With the increasingly clear road map for the reform of state-owned enterprises, "reform fever" has once again emerged in all industries, while the development of a mixed ownership economy is the "grand opening" in this round of deepening the reform of state-owned enterprises. In 2014, the textile industry will still face the unmanifested fundamentals. The reform of state-owned enterprises in full swing will raise the profitability of state-owned assets in the short run. In the long run, the consolidation and transformation innovation in the textile industry will usher in a new peak. This strong reform will greatly enhance the value of these enterprises.
With the increasingly clear road map for the reform of state-owned enterprises, "reform fever" has once again emerged in all industries, while the development of a mixed ownership economy is the "grand opening" in this round of deepening the reform of state-owned enterprises. For the textile industry, its own market competition is relatively high, but the problems left over by history left the state-owned textile enterprises in various regions facing reform challenges.
According to statistics, there are 16 central SOEs and local state-owned enterprises currently listed in the textile industry. The total market value of state-owned enterprises accounts for about 16% of the total market value of the entire textile and apparel sector. From the sub-sectors, state-owned enterprises are mainly concentrated in the processing and manufacturing sectors, including 6 cotton spinning companies, 2 wool spinning companies and 4 garment and garment manufacturing companies.
Although most of these textile enterprises are performing well in capital markets and have abundant resources, their operating efficiency has been declining.
Among them, in addition to Jihua Group (601718) belongs to the military background of the enterprise, the other 15 companies are general competitive enterprises, corporate system common defects, the industrial chain is not smooth, performance loss, and even ST risk. In the same vein, this round of vigorous reforms will greatly enhance the value of these enterprises.
Fired the first shot
Shanghai first catch "good platform"
In this round of state-owned assets reform, Shanghai started the "first shot" of state-owned assets reform because of its financial center status and the huge quantity and assets owned by state-owned enterprises.
On December 17, 2013, Shanghai Meeting on Deepening the State-owned Assets Reform and Enterprise Development formally released the Opinions on Further Deepening Shanghai's State-owned Assets Reform and Promoting the Development of Enterprises. According to the plan of SASAC, this year, it will focus on industrial chain, value chain and functional chain, strengthen vertical integration and horizontal linkage, promote the diversification of property rights in competitive enterprises, and introduce competitive business in functional and public service enterprises To explore the public service industry franchise.
Shanghai is the most concentrated state-owned textile enterprises in the region, a total of four listed companies, namely Shanghai Sanmao (600,669), leading shares (600,630), Shanghai shares (600,626) and open Industrial (600,272).
In fact, relevant reform actions have already started. By the end of 2013, Conch Garments, a wholly-owned subsidiary of leading share-holding, planned to replace 100% equity interest in Malu Shirt Factory with 100% equity of Kaizhong Industrial held by Shenda Group.
The leading shares and Shenda shares with Shanghai Textile (Group) Co., Ltd. controlled by the listed company, and the asset replacement, but also opened the curtain of the adjustment of Shanghai Textile State-owned enterprises. According to Shanghai SASAC stakeholders, Shanghai Textile is bound to make good use of Shenda Share as a "good platform" in formulating the group reform plan in order to develop mixed ownership.
Under the top design
Play capital "pioneer role"
Guided by the macroeconomic level of "changing enterprises from managers to capital management" and "changing from unitary ownership to mixed ownership", the reform in various regions varies.
Take Shenzhen as an example. The core idea of the reform is to "refinish" the business, that is, to divest the non-core business, solve the competition among peers, highlight the main business of the group company, integrate the main business in a certain field into a leading enterprise, and form The only listed group in a single industry.
Shenzhen Investment Holdings Co., Ltd. (hereinafter referred to as "Shenzhen Investment Holdings"), a pioneer of state-owned asset reform in Shenzhen, is a state-owned asset management company that focuses on property management, capital operation and investment and financing businesses. On March 17, Shenzhen Investment Holdings Co., Ltd. proposed to transfer 26% ~ 29% shares of Shenzhen Textile A (000045). According to the announcement, Shenzhen Investment Holdings Co., Ltd. controlled not less than 1.32 billion shares and not more than 147 million shares Shares, the transfer price of not less than the previous 30 trading days weighted average price.
The Shenzhen state-owned assets and "step out" approach is different, Hunan SASAC grasping the transformation and upgrading of enterprises. Huasheng shares (600,156) due to the main business of the poor performance of the textile business over the years, the actual controller Hunan Province, under the guidance of the SASAC, Huasheng shareholder shares - Hunan Huasheng Group and the end of 2012 with the assets of listed companies, Into a Hunan Huiyi 51% stake in medicine, from the traditional textile industry restructuring high-end pharmaceutical equipment industry.
As a result, the mid-term loss of 26.41 million yuan or shares (600,156) to achieve full-year results in the counterattack. On January 27, the Company disclosed the announcement of the pre-announcement of 2013 annual results. It is estimated that the net profit attributable to shareholders of the listed company in 2013 will increase by 1570% -2050% over the same period of previous year.
Clear up the goal of reform
Looking for investment "theme"
From the perspective of the reform of the state-owned textile enterprises, the state-owned assets will be given full play to the state-owned assets through reorganization or asset injections, the introduction of strategic investors, the withdrawal of state-owned capital, and the equity incentives of management and employees. Enterprises directly face the competition with private enterprises, to play their own initiative and creativity.
As for the capital market, there are two main lines of investment in the reform of state-owned enterprises: First, the rediscovery of the platform value of the state-owned enterprise group listed companies, under the premise of professional restructuring and market-oriented operation, the profit-making and growth- The listing or injection of listed companies and the divestment of other non-core businesses of listed companies will have a positive impact on the enhancement of the market value of the Company and the development of financing functions, so as to maintain and increase the value of state-owned assets. Second, SOE management shifted from "bigger" to "stronger" to raise the valuation of related companies. Promote the transformation of mature industry leaders into strategic emerging industries, encourage state-owned enterprises to actively "go global" and accelerate the cultivation of state-owned multinationals with strong international competitiveness.
However, Chen Qingtai, member of the standing committee of the Chinese People's Political Consultative Conference and deputy director of the Chinese Economic Committee, and president of the China Association of Public Companies, also pointed out that hurried operation in cases where the institutional framework is not yet clear may create obstacles to follow-up reforms. We should first sort out the objectives of the reform, the institutions and mechanisms to be established, design feasible solutions, properly handle the problems left over from history, carry out the necessary pilot projects and then conduct large-scale operations so as to ensure the active and steady reform of this reform.
In 2014, the textile industry will still face the unmanifested fundamentals. The reform of the state-owned enterprises in full swing will raise the profitability of state-owned assets in the short run. In the long run, the textile industry's M & A integration and transformation innovation will usher in a new peak.