The latest news from the reorganization and integration of “China divine ship”!
On January 12, China Shipbuilding Industry Group Power Co.Ltd(600482) announced that the company planned to increase the capital of China Shipbuilding Industry Group Power Co.Ltd(600482) wholly-owned subsidiary jointly with China shipbuilding industry group and China Cssc Holdings Limited(600150) through their respective equity of companies related to diesel power business, and the subsidiary would pay cash to China shipbuilding industry group to purchase assets, so as to regulate the horizontal competition of diesel power business.
Bai Wenxi, chief economist of IPG China, told the Securities Daily that ” China Cssc Holdings Limited(600150) the group’s promotion of the integration and reorganization of its listed companies is a necessary measure to improve the self independent development ability of listed companies and eliminate horizontal competition. The follow-up integration of other listed companies can be expected; and this year is the last year of three years of action to deepen the reform of state-owned enterprises, China Cssc Holdings Limited(600150) The significance of this move is of exemplary, leading and exemplary significance for other state-owned enterprises. It is expected that the reorganization, integration, mixed reform and incentive of other military industrial groups can be expected under the background of the “three-year action plan for state-owned enterprises.”
promote diesel power business
coordinated development
On December 29, 2021, three listed companies of China Cssc Holdings Limited(600150) group announced that they planned to restructure their assets, and China Cssc Holdings Limited(600150) group began to restructure and integrate their assets. On January 12, the reorganization and integration of China Shipbuilding Industry Group Power Co.Ltd(600482) diesel power business, a listed company of China Cssc Holdings Limited(600150) group, made the latest progress.
It is reported that before the joint reorganization of China shipbuilding industry group and China shipbuilding industry group, China Shipbuilding Industry Group Power Co.Ltd(600482) and China Cssc Holdings Limited(600150) subordinate diesel power business developed independently, and there was no horizontal competition. After the joint reorganization of China shipbuilding industry group and China shipbuilding industry group, China Shipbuilding Industry Group Power Co.Ltd(600482) and China Cssc Holdings Limited(600150) have become subsidiaries controlled by China Cssc Holdings Limited(600150) group, and they have formed horizontal competition in the field of diesel power business.
According to the trading plan released on January 12, the integration is mainly divided into two steps. Before this transaction, China Shipbuilding Industry Group Power Co.Ltd(600482) first set up a wholly-owned subsidiary with appropriate cash; In this transaction, China Shipbuilding Industry Group Power Co.Ltd(600482) increased the capital of the newly established subsidiary with 100% equity of China Shipbuilding diesel, 100% equity of Shaanxi diesel heavy industry and 98.26% equity of hechai heavy industry; China shipbuilding industry group increased the capital of the newly established subsidiary with 36.23% equity of China Shipbuilding Power Group; China Cssc Holdings Limited(600150) increased the capital of the newly established subsidiary with 63.77% equity of China Shipbuilding Power Group. The newly established subsidiary acquired 1.74% equity of hechai heavy industry held by China Shipbuilding Heavy Industry Group in cash.
From the financial data, the total assets of China Shipbuilding Industry Group Power Co.Ltd(600482) in 2020 will be 58.745 billion yuan, and the target assets (100% equity of China Shipbuilding diesel, 00% equity of Shaanxi diesel heavy industry, 100% equity of hechai heavy industry and 100% equity of China Shipbuilding Power Group) will total 31.486 billion yuan; The net assets attributable to the owners of the parent company were 35.783 billion yuan and 17.571 billion yuan respectively; China Shipbuilding Industry Group Power Co.Ltd(600482) last year, the operating revenue was 27.014 billion yuan, and the total operating revenue of the underlying assets was 4.720 billion yuan.
After the completion of this transaction, the newly established subsidiary becomes a joint venture engaged in diesel power business, with China Shipbuilding Industry Group Power Co.Ltd(600482) holding the controlling stake in the joint venture, and China shipbuilding industry group and China Cssc Holdings Limited(600150) holding the participating stake in the joint venture. The joint venture holds 100% equity of China Shipbuilding diesel, Shaanxi diesel heavy industry, hechai diesel heavy industry and China Shipbuilding Power Group.
China Shipbuilding Industry Group Power Co.Ltd(600482) said that this transaction is another important deployment of the company to deal with the competition in the diesel power business market. Through this transaction, the company will uniformly integrate the diesel power business under China Cssc Holdings Limited(600150) group, promote the overall and coordinated development of diesel power business, promote the overall ability of the company’s diesel power business, and consolidate the company’s leading position in the field of ship diesel power business in China.
deepening the reform of state-owned enterprises
reorganization enters the practical operation stage
It is worth mentioning that 2022 is the last year of the three-year action plan for state-owned enterprise reform (2020-2022). With the continuous promotion of the three-year action of state-owned enterprise reform, since 2021, the strategic reorganization, professional integration and related M & A of state-owned enterprises and central enterprises have pressed the “fast forward” key.
As China Cssc Holdings Limited(600150) group promotes the integration of its assets, In an interview with the Securities Daily, Zhang Xiaorong, President of the deep science and Technology Research Institute, said: ” China Cssc Holdings Limited(600150) group has begun to speed up the deepening of reform, and other state-owned enterprises should also accelerate the implementation of the three-year action reform task. In addition, China Cssc Holdings Limited(600150) , China Shipbuilding Industry Company Limited(601989) , Cssc Offshore & Marine Engineering (Group) Company Limited(600685) of the listed companies of the China Cssc Holdings Limited(600150) group Both involve the military and civilian ship assembly business. In order to solve the problem of horizontal competition, the corresponding asset integration scheme has not been clarified. It is expected that China Cssc Holdings Limited(600150) group will further promote the solution in the follow-up. “
The China Cssc Holdings Limited(600150) group was jointly reorganized and established by the former China Cssc Holdings Limited(600150) Industrial Group Co., Ltd. and the former China Cssc Holdings Limited(600150) Heavy Industry Group Co., Ltd. on October 14, 2019. In August 2021, the domestic and foreign antitrust review of the reorganization of the two ships was fully completed, and the reorganization of the two ships entered a substantive operation stage.
As a China Cssc Holdings Limited(600150) group that started restructuring as early as 2019, what is the significance of the current integration for other state-owned enterprises?
Fan Shiqian, an associate professor of China University of political science and law, said in an interview with Securities Daily: ” China Cssc Holdings Limited(600150) The group promotes the integration of its assets. First, strengthen international competitiveness, integrate Chinese resources and avoid disorderly competition. This is an important direction for the reform of state-owned enterprises. The important requirements of the classification reform of state-owned enterprises include adopting different classifications according to the nature and fields of the industry, which are divided into public welfare and business. Taking China Cssc Holdings Limited(600150) group as an example, the industry in which it is located belongs to the field with sufficient competition. In addition to the military industry business and the public welfare attribute retained by enterprises, other ship businesses basically belong to the commercial field. Moreover, from a global perspective, the competitive pressure is relatively high and there is no suspicion of monopoly. Therefore, the integration of resources and the merger and reorganization of enterprises can strengthen the strength of enterprises and avoid internal disorderly competition. Second, the shipbuilding industry involves national strategy and even national security. Integrating the shipbuilding industry is an inevitable choice for China to become a maritime power. “
“The significance and value of the above two aspects are also important references for guiding the integration of China’s state-owned enterprises in the future. We will see more state-owned enterprises compete for integration and reorganization according to the requirements in this regard.” Fan Shiqian further said.
Hu Qimu, chief researcher of Sinosteel Economic Research Institute, said in an interview with Securities Daily, “At present, the direction of strategic reorganization and specialized integration of central enterprises is to take advantageous enterprises as the main body, timely establish new specialized groups, effectively enhance the competitiveness of enterprises through optimal allocation of resources, and create a world-class enterprise with global competitiveness. The state has established specialized central enterprise groups in the fields of iron ore, rare earth and logistics. In the future, according to the needs of industrial development , according to the principle of “one mature household and one promotion household”, similar China Cssc Holdings Limited(600150) Group restructuring and integration will have new actions in relevant fields, which is an important measure to implement national strategies such as supply side structural reform, innovation driven development and building a manufacturing power. “
