprises will promote the pilot work according to the requirements of improving governance, strengthening incentives, highlighting the main business and improving efficiency.
At present, some enterprises have completed pilot tasks such as the establishment of new companies, foreign investment, corporate governance reconstruction and business chain expansion; Some enterprises are accelerating the process of attracting investment and planning industrial cooperation projects. Moreover, in order to strengthen the investigation and supervision of the reform of mixed ownership, a 12 research group was formed with relevant departments to conduct a comprehensive investigation on the mixed reform of 19 pilot enterprises and 3 1 provinces (autonomous regions and municipalities) in order to replace supervisors and urge the reform. On this basis, a number of typical cases of mixed reform are summarized.
There are more and more mixed reform enterprises, and the economic speed will be faster.