Foreword
2024 is a critical year for the deepening and upgrading of the reform of state-owned enterprises, and we will strive to complete more than 70% of the main tasks. In the first quarter of 2024, the central and local SASACs deployed one after another, releasing a signal of all-out reform. In January, at the press conference of the State Council Information Office, three priorities were put forward for the deepening and upgrading of the reform of state-owned enterprises in 2024: first, it will deepen the reform around optimizing the allocation of resources and focus on serving the major national strategies; second, it will deepen the reform around improving the system and mechanism, accelerate the improvement of the modern corporate governance of state-owned enterprises with Chinese characteristics, and continue to improve the market-oriented operation mechanism; third, it will deepen the reform around improving the institutional guarantee and improve the coordinated and efficient state-owned assets supervision system. In March, at the first special promotion meeting of the deepening and upgrading of the reform of state-owned enterprises in 2024, it was proposed to improve the system and mechanism of state-owned assets and state-owned enterprises, open up the blockages and breakpoints of developing strategic emerging industries and promote scientific and technological innovation, build new production relations, and cultivate and develop new quality productivity.
In this issue:
Actively cultivate and develop new quality productive forces
The central and local governments should closely follow the essence of innovation and leadership, develop new quality productivity, improve the resilience and security of industrial and supply chains, and build a modern industrial capacity system with more sustainable development capabilities. At the central level, the State-owned Assets Supervision and Administration Commission of the State Council will implement the relevant deployment requirements of the Central Economic Work Conference, and focus on high-quality investment by central enterprises and boosting confidence and driving investment by the whole society in 2024. In March, the State-owned Assets Supervision and Administration Commission (SASAC) selected and determined the first batch of enterprises to set sail in accordance with the "four new" (new tracks, new technologies, new platforms, and new mechanisms) standards, accelerate the layout of new fields and new tracks, and cultivate and develop new quality productivity. At the local level, the State-owned Assets Supervision and Administration Commission of Shanxi Province has promoted the optimization and improvement of the quality and efficiency of the industrial chain of provincial enterprises. Hunan provincial state-owned assets and state-owned enterprises in accordance with the "3974" (300 billion yuan of new industry revenue, 9 key development industries, more than 7 chain main enterprises, 4 100 billion enterprises) landmark project deployment, vigorously expand effective investment, accelerate the construction of Hunan state-owned assets modern industrial system.
Highlight the national strategy and high-quality development
The central and local governments continue to promote the optimization of the layout of state-owned capital through strategic restructuring and asset revitalization, and promote the high-quality development of the state-owned economy. At the central level, the State-owned Assets Supervision and Administration Commission of the State Council said that the next step will be to highlight the national strategy and steadily implement strategic restructuring and the establishment of new central enterprises. At the local level, the State-owned Assets Supervision and Administration Commission of Hunan Province has made arrangements to organize the clean-up and standardization of the stock fund of provincial supervised enterprises around the major strategic deployment and industrial layout of the provincial party committee and the provincial government. Since 2021, the property rights market has completed a total of 21,700 projects to revitalize existing assets, with a transaction value of RMB131.51 billion.
Emphasize the safety and innovation of state-owned capital operation
During the quarter, the central and local governments continued to strengthen capital control, strengthen resource integration capacity-building, and improve the compliance system, so as to achieve sound operation of enterprises and ensure the safety of state-owned capital operation. In terms of policy, the Ministry of Finance and other three departments issued the notice on the issuance of the "Interim Measures for the Management of the Operation of State-owned Equity and Cash Income of the Transfer and Enhancement of Social Security Funds", and the State-owned Assets Supervision and Administration Commission of Hunan Province issued the "Measures for the Investment Management of Provincial Supervised Enterprises to Undertake Functional Tasks (Trial)" (hereinafter referred to as the "Measures"). In terms of practice, China Energy Construction Group Co., Ltd. (hereinafter referred to as China Energy Construction) innovatively adopted new models such as "professional integration + 'A+H' spin-off + backdoor listing + supporting fund-raising", and successfully spun off its subsidiary China Gezhouba Group YIPLI Co., Ltd. (hereinafter referred to as YIPLI) for A-share restructuring and listing. Beijing Capital Group's science and technology innovation corporate bonds were successfully issued, setting the lowest interest rate for corporate bonds of the same factor in China, with an issuance scale of 2 billion yuan, a maturity of 3 years, a coupon rate of 2.69%, and a subscription multiple of 3.8 times.
With the acceleration of the deployment and implementation of the new round of state-owned enterprise reform and upgrading, state-owned assets and state-owned enterprises in various regions strive to make new breakthroughs in optimizing the layout of state-owned capital, building a modern industrial system, and strengthening the operation of state-owned capital, and strive to promote the high-quality development of state-owned enterprises.
The specific report list is as follows:
Table of Contents of Reports
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Author: CUHK Consulting Research Institute
Source: CUHK Consulting
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