China's new asset management company was first established this month with 10 central enterprises

"China Temasek" is the first batch of about 10 state-owned new asset management companies set up in the earliest this month, 10 or more central enterprises will be merged into the company July 23, SASAC director Li in the central business leaders meeting pointed out that the establishment of a new asset management company as an opportunity to accelerate the restructuring and adjustment of centralized enterprises,　　During the year, the central enterprises were adjusted from 125 to 100.　　Recently, the industry has revealed that the preparation of a lot of new asset management companies will soon be established this month, it will be the establishment of SASAC in 2003, the establishment of the third Asset Management company, its mission is to accelerate the merger and reorganization of central enterprises, 10 or more central enterprise will be merged into the company.　　Unlike the previous Prudential Group and the National Development Investment Corporation, which mainly dealt with the stripping of assets from the central enterprise and as a hosting platform, the sample of the new asset management company was considered Temasek Holdings in Singapore. "The speed of restructuring of central enterprises is too slow" from the original 196 to adjust to 125.　　For such results, SASAC director Li that "the current central government mergers and reorganization of the speed or slow." "If you want to be put into the business, you do not feel disgraceful, we will not sell it."　　"At the July 23 meeting of the central business leaders, Li, director of Sasac, said.　　According to Sasac's plan, to the existing 125 central enterprises to accelerate the merger and reorganization, the number of central enterprises in the year to reduce to 100. Since the establishment of SASAC in 2003, the central enterprises have been restructured through mergers and acquisitions, from the original 196 to 125.　　For such results, Li is not satisfied, he said, "The current state-owned mergers and reorganization of the speed or slow point", and put forward the second half to establish a new asset management company as an opportunity to accelerate the restructuring of the central enterprises and adjust the pace, this year to adjust to 100.　　This also means that in the next 5 months, not only to complete the establishment of new asset management companies, at least 25 central enterprises will be "digest".　　SASAC currently has limited information disclosure on new asset management companies, but it has been preliminarily revealed in the context of the news from experts and insiders. As early as 2005, SASAC began to build the company, the company's name was identified as the new asset management company in the beginning of this year, and was approved by the State Council. Its registered capital will come from the profits of the state-owned capital operating budget, which is the dividend of the central enterprise.　　The state-owned capital operation budget of the Central Enterprise was approved by the State Council in 2009, and the total budget expenditure of SASAC was 87.36 billion yuan.　　Li at the meeting stressed that the year to complete this major adjustment of the two reasons: the completion of the year to complete the integration of central enterprises in the number of 100, not only is the urgent need for industrial restructuring, but also the State Council for the assessment of SASAC task. Another important reason is: "Although (SASAC) this year to enter the world's top 500 companies have reached 30, but some companies in mergers and acquisitions quickly the largest, but also exposed the structure is notReasonable, the group management ability is not strong, the resource occupies a lot, but the efficiency is not high problem.　　"The central enterprise is going to" play the World Cup "Li that the central enterprises to participate in international competition, need to have the international business and the management level.　　Since 2003 as the director of Sasac, Li has always been a reference, that is, the central enterprise is to "play the World Cup", that is, to participate in international competition, the need to be comparable with international large enterprises and management level.　　In 2007, Sasac formally issued the "Guidance on the adjustment of the Central enterprise Layout", and by 2010, the Central enterprise restructured to 80-100, speeding up the cultivation of 30-50 large companies with international competitiveness.　　At a meeting held last month at the central business chiefs, Li a 3-hour meeting, and spent 20 minutes recommending a book, "The Road to the future enterprise", to the head of 125 state-owned enterprises in Taiwan, and promised to distribute the summary copies of the book to everyone. Li highly of the summary and read out the summary.　　He said that the current central enterprises at home and abroad to face the volatile business environment, such as domestic stimulus policy once the withdrawal of enterprises should do, many of the head of the central government to see the second half of the situation, now to deal with this complex situation, you may wish to first look at the foreign peers are doing. The first author of the Road to future business is Sauls Bermain, a partner and global head of IBM Global Business Consulting services. IBM has interviewed more than 1000 CEOs, general managers and senior executives from the public and corporate sectors around the world, describing "future enterprise　　"Blueprint.　　The book mentions that foreign CEOs have realised that they need to spend more energy attracting and retaining increasingly affluent, well-informed and socially conscious customers, and that consumers are becoming producers, and companies should now rethink how to deal with this change.　　Which companies are incorporated into the new company, there are many speculations about which companies are about to enter the newly-established state-owned management company, and even lists five kinds. The state-owned assets of the central enterprises, from about 2 trillion in 2003, have increased to 5.5 trillion, more than doubled. The 2008 world financial crisis hit also to accelerate the merger and reorganization of central enterprises to provide the opportunity. "The rationale is simple, when the economy is good, no one wants to be merged."　　Liu Xin, a university research expert, said.　　It is understood that SASAC is mobilizing and persuading some central enterprises to take the initiative to accept the whole into the state-owned asset management company for trusteeship. At present, there are many speculations about which companies will enter the newly established company. Some have even listed five types, such as: The first category is the Scientific Research Institute and the consultancy company, the second category is the commercial circulation enterprise; The third category is the central enterprise of the marginalization of the main business; the fourth category is related to the industry chain　　The fifth category is the central enterprise with difficulty in operation. Which companies are still in the conjecture phase, but how to merge and reorganize, SASAC has already made clear its principles: state-owned capital will focus on important industries and key areas that are vital to the national economy, with absolute holdings in seven major industries, including military, power grid, petrochemical, telecommunications, coal, civil aviation and maritime transport, and to accelerate the cultivation and development of 30-50 independent property rights and well-known brands,　　Large enterprises with international competitiveness.　　Liu Xin that, according to the SASAC management ideas, there will be two types of companies are not listed, the first is those related to the people's livelihood of large conglomerates such as PetroChina, Sinopec, China Mobile and the national grid such enterprises, these enterprises have special identity, large volume, and has achieved the state-owned economic lifeline control.　　The other is the listed large central enterprises, for example, the five major power groups, these enterprises themselves is the power system reform "Plant network separation" product, and the current scale of enterprises are very large, there are many listed companies, to achieve mergers and acquisitions difficult, and there is no urgent need. At present, only 5 months to complete the goal of reducing the central enterprises to 100, Liu Xin that under the Sasac strong executive orders, the difficulty of accomplishing the task is not big.　　The crux of the matter is how the final results will be raised, and whether the asset management efficiency and capital yield of the enterprise can be improved.　　Welcome to private enterprises and foreign participation Li has said that as long as the efficiency of the enterprise can be improved, the enterprise can be well, welcomed the privatization and local state-owned enterprises to participate in the merger and reorganization, but also welcome foreign investment. Liu Xin said that SASAC will focus on the integration of those enterprises are currently small, and not listed enterprises, through the joint-stock transformation of these enterprises, loaded into the country's new asset management companies, to carry out the operation of assets, to achieve the integration of internal optimization, and ultimately realize the transition from state-owned to state-owned　　Some of these companies may be listed, and some companies may be sold. "Mergers should be able to wave their core competitive, resources and complementary advantages of enterprises, rather than cross-industry of the Lang match." Liu Xin said, "but this process should not be hasty, it is best to first respect the company's own wishes." According to experts from the SASAC, the current state-funded mobilization work, also allows some enterprises to choose their own, so that the same kind of business technology, market, talent and other resources for effective integration, fully play the role of restructuring synergies.　　The initial incorporation of the company will have about 10 companies.　　In addition to the merger and reorganization between the central enterprises, Li has also made it clear that as long as the efficiency of the enterprise can be improved, the enterprise can do well, welcome private enterprises and local state-owned enterprises to participate in mergers and acquisitions, but also welcome foreign investment, also do not exclude some enterprises to the strength of local enterprises, or in some mature market areas to exit.　　Singapore's Temasek Holdings and Singapore government Investment Limited (GIC) have met closely with the SASAC and have made clear their desire to participate in the restructuring. Recently, deputy director of Sasac Shaoning met with GIC director Zheng A row, welcomed GIC's participation in restructuring of central enterprises。　　Reporters from the central enterprise meeting held last month to understand that Temasek has had contact with some of the leaders of the state-owned enterprises, the SASAC has also made clear that it is hoped that they will be unified thinking to the SASAC's overall deployment. For the possible mode of cooperation, Liu Xin that the new asset management company will be one of the most likely ways of partnering in the future, and "both Temasek and GIC have the advantage of asset operations and management, and they want to share results from China's rapid economic growth and to reap high returns from asset operations, For example, through capital operation to achieve some enterprises listed.　　Sasac is hoping that this kind of cooperation will enable domestic enterprises to learn about the operation and internationalization of capital markets.　　Liu Xin also said, Hope Sasac don't forget the domestic large amount of private capital, also can give private capital the same opportunity. State capital Management structure or transformation Li after visiting Temasek, the core of Temasek is governance structure and board system.　　He said that future Sasac's work will focus on regulation.　　The media have always liked to use the "CIC Ⅱ" and "industry CIC" to describe the country's new asset management company, but Liu Xin that the company's spirit is substantially closer to Singapore's Temasek holding company.　　China Investment Liability Co., Ltd. was founded in September 2007, Li said, and as early as 2005 SASAC began to build national new asset management company. In June 2003, Li's first visit to Singapore Temasek Holdings was chosen as the director of the Sasac in two months. He had recalled that when he accompanied Premier Zhu Rongji to visit Singapore and visit Temasek, there was a saying that the prime Minister was very interested in Temasek's enterprises are state-owned enterprises but not a loss, "that is the phrase I always forget, it is the core part of my view is the governance structure and its board system."　　"From Temasek's investigation back, in 2004, SASAC to the State Council to establish and improve the board of directors of the pilot work, and obtain approval."　　The establishment of a Temasek-like asset management company has also been put on the agenda. Speaking with netizens last June, Li said that in 2005 Sasac reported specifically to the State Council and began to build, including two asset management companies that have been set up since then ——— Cheng Tong Group and the National Development Investment Corporation to try to establish the SASAC structure to see if these regulations are appropriate,　　Through the experience of two or three years of operation, the present conditions are already available.　　Up to now, there are 32 central enterprises have carried out the board of Directors pilot, and in corporate governance, property rights transfer and performance assessment has established nearly hundreds of rules and regulations. At the beginning of 2003, Sasac was entrusted with two functions of management and supervision and a two-tier structure. "The structure of the future must be three floors, that is, the operation of state-owned assets will gradually entrust enterprises as operating entities operating state-owned assets, the future SASAC will focus on supervision," Li to Netizens said, "Sasac is the existing set of laws and regulations have been basically established, it is going to go upIs that I began to have the conditions to focus on supervision.　　"The establishment of the national New Asset Management company has the opportunity to transform the state-owned management from the two-tier structure, namely, management and supervision, to the three-tier architecture, namely, management, operation and supervision of the three-tier architecture." "The enterprise's main business and the goal is fixed, how develops is the enterprise matter." At present, a part of the general manager of the Enterprise Sasac to select, after this is the board of directors, the state-funded committee to elect the shareholders, so that he has a sober mind, to perform his duties.　　"In an interview with a television station this year, Li said that Sasac's future work would be to advance research and learn lessons to ensure that, in any case, large state-owned enterprises do not appear to have problems like Enron and Lehman.　　Liu Xin that the idea is to see Temasek's shadow. Temasek's main task is to master the Singaporean Government's investment in enterprises and to manage all government-affiliated enterprises in Singapore. By delegating control of directors to Temasek and by reviewing Temasek's financial reports, discussing company performance and investment plans, the government grasps the direction of business development and ensures the preservation and appreciation of State-owned assets by means of direct investment, management investment and cession of investment.　　Temasek supervises its companies in strict accordance with market rules and does not participate in the investment, commercial and operational decisions of the invested companies.　　According to statistics, Temasek's establishment in the more than 30-year period, the average annual shareholder to obtain more than 16% of the total return on investment.　　Temasek Holdings, Temasek Holdings (Temasekholdings), was established in 1974 as an investment company registered in private name by the Singapore government, with a 100% per cent stake in the Singapore Treasury. Temasek's main task is to master the Singaporean Government's investment in enterprises and to manage all government-affiliated enterprises in Singapore.　　Temasek is not directly involved in the operation and decision-making of the relevant enterprises, and the business decision-making is entirely entrusted to the respective boards and professional teams. Temasek controls almost all of Singapore's most important and most significant turnover companies, including Singapore Telecom, Singapore Airlines, DBS Bank, Singapore Metro, Singapore ports, Sea Emperor Shipping, Singapore Power, Gillette Group and Raffles Hotel, with foreign media estimates,　　Temasek Holdings shares the market value of 47% of the entire Singapore stock market, almost dominating Singapore's economic lifeline. In addition to investing in Singapore's local market, Temasek sees Asian and developed country markets as the focus of investment, with more than half of its assets outside Singapore. The main investments include Malaysia Telecom, ICICI Bank in India, Optus, Australia's second-largest telecoms company.　　The company has increased its investment in the Chinese market in recent years.　　Temasek published its first financial statement in October 2004, showing that its total assets amounted to $90 billion trillion, comparable to that of General Electric and German Siemens. State-owned hotel asset stripping lead private enterprise interest billions of assets let people happy to worry, privately-run hotel industry hope to share a cup of industry case for the central enterprisesMerger and reorganization in the emergence of investment opportunities, many private enterprises want to participate in, the central enterprise billion hotel asset stripping is an example.　　January 25 this year, SASAC official dispatch, central enterprises of the non-major hotel assets will be stripped within 3-5 years, stripped out of the non-major hotel business will be reorganized to the hotel industry-oriented advantage of the central enterprises. In the face of 3-5 years of peeling off the deadline, some people happy, also some worry. During the two sessions this year, Zhang Xuewu, chairman of China Travel Group Corporation, confirmed to the outside world that Hong Kong CTS will be one of the main enterprises to take the assets of the SASAC non-main hotel.　　By the end of 2010, the Hong Kong CTS would have been able to receive about 20-30 detached hotels from central enterprises. For the central enterprises such as PetroChina, according to stripping requirements, many years to cultivate integrated hotel assets may be given away, some in the central-level industry workers engaged in the hotel industry is worried about the future of ownership and outlet.　　And some private hotels in the periphery to look for opportunities, hoping to be from the hundreds of billions of assets to reconfigure the share of a piece of soup. Ctrip, Han court to see the opportunity Sasac's 127 central Enterprises, only the Hong Kong CTS, COFCO Group Limited, Oct Group, Southern Light Group, China Sinochem Group, China National Brigade Group, 6 companies in the main business of hotels, tourism business.　　According to Sasac's documents, beneficiaries directly point to these hotel groups.　　However, hundreds of billions of assets, 2,500 hotel companies all by the 6 Central enterprises "swallowed" does not seem easy, this is the current many private enterprises covet the reasons for the hotel assets. Ctrip Travel Network Vice President, Zhungyuxiang in charge of business trip management has written on the blog, the Central enterprise stripping hotel Non-public assets, for business management enterprises will be an opportunity.　　Central Enterprise Hotel after stripping, the hotel as the function of the internal guesthouse no longer exist, the central enterprises staff travel must be through the market to solve the problem of accommodation, the inevitable release of huge travel needs. Reporter from the hanting hotel to understand that the current group of central enterprises to peel off the property is also very interested in, "see the news, we are very interested, but now the problem is that the central-central hotel stripping specific methods do not understand, would like to know more about this information.　　"Hanting Hotel a PR person told reporters. Stripping of the hotel assets of the non-main business, as early as 2007 SASAC plan to peel off the reorganization of the central enterprises of the non-main hotel businesses have begun to reveal. In August 2007, SASAC issued a circular to the central enterprise, asking for a check of the headquarters and the enterprises at all levels of the corporate investment hotel, hotels, reception centers, guesthouses, resorts and other units.　　The investigation report was handed over to the SASAC Reform Bureau to study the reorganization.　　Experts to support private enterprises to take over the Huamei Hotel consultants chief knowledge management expert Chang as early as in 2004, the Central Enterprise Hotel reorganization problem, for the clear stance of the central authorities, he was excited and worried. "From the professional operation, the separation of the central enterprise sideline is conducive to the hotel industry bigger and stronger, after all, from foreign experience, diversification is not a big business development direction." "Chang tableShown。 For the hotel assets reorganization, Chang made 3 suggestions, the ability to receive the central enterprises must also have a professional management team, have their own brands, have development plans.　　Currently with these conditions are the Hong Kong CTS, Oct, COFCO group and so on. These points seemed to him to be of paramount importance. He said that at present, the state-funded committee of the hotel industry for the main industry, and there is no breakdown, in fact, some enterprises are only investment hotels, and they do not do hotel management industry. "For example, the Chinese group, although its main business is the hotel industry, but it is mainly engaged in hotel investment, its Jin Mao tower and Grand Hyatt Hotel are entrusted to foreign professional management team to operate, and not by their own operations, each year to the foreign team high management fees.　　This is also his biggest concern at the moment. "I hope Sasac can not only from the point of view of the merger and reorganization of the central enterprises of the hotel asset stripping, but it can be seen as a rare opportunity for the rise of China's hospitality industry."　　"Chang said. It is not entirely impossible for the private hotel industry to take over. From the establishment of China's own hotel brand, he is also inclined to put some of the assets of private enterprises trusteeship.