Haiyu Financial Comment ｜ 27 net -increasing listed companies in 10 years. Why is the "capital engine" of Shandong state -owned enterprises strong?

On September 23, the Propaganda Department of the Shandong Provincial Party Committee held the second provincial state -owned state -owned state -owned enterprise in the second provincial state -owned state -owned enterprise. At the meeting, such a set of data was released: as of now, there have been 49 households in Shandong Province Holdings, 56 stocks have been issued, and 27 net companies have increased in 10 years. Listing financing was 21.413 billion yuan, listed companies re -raised 62.637 billion yuan, provincial enterprises injected 73.17 billion yuan into assets to listed companies, and listed companies' M & A Group's foreign assets were 101.51 billion yuan.

Listed companies can be regarded as "superior students" in state -owned enterprises. In the past 10 years, Shandong has guided provincial enterprises to promote asset securitization through launching, asset injection, and reorganization integration. In strengthening capital operations, the state -owned economy has achieved further doing further Strong and superior.

The 18th National Congress of the Communist Party of China started a new round of state -owned enterprise reform breakthroughs and achieved a series of new major progress and historic achievements. Driven by the Provincial Party Committee and the Provincial Government, Shandong has comprehensively promoted the implementation of various reform tasks and created the "Shandong model" of state -owned enterprise reform. Among them, it stimulates the vitality of the enterprise and improves the market -oriented business mechanism. And asset securitization is an important measure. This is because the capital market is a standardized, transparent, and open market. The listing of state -owned enterprises can not only broaden financing channels, optimize resource allocation, and improve corporate governance. In terms of external supervision The supervision of shareholders, intermediaries, and media supervision to further enhance the adaptability and consciousness of the market -oriented operation of state -owned enterprises.

Focusing on asset securitization, Shandong focuses on the top -level design, formulate policies as a whole, builds a systematic complete system framework to provide a strong guarantee for promoting asset securitization. The Provincial SASAC has issued a series of policy documents such as the "Notice on Accelerating the Securities of Provincial Enterprise asset Securities" and "Notice on Improving the Control of Listed Companies" and "Guiding Opinions on Regulating the M & A of Provincial Enterprises". As the preferred method of mixed reform, securitization provides policy support from the aspects of promoting the launch of high -quality assets, re -financing of listed companies, injection of related assets, and conducting mergers and acquisitions of listed companies. Ensure that various tasks are implemented.

In the process of promoting this reform, Shandong insisted on active and stable and classified policies. In accordance with the overall requirements of "cultivating a batch, a batch of stocks, and a list of listing", Shandong has prepared for the establishment of listed resources by combing the screening of high -quality listed enterprises. Qualification conditions, regulatory orientation, and investors focus on hotspots, etc., and choose to list in layered classification. In the past 10 years, there have been 11 listed companies, including 3 A -share companies, with raised funds of 3.943 billion yuan, 7 H shares, raised funds of 12.27 billion yuan, 1 foreign listing, and raised 5.2 billion yuan. There are many vivid practices that are brave and aggressive and actively exploring: Zhongtai Securities is listed on the main board of the Shanghai Stock Exchange to achieve the provincial securities firms landing in the capital market; Stocks; Faraday listing on the main board of the Hong Kong Stock Exchange, becoming a successful case of overseas mergers and acquisitions and listing in different places.

On the basis of comprehensively improving the quality of listed companies, Shandong further guides provincial enterprises to make overall planning value creation, value operation and value realization. For example, support listed companies to use additional issuance, distribution, convertible bonds, etc. to carry out re -financing to strengthen the main business; encourage provincial enterprises to inject affiliates into listed companies, reduce interbank competition, standardize related transactions; guide provincial enterprises to use listed companies to return to return back Purchase, state -owned shareholders' increase and reduction, and equity incentives have reached a reasonable return. In the past 10 years, the provincial -holding listed companies have formed a number of leading companies and performance stocks such as Yankuang Energy, Weichai Power, Shandong Gold, and Huaru Hengsheng. As of the end of June this year, there were 5 provincial -listed companies with a market value of 50 billion yuan, and 4 listed companies in Shandong's market value occupied 4 provincial enterprises, showing that the country's economic control and influence were further enhanced.

This year is the year of the three -year operation of state -owned enterprise reform. The completion of the key reform tasks in Shandong is at the forefront of the country. However, there are still many articles to do it in terms of improving the asset securitization rate of state -owned assets and improving the quality of listed companies. For example, the process of the industrial chain supply chain rising to the mid -to -high -end climbing cannot be separated from the integration of advantageous resources. This requires a state -owned holding listed company to further exert its advantages, implement resource integration on the main or main business upstream and downstream industries, and improve the quality and efficiency of asset operation. Adhere to the direction of marketization and legalization, coordinate the endogenous development of listed companies, and use the capital market to be stronger and bigger, and promote the strong quality and external image of the provincial -owned enterprise listed companies. solid.

Reporter: Fu Yuting

Planning: Qi Huaidong

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