Financial crisis forcing Shanghai to accelerate integration of capital

Since June, the earlier discussion of the integration of the state-owned enterprises in Shanghai has accelerated signs.　　In just one months, there have been 6 Shanghai state-owned listed companies in the "brewing a major restructuring" and suspended, so concentrated and large area of listed companies involved in asset consolidation reorganization phenomenon is very rare. All kinds of indications show that the international financial crisis is forcing the reform of Shanghai state-owned capital into a "forced" acceleration phase, which is expected to break the old mode of "non-forced" internal circulation state-funded reform in the past.　　The new round of "securitization" and "marketization" reform of the state-owned SOEs in Shanghai are coming out with the help of the current favorable and recovering and rising capital markets. At the policy level, the important relevant documents and conferences of the Shanghai state-owned system have been introduced recently. July 6, to the enterprise restructuring and reorganization of the specific operation of the "Shanghai Sasac Capital Supervision Unit restructuring work guidelines" began to the major enterprise groups issued to promote the reform of the state-owned enterprises in Shanghai and orderly development. 9th, Shanghai held a "Beijing-Tianjin-Shanghai-Chongqing Deep State-funded work Exchange conference."　　Aibaojun, vice mayor of Shanghai, said at the meeting that the reform of state-owned enterprises should be promoted from six aspects to strengthen the openness and market-oriented reorganization of state-owned enterprises. Yang Jianwen, deputy director of the Economic Research Institute of the Shanghai Academy of Social Sciences, said that when the economy faced downside risks, the government had three cards: policy, land and state capital, and it was time for Shanghai to shoulder its economic development responsibilities.　　Other experts interviewed stressed that Shanghai's economy, which was affected by the international financial crisis, is eager to accelerate the process of growth transition and the cultivation of new profit points, and the key driver of this process is the reform of the state-owned SOEs in Shanghai.　　Economic environment to provide transformational power in the first five months of this year, Shanghai's industrial output value of above 848.329 billion yuan, down 7%, six major industrial sectors (electronic information products, automobiles, petrochemical, fine steel, biomedical, complete equipment) decreased by 6.3% year-on-year. Shanghai's state-funded performance also fell year-on-year.　　Yang, director of Shanghai Sasac, said that in January-May, the Shanghai-funded regulatory enterprise accumulated revenue of 278.3 billion yuan, down 2.5% year-on-year, the total profit amounted to 9 billion yuan, down 33.6% year-on-year. Chinese experts said that the difficulties in the new round of reform of state-owned enterprises in Shanghai were once regarded by state-owned experts as "the power of the SOEs ' lack of reform." In the second half of last year, the difficult economic environment, especially the collective depressed Shanghai six pillars of traditional industries, objectively promoted the process of economic restructuring in Shanghai, accelerated the Shanghai economic system, "the mainstay of the role of" state-owned enterprise integration and reorganization of the pace. Shanghai Academy of Social Sciences Enterprise Research Center Secretary Zhouxiaojiang said that the reform of the Shanghai state-owned enterprises to choose now this time point to accelerate the start, the impact of the international financial crisis can not be ignored.　　Speeding up the transformation and reorganization of state-owned enterprises will be an important pushing force to reverse the economic situation and cultivate new economic growth points. The lower economic data makes it increasingly urgent for Shanghai state-owned management to promote the transformation and reorganization of state-owned SOEs, and increase the "adjustment in place"Determination。 June 26, in Shanghai, Sasac and Shanghai to create ocean fishing Company, Shanghai Construction (Group) corporation, Shanghai Electric Heavy industry group and other large state-owned enterprises attended the meeting, Shanghai Municipal Committee of the Department of the Department of the first half of this year, the SASAC system units in response to the financial crisis made a positive effort, The economic situation of the enterprise has improved overall, but the foundation of economic recovery is not stable enough. Shenhongguang admits that by the superposition of its own economic restructuring and external financial crisis, 1-May, Shanghai's industrial production and financial revenue decline in a relatively large scale, the pace of economic recovery lags in the country. He said that Shanghai entered the "Eleven-Five", accelerate the economic restructuring, vigorously develop a service-oriented economy, the proportion of services use of foreign investment continues to rise. On the one hand, economic growth depends more on exports and consumption; On the other hand, the share of industrial use of foreign capital is actually declining.　　This led to the current production of projects can not be more effective, the new output value is less, affecting the economic growth rate. From a dialectical point of view, the adjustment in place will help Shanghai to develop more scientifically. State-funded system a person said, to deal with the financial crisis, to promote the transformation of state-owned enterprises, has become the Shanghai state-owned restructuring of the current "keyword." He revealed that the theme of the "Beijing-Tianjin-Chongqing-Shenzhen-China Work Exchange Conference" held in Shanghai on July 9 was "to actively play the role of local SASAC in helping enterprises" around the impact of the financial crisis.　　State Council director of state-owned Li rate of the relevant office and the head of the state-funded system, heard the director of Shanghai Sasac Yang titled "Go All Out to serve the enterprise to ensure growth to play the role of state-owned economy in Shanghai to achieve" four to ensure the backbone of the "". State-funded system this person stressed that the restructuring of Shanghai state-owned assets is the whole of Shanghai to seek a "new industrial Revolution" Prelude and the hand, rather than isolated from the outside. Shanghai is at present in the eve of moving from traditional industries to "pushing forward High-tech industrialization". Shanghai Municipal Development and Reform Commission deputy Director Chi Hong introduced, 2012 Shanghai high-tech field output value will reach 1.1 trillion yuan, covering nine major industries.　　This time goal coincides with the Shanghai state-owned enterprise reform "three-year Plan of action" coincide. This year, the Shanghai industrial industry, which has been renowned for its "Shanghai manufacturing", has slipped into a slump under the influence of the financial crisis. Shanghai Bureau of Statistics said that January-April Shanghai Industrial enterprises above the size of the main business income of 678.525 billion yuan, fell 15% year-on-year, the total profit of 28.7 billion yuan, down 39.5% year-on-year. Light industry fell 7.7%, heavy industry fell 53% and state-owned economy fell 18.4%.　　The main business of the six major industrial sectors fell by 16.7%, while the total profit fell by 52.6%.　　Chi Hong said that the promotion of High-tech industrialization is the "Shanghai manufacturing" revival of the Way, the nine high-tech areas of cultivation, is to stimulate the transformation of traditional industries upgrading, rather than make it marginalized. 180 billion the determination of the listing policy in 3-5 years after the operation of the state-owned enterprises once the market is underbegan gradually.　　July 13, the suspension of more than January St Eastern (600115), *st (600591) also announced the integration of the two sides of the plan, marking Shanghai's largest aviation enterprise assets reorganization officially launched. July 6, Shanghai established financial holding company-Love to build Shares (600643) announced that "due to important matters not announced" will continue to suspend business, people familiar with the situation said the suspension will be delayed for a long time love to build a reorganization to clear the last hurdle. On the same day, the Shanghai "Radio and Television System", which was closely watched by investors, gained substantial progress.　　Radio and television information (600637), radio and television Electronics (600602) asset purchase, sale and other related bills were approved by the respective shareholders of the high votes.　　July 1, Shanghai Construction (600170), the largest building enterprise, announced, because the holding shareholder Shanghai Architectural Engineering (Group) corporation in the brewing of the company to carry out major asset restructuring, the company's stock suspension.　　June 18, Shanghai Medicine (600849), on the Real Medicine (600607), the Chinese and Western Medicine (600842) three companies announced that "the actual control of the real group is planning the major restructuring matters related to the company", the market has long awaited the integration of the real medicine business began.　　In addition, the Chinese Pencil (600612) also announced in June a price of 820 million yuan purchase assets plan, the realization of Shanghai's largest gold and silver jewelry assets of the overall listing, and to open the Shanghai County-owned securities of the pace of the state. This series of vigorous reorganization and integration, the ultimate point is the overall goal of the reform of the state-owned enterprises in Shanghai. Aibaojun, deputy mayor of Shanghai, said in his July 9 speech that: first, we should promote the openness of state-owned enterprises and the reorganization of market-oriented restructuring, and continuously improve the core competitiveness of state-owned enterprises. Second, we should promote the full coverage of state-owned supervision and further improve the state-owned supervision system. Third, we should promote the construction of Board of directors and perfect the corporate governance structure. Four, we should promote the state-owned control mode optimization, and further improve the orderly, smooth flow of state-owned operating system. We should actively solve the historical problems and adjust and integrate the non-main assets.　　Six, we should promote the management system reform of enterprise leaders, and carefully cultivate an excellent entrepreneur team.　　In the above series of reform objectives, how many state-owned assets securitization and the driving path, is undoubtedly the focus of the capital market. Shanghai Mayor Han Zheng has said the future proportion of China's capital securitization will rise from the existing 18% to around 40%.　　In 2008, the net worth of local capital in Shanghai reached 1.15 trillion yuan, of which the operating assets accounted for about 70% of the stock of state capital. Oriental Securities Institute analyst estimates that, such as the increase in the proportion of listed companies will be injected into the state-run assets of the conservative estimate of 180 billion yuan. Roning, executive editor of Shanghai state Capital, also acknowledged the figure.　　He thinks the time span of this huge asset infusion into the capital market will be up to 3-5 years. Eastern Securities analysts believe that the reorganization of Shanghai state-owned enterprises and the process of state-owned securitization, has continued in history "setThe group listed "", "" groups of quality assets gradually listed "," the group identified a number of listed platforms, respectively, the main business integration "," group stripping listed companies assets, transfer shell resources "and other four main lines. In the next phase, the integration of the capital market in Shanghai will revolve around two main ideas: only one listed company and assets injected into the expected clear group, the overall listing is the ultimate goal. Potential enterprises may be integrated according to this idea, including Shanghai Airport Group, Shanghai Aquatic Group, City Investment group and so on.　　With a number of listed companies and have identified the relevant main business integration platform group, the key to restructuring lies in how to dispose of the remaining assets within the group, the way to inject listed companies, stripping, and other potential enterprises have Huayi Group, Guangming Group, the Hundred group and so on. It is worth noting that, according to the above ideas and objectives, the current capital market suspension to be integrated in Shanghai state-owned enterprises, is only "mature one, listed a" large amount of resources to integrate the tip of the iceberg.　　In this wave of consolidation, the most important preparatory work for the final reorganization of the listed companies by the Shanghai state-owned enterprises: the formulation of the three-year plan of action, most of which have been completed. China Securities News reporter learned that up to the beginning of July, more than 30 Shanghai state-owned enterprises have reported "enterprise reform and development three-year Plan of Action", accounting for the city Sasac capital supervision of 46 enterprise groups nearly 70%, and this year in early March this number is only 18. Roning said that the "Action plan" by the enterprise management and outside the enterprise experts jointly formulated, is the national enterprises to standardize their own main business of the future Action guide, but also the future SASAC to assess the main basis of the board of Directors. Capital operation plans, such as mergers and acquisitions, which are the most concerned by capital markets, are also included. Based on their respective "action plans", micro-enterprise level will have more discourse power, higher market participation and openness, and including the central enterprises, foreign capital, private enterprises, such as the active linkage of other capitals, this trend is unstoppable, and will appear in the near time more "big moves."