On December 6, with the approval of the State Council, China Logistics Group Co., Ltd. (hereinafter referred to as "China Logistics Group") was officially established, which is also a new central enterprise with integrated logistics as the first main business in China.
Coincidentally, on the same day, some media reported that China has approved the establishment of the world's largest rare earth company, which will be named China Rare Earth Group and will be established in Jiangxi Province as soon as this month.
In fact, the strategic restructuring of central enterprises is accelerating. Since the beginning of this year, Sinochem Group and ChemChina have implemented joint restructuring, China Putian as a whole has been merged into China Electronics, and China State Shipbuilding Group has further promoted substantive integration... The "big moves" of the reorganization and integration of central enterprises continue.
What role will the accelerated restructuring of central enterprises release? In the future, which industries are expected to produce "central enterprise giants"? On December 7, Liu Xingguo, a researcher at the China Enterprise Confederation, said in an interview with the Red Star Capital Bureau that in the future, environmental protection, new energy, equipment manufacturing, real estate, overseas oil and gas resources, chemical industry, grain reserves and other fields are likely to integrate the similar businesses currently scattered in a number of central enterprises and local state-owned enterprises in accordance with the idea of professional integration, and form a single business specialized industrial group company.
China Logistics Group According to Visual China
China Logistics Group and China Rare Earth Group were born
Early in the plan
As the first comprehensive logistics platform enterprise created by the SASAC to integrate the resources of central logistics enterprises, the establishment of China Logistics Group means that China has opened a new chapter in building a world-class integrated logistics group.
According to Tianyan, the newly established China Logistics Group is based on the integration of the former China Railway Material Group Co., Ltd. and the four enterprises in the logistics sector of China Chengtong Holding Group Co., Ltd., and is another central enterprise with diversified equity directly supervised by the State-owned Assets Supervision and Administration Commission of the State Council.
The four "pandi" enterprises are: China Material Storage and Transportation Group Co., Ltd., Huamao International Logistics Co., Ltd., China Logistics Co., Ltd., and China Packaging Co., Ltd.
At present, the shareholding structure of China Logistics Group is: the State-owned Assets Supervision and Administration Commission of the State Council and China Chengtong Holding Group Co., Ltd. have the same shareholding ratio, which is 38.9%.
In addition, China Logistics Group has introduced China Eastern Airlines Group Co., Ltd., China COSCO Shipping Group Co., Ltd. and China Merchants Group Co., Ltd. as strategic investors, and the shareholding ratios of the three strategic investors are 10%, 7.3% and 4.9% respectively.
Another rumored "China Rare Earth Group" has basically settled. According to media reports, China Rare Earth Group is expected to be listed at the end of December, and the financial consolidation has been almost carried out.
The restructuring matter, Minmetals Rare Earth (000831. SZ) made an announcement in September. Minmetals Rare Earth announced on the evening of September 23 that China Aluminum Group Co., Ltd., Minmetals Group Co., Ltd., Ganzhou Municipal People's Government, etc. are planning a strategic restructuring of related rare earth assets.
Minmetals Rare Earth Company issued an announcement in September, revealing the restructuring
In fact, the birth of these two central enterprise giants has long been foreshadowed. At the press conference on the economic operation of central enterprises in the first three quarters of 2021, Peng Huagang, member of the party committee and secretary general of the State-owned Assets Supervision and Administration Commission, pointed out when talking about the restructuring of central enterprises that it is necessary to vigorously promote the professional integration of rare earths, logistics and other fields.
When talking about the focus of the next step, Peng Huagang said that in terms of the strategic reorganization of the central enterprise group, according to the needs of industrial development, in accordance with the principle of "mature one household, promote one household", steadily promote the reorganization and integration of central enterprises, and actively cultivate and form new central enterprise groups in relevant fields in a timely manner. In terms of professional integration, through gratuitous transfers, paid acquisitions, joint-stock cooperation, etc., through the optimal allocation of resources, we will effectively enhance the competitiveness of enterprises and create a world-class enterprise with global competitiveness.
The restructuring of central enterprises is accelerating this year
The result?
Since the beginning of this year, the restructuring and integration of central enterprises can be described as "overwhelmed".
In April, China Star Network Group was established, becoming the first central enterprise headquartered in Xiong'an; in June, China Electronics Co., Ltd. reorganized China Putian; in August, Angang Bengang Steel was strongly combined; in September, the "two modernizations" restructuring of Sinochem Group and Chemical Group was settled. In the same month, China Xidian Group and some subsidiaries of the State Grid implemented the integration to form China Electric Equipment Group......
At the media briefing on the restructuring and restructuring of central enterprises held in Beijing on August 25, Weng Jieming, deputy director of the Office of the Leading Group for the Reform of State-Owned Enterprises of the State Council and deputy director of the State-owned Assets Supervision and Administration Commission of the State Council, informed that since the 19th National Congress of the Communist Party of China, the strategic restructuring of central enterprise groups has entered a new accelerated track, and a number of restructuring projects with large asset scale and far-reaching impact have been completed, involving a total of 6 groups of 12 central enterprises. He particularly stressed that "restructuring is not to become bigger, but to become stronger and better."
So, what results have the central enterprises brought after the restructuring?
Taking the restructuring of "North-South Ship" in 2019 as an example, After the joint restructuring of CSSC and CSIC, China Shipbuilding Group ranked first in the world in terms of total assets, operating income and net profit.
According to its official release, on December 1, China's ships delivered a total of 194 ships in 2021, reaching 16.043 million deadweight tons, exceeding the annual delivery task one month ahead of schedule. According to preliminary statistics, in terms of dead weight tonnage, China Shipbuilding Group's shipbuilding completions, orders undertaken, and handheld orders since 2021 have maintained the world's leading level, ranking the world's largest shipbuilding group.
In August this year, the Fortune Chinese and English websites simultaneously released the 2021 Fortune Global 500 list, and China State Shipbuilding Group ranked 240th in the global list with an operating income of about US$46.8 billion. This is also the first declaration after the reorganization, not only selected into the ranks of the world's top 500 companies, but also ranked first in the world's shipbuilding enterprises.
Large-scale restructuring cases in the steel industry have also yielded significant results. After the merger, angang Group will rank third in crude steel production in the world, after China Baowu and ArcelorMittal.
In August this year, Angang Group revealed that after the reorganization of Angang Steel, the crude steel production capacity of Angang Steel will reach 63 million tons, and the operating income will reach 300 billion yuan, ranking second in China.
For the acceleration of the mergers and acquisitions and restructuring of central enterprises this year, Liu Xingguo, a researcher at the China Enterprise Confederation, said in an interview with the Red Star Capital Bureau that the acceleration of mergers and acquisitions and restructuring has two meanings.
"First, through the preliminary planning, there are already a number of merger and reorganization projects with mature conditions that can be implemented; second, in order to achieve the reform tasks proposed in various reform documents, especially the three-year action plan for the reform of state-owned enterprises, and to achieve the reform goals, it is necessary to accelerate the implementation of mergers and acquisitions and reorganizations in order to complete the adjustment of the state-owned capital structure and optimize the layout of state-owned capital."
What is the intention of the three-year plan for the reform of state-owned enterprises?
In recent years, in order to encourage state-owned enterprises to use the capital market to carry out mergers and acquisitions, the central government has issued a number of policy documents.
In October last year, the State Council issued the "Opinions on Further Improving the Quality of Listed Companies", which proposed to give full play to the role of the capital market as the main channel for mergers and acquisitions and restructuring, and encourage listed companies to revitalize stocks, improve quality and efficiency, and transform and develop. At the same time, last year, it also issued the "Three-Year Action Plan for the Reform of State-Owned Enterprises (2020-2022)", which clearly encourages the promotion of mergers and acquisitions of high-quality enterprises.
At present, the "three-year action" itinerary is more than halfway through. In accordance with the requirements of the State Council's Leading Group for the Reform of State-Owned Enterprises, the three-year action will strive to ensure that 70% of the total tasks will be completed in 2021, and all reform tasks will be basically completed before "July 1st" in 2022.
What is the significance of the restructuring of central enterprises, and what role can it play in the future?
Liu Xingguo pointed out that through merger and reorganization, it is possible to quickly concentrate similar business and resources, and complete the optimization of the allocation structure under the premise of centralization, synchronously clean up excess capacity, inefficient and invalid assets, and achieve the improvement of asset quality.
"It can quickly increase the market share of a single enterprise, improve industrial concentration, and better guide and standardize the order of industry development by giving full play to the dominant position of the newly merged leading enterprises." Liu Xingguo mentioned that through the aggregation of resources, the newly merged enterprises can better coordinate the scheduling of business resources and arrange innovative breakthroughs, thereby accelerating the process of technological progress of enterprises and enhancing the overall comprehensive strength of enterprises.
In February this year, the State Council's new office held a press conference on the reform and development of state-owned enterprises. At the meeting, Peng Huagang, secretary general of the State-owned Assets Supervision and Administration Commission of the State Council and spokesman of the Press, mentioned that the State-owned Assets Supervision and Administration Commission will accelerate the optimization of the layout and structural adjustment of state-owned capital. We will increase investment in the fields of national defense and military industry, energy resources and food supply, backbone network, and new infrastructure; in addition, we must make up for the shortcomings of the industrial chain supply chain.
Liu Xingguo believes that in the future, environmental protection, new energy, equipment manufacturing, real estate, overseas oil and gas resources, chemical industry, grain reserves and other fields are likely to integrate the similar businesses currently scattered in multiple central enterprises and local state-owned enterprises in accordance with the idea of professional integration, and form a single business specialized industrial group company.
And for the "Big Mac" of central enterprises with a level of 100 billion, what impact will it have on the market and private enterprises?
Liu Xingguo said that the merger and reorganization of state-owned enterprises should be viewed dialectically - "While seeing the competitive pressure brought about by mergers and reorganizations, we should also see the opportunities they bring." ”
Liu Xingguo pointed out that the merger and reorganization of state-owned enterprises, while enhancing the competitiveness of state-owned enterprises themselves, will also have an spillover role in promoting the development of the whole industry, which can better promote the standardized development of the whole industry. "The modern market system is a market system characterized by competition, and when we see state-owned enterprises enhancing their competitiveness through mergers and reorganizations, other enterprises should consciously take measures to enhance their comprehensive competitiveness correspondingly or even faster through management improvement, technological innovation, resource integration or other means."
But Liu Xingguo also believes that central enterprises still have a long way to go in terms of professional integration. "On the one hand, there are still many decentralized resources and businesses that need to continue to deepen professional integration, on the other hand, after the formal integration is completed, it is also necessary to deepen the deep integration of internal institutional mechanisms, culture, management, value and other aspects, and these deep integrations are more important and more difficult than formal integration."
Red Star News reporter Wang Tian
Edited by Yang Cheng
(Download Red Star News, there are prizes for the newspaper!) ）