Data eye
Text/Yangcheng Evening News All Media Reporter Chen ZeyunFigure/Guo Zijun
Following the inter-provincial acquisition of Bosch, Yuexiu Services, a subsidiary of Yuexiu Group, went public in Hong Kong at the end of June, adding another new force to the phalanx of state-owned listed companies in Guangzhou. Since then, the number of listed companies controlled by Guangzhou state-owned assets has expanded from 31 in 2020 to 33, of which 25 are A-share listed companies and 8 are Hong Kong-share listed companies.
"We will continue to expand the ranks of listed companies through IPO listing, asset integration and mergers and acquisitions. "Cui Yanlun, member of the Party Committee and deputy director of Guangzhou State-owned Assets Supervision and Administration Commission, said in an interview with Yangcheng Evening News that the Municipal State-owned Assets Supervision and Administration Commission has always regarded listed companies as an important starting point for promoting the mixed reform and standardized development of state-owned enterprises.
The data shows that,At the end of June 2021, the total assets of state-owned enterprises in Guangzhou were 5.08 trillion yuan, exceeding 5 trillion yuan, which gave birth to a large number of high-quality state-owned listed companies.How competitive are they in the capital market, what are the new trends in industrial layout and capital operation, and how will they maintain and increase the value of state-owned assets? The Yangcheng Evening News reporter combed this in detail.
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There are many listed companies in the pharmaceutical, biological and mechanical industries.
The reporter found out that among the 33 listed companies, including 25 A-share listed companies such as Guangzhou Automobile Group and Baiyun Mountain and 8 H-share listed companies such as Yuexiu Real Estate, they covered non-bank finance, machinery manufacturing, real estate and other industries, among which, the number of listed companies in medicine, biology, machinery and equipment and public utilities was the largest, which was in line with the trend of vigorously developing IAB industry and advanced manufacturing industry in Guangzhou.According to the plan, Guangzhou state-owned assets will further optimize the industrial layout and vigorously cultivate strategic emerging industrial clusters with world influence such as new energy vehicles, biomedicine and rail transit..
On the whole, Radio Group and Yuexiu Group, two state-owned enterprises, have the largest number of listed companies. Among them, with the A-share listing of Guangdian Express in 2007, the listing of Haige Communication in 2010, and the successful listing of Guangdian Metrology in 2019, Radio Group has become an enterprise group with three A-share listed companies among state-owned enterprises in Guangzhou. As of the first half of 2021, the total market value of these three A-share listed companies exceeded 79.4 billion yuan. Except Yuexiu Financial Holdings, the other five companies under Yuexiu Group are all listed in Hong Kong stocks, which can be said to be the main force for Guangzhou state-owned enterprises to go public in Hong Kong.
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More than half of enterprises saw positive revenue growth last year.
In 2019, the total assets of state-owned assets in Guangzhou exceeded 4 trillion for the first time. In the first half of 2021, the total assets of state-owned enterprises in the city continued to grow rapidly, exceeding 5 trillion yuan, and the asset scale ranked first among sub-provincial cities. Among them, the listing sector has promoted the overall performance of the state-owned assets system.
Judging from the 25 A-share companies, Guangzhou Automobile Group and Baiyunshan are comparable in revenue, and the revenue in 2020 will reach 62.7 billion yuan and 61.7 billion yuan respectively, both of which belong to the first echelon. Followed by Guangzhou’s development revenue reached 31.65 billion yuan, Guangzhou Port exceeded 10 billion yuan to reach 11.25 billion yuan, and Shanhe Intelligent was only one step away from the revenue of 10 billion yuan, reaching 9.377 billion yuan. The revenue of other listed companies is mainly concentrated in the level of 1 billion to 9 billion, and only 4 companies are less than 1 billion.
In 2020, faced with the impact of COVID-19 epidemic, 15 of the 25 listed companies still achieved positive revenue growth. Among them, Daan gene ranked first with a growth rate of 38.6%. Several listed companies owned by Guangzhou state-owned assets through mergers and acquisitions, such as Jinming Seiki, Shanhe Intelligent, Boshiko, etc., have achieved positive growth.
Judging from the net profit attributable to the parent company, Guangzhou Automobile Group still ranks first, and Yuexiu Financial Holdings ranks third with a year-on-year growth rate of 291% net profit, replacing Baiyun Mountain. The fastest growing Daan Gene achieved a net profit of 2.449 billion yuan, up 25.56% year-on-year, ranking among the top four. The net profits of the top four have all crossed the 1 billion step.
In the first quarter of this year, the growth rates of revenue, operating profit and net profit of 25 state-owned A-share listed companies reached 36.68%, 190.94% and 24.64% respectively, which were 11.48, 164.74 and 7.54 percentage points higher than the overall growth rate of the state-owned system."It can be said that the healthy development of listed companies has become an important support for the healthy development of state-owned assets in Guangzhou. "Cui Yanlun said.
The two companies rank among the top 500 in market value.
Under the double promotion of revenue and net profit, Guangzhou state-owned listed companies are also sought after in the capital market. Judging from the market value scale, Guangzhou Automobile Group is the only enterprise with a market value of over 100 billion yuan based on the closing price on June 30 this year, reaching 111.92 billion yuan, and the market value of Baiyun Mountain, the second place, is 52.08 billion yuan. At present, there are 18 top 500 enterprises in Guangzhou, among which Guangzhou Automobile Group and Baiyunshan are listed as state-owned enterprises.
Guangzhou state-owned listed companies show a pyramid-like ladder distribution in market value. Guangzhou Automobile and Baiyunshan firmly occupy the C position, while there are 9 listed companies with RMB 10 billion to RMB 50 billion. There are 6 companies with a market value of 5 billion to 10 billion yuan, and another 8 companies with a market value of less than 5 billion yuan.
"On the way of promoting the listed companies of state-owned enterprises in Guangzhou to become stronger and bigger, we should not only see the’ benefits’ of large enterprises, but also the’ beauty’ of small and medium-sized enterprises, both’ all-round players’ and’ singles champions’." Cui Yanlun stressed.
It is worth noting that although not every listed company is a "giant" in market value, many listed companies have also set a number of "firsts" in their respective fields. For example, the production and sales of Zhujiang Piano ranked first in the world for 20 consecutive years, Guangdian Express, a subsidiary of Guangzhou Radio, ranked first in the ATM market in China, and ranked first in the domestic comprehensive communication and navigation equipment of Haige Communication. Guangzhou Port Group helps Guangzhou Port to rank among the top five ports in the world in terms of cargo throughput and container throughput, and domestic trade containers rank first in the country.
Investment in innovative R&D has been rising year after year.
From the perspective of R&D investment, among the 25 listed companies in A-share market, 12 companies have invested more than 100 million yuan, of which Guangzhou Automobile Group has reached 976 million yuan, followed by Haige Communication and Baiyunshan, both exceeding 600 million yuan. Judging from the ratio of R&D investment to revenue, Guangha Communication ranked first (14%), and the three listed companies under the Radio Group, Haige Communication, Guangdian Express and Guangdian Metrology, all accounted for more than 10%.
Cui Yanlun introduced that from January to June this year, the R&D investment of municipal state-owned enterprises totaled 6.91 billion yuan, an increase of 26.9% over the same period of last year, which was 2.8 percentage points higher than the growth rate of operating income in the same period, and continued to maintain a rapid growth trend.
Previously, Guangzhou State-owned Assets Supervision and Administration Commission and Municipal Science and Technology Bureau jointly issued and implemented "Several Opinions on Further Strengthening the Scientific and Technological Innovation of Municipal State-owned Enterprises". We will vigorously promote the establishment of industrial investment funds by municipal enterprises, give play to the guiding role of state-owned state-owned enterprise fund groups, and provide financial kinetic energy for technological innovation and industrial upgrading and development.
It is understood that in terms of innovative R&D, Guangzhou pioneered the innovative model of "policy+alliance+fund" in local state capital. In 2020, the R&D investment of enterprises doubled to 15.95 billion yuan, with an average annual growth rate of over 16%, and the R&D intensity rose to 3.22%; In 2020, the output value of high-tech products accounted for 69% of the total industrial output value, an increase of 23.4 percentage points over 2015. By the end of 2020, the state-owned assets system has more than 41,000 scientific and technological personnel, and 12 academician workstations employ 40 Chinese and foreign academicians.
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Accelerate asset securitization
In recent years, capital operation has become an important driving force for state-owned enterprises to promote the leap-forward development of enterprises. Through listing, restructuring, private placement, introducing strategic investors and other ways, it gathers development resources and supports the expansion and development of enterprises. Besides cultivating its own listed companies, Guangzhou’s state-owned assets are active in the capital market, and they are "bought by buy buy".
During the 13th Five-Year Plan period, Guangzhou State-owned assets successively bought several listed companies, such as Jinming Seiki, Lidman, Shanhe Intelligent and Boshiko, all of which are well-known private listed companies. Among them, Jinming Seiki is ranked first in China and fifth in the world in the field of thin film equipment, Bosch is selected as one of the top 50 environmental listed enterprises in China, and Lidman is in a leading position in the field of various in vitro diagnostic reagents.
Why did you choose to join these listed companies? Cui Yanlun said,SASAC does not encourage blind implementation of mergers and acquisitions out of the main business, but hopes that enterprises can plan mergers and acquisitions of listed companies around their functional orientation and main business scope, focus on the main business, the real economy and future industries, and further improve the industrial chain and enhance the layout of state-owned capital through strengthening, supplementing and extending the chain.
Through capital operation, the strength of Guangzhou state-owned enterprises has been steadily improved. Take Shanhe Intelligent, which was acquired by Guangzhou Industrial Control, as an example. The company ranks among the top 50 global construction machinery enterprises, the top 20 global excavator enterprises and the top 3 global regional aircraft leasing companies, filling the gaps in Guangzhou’s state-owned assets in engineering equipment, special equipment and aviation manufacturing industries. At present, Shanhe Intelligent has carried out extensive business cooperation in Guangzhou.
In addition to mergers and acquisitions, Guangzhou state-owned assets are also promoting the spin-off and listing. As early as March of 2020, Guangdian Express issued a spin-off listing plan, intending to spin off its holding subsidiary Beijing Zhongke Jiangnan Information Technology Co., Ltd. (referred to as Zhongke Jiangnan) to the GEM of Shenzhen Stock Exchange. Guangdian Express has also become the second A-share listed company in Guangdong to announce the spin-off plan, and the first one in Guangdong to spin off the Growth Enterprise Market in Shenzhen.
In 2021, Guangzhou Pharmaceutical Baiyun Mountain, a listed company of Guangzhou Pharmaceutical Group, announced that its holding subsidiary Guangzhou Pharmaceutical completed industrial and commercial registration by increasing capital and shares, which means that Guangzhou Pharmaceutical is one step closer to splitting and listing in Hong Kong.
conversation
Cui Yanlun, Deputy Director of Guangzhou State-owned Assets Supervision and Administration Commission: Be stronger, better, bigger and better as a listed company.
The data shows that there are currently 33 state-owned listed companies in Guangzhou, with a total market value of 658.3 billion yuan, total assets of 2.1 trillion yuan and asset securitization rate of about 45%. Facing the "14th Five-Year Plan", how will Guangzhou state-owned assets continuously improve the asset securitization rate and continuously promote the reform of state-owned enterprises? Yangcheng Evening News interviewed Cui Yanlun, member of the Party Committee and deputy director of Guangzhou SASAC.
Improve the governance ability of listed companies
Yangcheng Evening News: The 33 state-owned listed companies in Guangzhou show obvious echelon distribution. How to promote the development of these companies to a new level as a whole?
Cui Yanlun: We are studying and formulating a three-year action plan for capital operation of municipal enterprises in accordance with the requirements of the State Council’s Opinions on Further Improving the Quality of Listed Companies. The general idea is to "make small ones fine, make fine ones bigger, make big ones stronger, and make strong ones better".
In view of the revitalization of stock resources, we hope to cultivate a new listing platform, promote the overall listing of the Group and the listing of core business assets, and also support the spin-off listing of subsidiaries of listed companies with high technology content, strong innovation ability and growth; In view of the incremental resource expansion, we encourage the acquisition of high-quality listed companies and do a good job in leading and strengthening the chain.
On the other hand, in view of the problem that the existing listed companies have weak governance capacity and lack of vitality, we should also speed up the improvement of the quality of listed companies. For listed companies with relatively high state-owned shares, we should speed up the introduction of strategic investors with synergistic effects, and encourage listed companies to speed up the establishment of medium-and long-term incentive and restraint mechanisms such as equity incentives to continuously release the endogenous motivation of enterprises.
Optimize industrial layout and create "chain length"
Yangcheng Evening News: This year is the first year of the 14 th Five-Year Plan. What are the key layouts of Guangzhou SASAC in deepening the reform of state-owned enterprises?
Cui Yanlun: Focusing on the 14th Five-Year Plan for Optimizing the Layout and Structural Adjustment of State-owned Economy in Guangzhou, we will guide enterprises to actively develop five characteristic industries, concentrate on promoting the layout of "1+5+X" industrial zones, actively participate in the construction of major scientific and technological facilities and research platforms, promote the innovation of business models and management of enterprises, build first-class enterprises with industrial competitiveness, and be brave in being the "source" of original technologies and the "chain length" of modern industrial chains. At the same time, we will actively and steadily promote the reform of mixed ownership and continuously improve the market-oriented operating mechanism of enterprises.
Encourage private enterprises to participate in the mixed reform of state-owned enterprises
Yangcheng Evening News: Guangzhou’s private economy is developed, and private listed companies have significant advantages in terms of market value and scale. How can Guangzhou state-owned enterprises join hands with private enterprises to empower state-owned assets to reform and help create a win-win situation?
Cui Yanlun: The value of listed companies mainly comes from creation and management. Municipal state-owned enterprises have a special position and role. They have always paid attention to project construction, industrial cultivation, people’s livelihood security, etc., that is, they attach importance to the "creation" of value, but there are still shortcomings in "management", mainly because the awareness of capital operation and market value management is not as strong as that of private enterprises. In addition, municipal listed companies are generally distributed in industries such as industry, consumption, finance, public utilities, information technology, medical care, real estate, etc., and their industries are relatively traditional and do not belong to the hot spots sought after by the capital market, which also shows from the side that the industrial structure of Guangzhou state-owned assets still needs to accelerate transformation and upgrading.
Combining the different advantages and characteristics of state-owned enterprises and private enterprises, we hope to strengthen exchanges and cooperation with private enterprises at three levels to achieve complementary advantages: First, at the industrial level, relying on the resources and brand advantages of municipal state-owned enterprises and the talents and technology advantages of private enterprises, we will carry out docking cooperation around industrial resources and investment projects, especially if some private high-tech enterprises need the support of achievement transformation platform, municipal state-owned enterprises can actively intervene and provide support.
Second, at the capital level, high-quality private enterprises with willingness and strength are welcome to participate in the mixed reform of municipal state-owned enterprises through capital increase and share expansion, especially for listed companies with relatively high state-owned shares. We will actively promote the introduction of strategic investors holding more than 5% of the shares, and hope that the majority of private enterprises will actively participate. For private enterprises that conform to the layout direction of state-owned capital, municipal state-owned enterprises can also actively participate in shares to achieve "two-way mixed reform."
Third, at the mechanism level, many mechanisms widely adopted by private enterprises and proved to be effective, such as market-oriented selection and employment mechanism, market-oriented performance appraisal and salary distribution mechanism, employee stock ownership and follow-up mechanism, fault-tolerant mechanism, etc., are worthy of serious study and reference by municipal state-owned enterprises. (For more news, please pay attention to Yangcheng Pai pai.ycwb.com)
Source | Yangcheng Evening News Yangcheng School
Editor | Xu Zhangchao
Shenqian | Xie Zhe
Internship Editor | Shao Yongshi
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