On April 6, Zhongfu Shenying officially landed on the science and innovation board, becoming the first listed company on the science and innovation board under China Building Materials Group and the eighth state-owned holding company to achieve A-share listing this year.
Insiders interviewed by the Securities Daily said that with the help of the capital market, enterprises can not only meet the financing needs and improve the securitization ratio of state-owned assets, but also further promote China's industrial transformation and upgrading and scientific and technological innovation, and promote the continuous deepening of the reform of state-owned enterprises. It is expected that the number of subsequent state-owned enterprises listed is expected to continue to increase.
capital market empowers the reform of state-owned enterprises
For enterprises in capital intensive and technology intensive industries, the financing advantage of the capital market is the most helpful.
Zhou Yuxian, chairman of China Building Materials Group, said in an interview with the reporter of Securities Daily that after Zhongfu Shenying's listing, on the one hand, it can take advantage of the financing advantages of the capital market to obtain the opportunity of rapid and continuous capital expansion, so as to provide strong financial support for the company's continuous expansion of business scale; On the other hand, by listing in a shares, the company can further promote the mixed ownership reform of state-owned enterprises with the help of the capital market, and improve the capitalization and securitization ratio of state-owned assets, so as to accelerate the realization of the goal of state-owned enterprise reform.
According to statistics, taking the three-year action plan for state-owned enterprise reform (20202022) deliberated and approved by the Central Commission for deep reform on June 30, 2020 as the starting date, as of March 31 this year, a total of 93 state-owned holding companies have achieved A-share listing in 21 months, including 39 state-owned holding companies of central enterprises, 27 provincial state-owned holding companies, 26 Prefecture and municipal state-owned holding companies and 1 other type of state-owned company. In the 21 months before the above cycle, that is, from October 1, 2018 to June 30, 2020, only 42 state-owned holding companies achieved A-share listing.
"In recent years, the accelerated landing of state-owned enterprises in the A-share market is mainly driven by three reform forces." Zhu Changming, senior partner of sunshine times law firm and head of the Research Center for mixed ownership reform of state-owned enterprises and employee stock ownership, said in an interview with the reporter of Securities Daily: first, the needs of the reform of mixed ownership of state-owned enterprises and the securitization of state-owned assets; Second, it is related to the needs of state-owned capital layout optimization and structural adjustment, that is, state-owned enterprises should accelerate transformation and upgrading and layout strategic emerging industries; Third, the deepening reform of the multi-level capital market, especially the full implementation of the reform of the stock issuance and registration system, has accelerated the listing of state-owned enterprises.
In Zhu Changming's view, in the future, the capital market will become an important platform for the reform of state-owned enterprises and continue to empower the reform of state-owned enterprises. Specifically, the market-oriented pricing mechanism of the capital market can reasonably and fairly price state-owned assets, which is conducive to maintaining and increasing the value of state-owned assets; The circulation mechanism of the capital market not only facilitates the withdrawal of investors, creates conditions for enterprises to realize the acquisition, transfer and withdrawal of state-owned equity at a lower cost, but also improves the efficiency of state-owned capital allocation; "Strict supervision" and information disclosure mechanism can promote listed companies to improve corporate governance and transform operation mechanism, so as to make the operation of state-owned enterprises more standardized and the internal control mechanism more perfect.
state owned enterprises have increased their willingness to "run for a"
The reporter of Securities Daily noted that at present, "promoting the listing of state-owned enterprises" has become an important part of the reform of state-owned enterprises in many places. From the perspective of central enterprises themselves, their motivation to "embrace" the A-share market is also very strong.
Zhang Hua, member of the Party group and chief accountant of ordnance industry group, disclosed to the reporter of Securities Daily that ordnance industry group will take the initiative to seize the opportunities such as the reform of the registration system, the establishment of the Beijing stock exchange and the listing of "hard technology" enterprises supported by the science and innovation board, and actively promote the listing of high-quality assets.
The reporter learned from the group of China National Academy of Mechanical Sciences that its subordinate enterprises CNAC and Beizi technology have started listing counseling. Among them, CNCA plans to be listed on the gem of Shenzhen Stock Exchange, and Beizi technology plans to be listed on the main board of Shanghai Stock Exchange.
According to incomplete statistics, at least 39 state-owned holding enterprises are "queuing up", 3 choose the Beijing stock exchange, 15 choose the science and innovation board and 21 choose the gem.
"The capital market is the innovation engine and frontier of deepening the reform of state-owned assets and state-owned enterprises." Guosen Securities Co.Ltd(002736) senior researcher Zhang Lichao said in an interview with the reporter of Securities Daily that by listing in a shares, state-owned enterprises can not only effectively improve their corporate governance ability, but also effectively improve their capital operation ability, provide low-cost long-term funds for independent research and development, and increase the effective supply of innovation funds.
It is worth mentioning that after combing, the reporter found that among the 15 enterprises listed on the science and innovation board, there are 10 state-owned holding companies of central enterprises alone, accounting for about 67%. Previously, the SASAC has repeatedly stated that it should "continue to support central enterprises in cultivating high-quality assets and gather with listed companies through IPO and asset restructuring" and "promote the listing of a number of" top soldiers "of scientific and technological innovation of central enterprises on the science and innovation board to improve their independent innovation ability".
In Zhang Lichao's view, the "top soldiers" of science and innovation of central enterprises have been listed on the science and innovation board one after another, indicating that the efficiency of the capital market in supporting scientific and technological innovation is fully released at this stage, and the high-quality new development pattern supported by the capital market and led by scientific and technological innovation is accelerating.
Zhu Changming believes that at present, listing may be an important direction for the reform of state-owned enterprises to make breakthroughs in important fields and key links. It is expected that the pace of listing of state-owned enterprises will be further accelerated.
