central soe reform continues to intensify, accelerating professional integration and restructuring
2024-09-13
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recently, the reform of central state-owned enterprises has continued, and has once again become a hot spot in the capital market. guotai junan plans to absorb and merge haitong securities through a share swap, and china shipbuilding plans to absorb and merge china heavy industry, etc. with the support of multiple policies, mergers and acquisitions in my country's capital market are entering an "active period".
in addition, the national development and reform commission also emphasized on september 13 that it will deepen the reform of state-owned enterprises, promote the original innovation system arrangement, and the reform of state-owned capital investment and operation companies. against this background, the state-owned enterprise reform sector is expected to be in the spotlight.
multiple investment themes unlock a new wave of central enterprise reform
as the reform of state-owned enterprises gradually enters the deep water zone, the capital market has formed a number of investment themes. the relevant concepts of the reform of central state-owned enterprises involve security, scientific and technological innovation and digital transformation, infrastructure construction, strategic restructuring and integration, etc.
in the security field, the new round of state-owned enterprise reform will elevate serving and safeguarding national strategic security as a focus of state-owned enterprise reform, and propose to strengthen the layout of state-owned enterprises in key areas such as energy, resources, and food, including effectively maintaining the stability of the industrial chain and supply chain, national industrial security, and ensuring energy and resource security.
in the field of scientific and technological innovation and digital transformation, the reform of state-owned assets and state-owned enterprises focuses on accelerating industrial innovation based on scientific and technological innovation, transforming and upgrading traditional industries, cultivating and strengthening emerging industries, and planning and building future industries. state-owned enterprises are encouraged to increase investment in research and development, strengthen the research and development of key core technologies that "choke the neck", including promoting the investment and layout of state-owned enterprises in the fields of new generation information technology, artificial intelligence, new energy, new materials, etc.
in the field of infrastructure construction, state-owned enterprises are required to better play the role of the main force in infrastructure construction, promote the construction of infrastructure in key areas to make up for shortcomings, strengthen the construction of network infrastructure such as transportation, energy, water conservancy, and logistics, and at the same time increase investment in new infrastructure construction.
in the field of strategic restructuring and integration, the layout of state-owned capital will be continuously optimized to promote its concentration in key areas and advantageous industries. this includes timely restructuring and integration in strategic emerging industries, infrastructure construction and people's livelihood security, as well as promoting mixed ownership reform in energy, transportation, electricity, telecommunications, military industry and civil aviation, so as to enhance the resilience and security level of the industrial chain and promote the transformation and upgrading of traditional industries.
restructuring cases of central state-owned enterprises are frequent
at present, the reform of state-owned enterprises is deepening, landmark merger and reorganization cases are emerging one after another, and the integration of central enterprises and local state-owned enterprises is booming.
previously, cccc design & construction acquired 100% of the equity of six design institutes under cccc group and reorganized into the largest design consulting company in the a-share market. this merger and reorganization is the first time that a central enterprise has carried out a market-based backdoor listing in the a-share market, and it is also the first a+h-share listed company to spin off a subsidiary for reorganization and listing after the full registration system was implemented.
recently, central state-owned enterprises have been making continuous moves. on september 2, china heavy industry issued a notice on suspension of trading due to major asset restructuring. china shipbuilding is planning to absorb and merge china heavy industry by issuing a shares to all shareholders of the company. after the restructuring is completed, china shipbuilding will become the world's largest flagship shipbuilding listed company.
on september 5, guotai junan securities announced that it plans to absorb and merge haitong securities, and the suspension period is expected to be no more than 25 trading days. the merger of the two securities companies is the first merger and reorganization of leading securities companies since the implementation of the new "national nine articles" and the largest a+h integration case of listed securities companies.
on september 9, salt lake co., ltd. announced that its controlling shareholder and china minmetals corporation are planning to carry out strategic cooperation in the salt lake industry, and the two parties will jointly build a world-class salt lake industry base.
