Leading the 350 billion Chinese state-owned enterprise structural adjustment fund, was commissioned to take care of the troubled central enterprises, and successively participated in the restructuring and listing of China CNR, CRSC and other enterprises... In recent years, China Cheng Tong Holding Group Co., Ltd. has repeatedly become a participant in hot news.


    It seems to be born out of nowhere, but in fact it has accumulated a lot. Especially at the beginning of last year, China Chengtong was identified as one of the two pilot projects for state-owned capital operating companies. This is another pioneering exploration of Chengtong in the reform of state-owned enterprises after becoming the first pilot for state-owned assets operating companies in state-owned enterprises 10 years ago.


    Create a parent-child fund group to support structural adjustment


    China Unicom's mixed reform plan was released recently. The China State-owned Enterprise Structural Adjustment Fund initiated and established by Chengtong Group was transferred to China Unicom’s 6.11% A shares at a consideration of 12.975 billion yuan and became its third largest shareholder.


    In September last year, Chengtong was entrusted by the State-owned Assets Supervision and Administration Commission of the State Council to initiate the establishment of a state-owned enterprise structure adjustment fund with a total scale of 350 billion yuan and the first phase of 131 billion yuan. Over the past year, this largest domestic private equity investment fund has continued to move:


    Participated in the fixed growth of China Metallurgical, Air China and other companies; participated in the debt restructuring of Sinosteel, China Heavy Industry Debt-to-Equity; invested in CRRC Environmental Technology Co., Ltd., JD Finance, etc.


    Up to now, the fund has completed (including signed contracts) 16 project investments, with a total contracted amount of more than 51.1 billion yuan, and its Chinese enterprise projects accounted for more than 90%. Funds use "invisible hands" to play a supporting role in the structural adjustment of state-owned enterprises.


    According to reports, Chengtong is planning to build a parent-subsidiary fund group with this fund as the core: Shenzhen State-owned Assets Supervision and Administration Investment Mergers and Acquisitions Equity Investment Sub-fund, which specifically supports state-owned enterprise mergers and acquisitions, and the largest non-performing asset investment fund in China-Chengtong Lakeshore Non-performing Asset Investment The fund has been established, and a fund focused on advancing the mixed reform of state-owned enterprises is also in the making.


    Give full play to the function of enterprise "ICU" 　 service supply side structural reform


    In April last year, China Chengtong carried out custody of the China Railway Materials (Group) Corporation, which was in a bond redemption crisis, in accordance with the deployment of the SASAC. After more than a year of hard work, China Railway Materials has fully reached a restructuring plan of 15.7 billion yuan in bank debt and 10 billion yuan in private placement bonds.


    The assignment of the trusteeship of China Railway Materials in the face of danger is the latest state-owned enterprise restructuring task assigned to Chengtong by the SASAC.


    In the past 10 years, as a pilot state-owned asset management company, Chengtong has explored non-main business and non-performing asset marketization, professional operation and disposal of central enterprises. It has successively reorganized and integrated 644 central enterprises, military industrial enterprises, and local state-owned enterprises, and cleared 749 assets and debts. 100 million yuan, 88,400 employees were resettled.


    Why can Chengtong become an "ICU" for helping companies in difficulty? What did Chengtong gain in this process?


    According to reports, in the process of receiving and integrating the assets of central enterprises, Chengtong has established three functional platforms for property management, asset operation, and human resources. It adheres to "one enterprise, one policy" and adopts equity mix, business reorganization, asset disposal, and debt reorganization. Realize the decomposition, reorganization and flow of production factors by other means, and then realize the liquidation and exit or reorganization of enterprises.


    In the view of Ma Zhengwu, chairman of China Chengtong Group, unlike industry groups, Chengtong’s special feature is to serve the economy and society through the integration of elements, activate the solidified stock assets in the integration, and realize the preservation and appreciation of state-owned assets.


    Start a new journey of state-owned capital operation


    The reorganization of state-owned capital investment and operating companies is a brand new attempt in a new round of state-owned enterprise reform.


    China Chengtong proposed that "the reorganization of the pilot program is carried out simultaneously with the pilot tasks", and has made a new exploration around the pilot "what to try" and "how to try".


    Ma Zhengwu said that we understand the positioning of state-owned capital operating companies as "a professional platform for the market-oriented operation of state-owned capital." Specifically, it is the interface and isolation zone between the government and the market, as well as a professional platform for market-oriented operation of state-owned capital, optimization of the layout structure, and improvement of allocation efficiency.


    "State-owned capital operation highlights liquidity, so that assets that were not tradable and difficult to trade in the past can be transformed into tradable and easily tradable capital, and value can be discovered and reflected in transactions, and finally the form of capital, capital, and assets can be transformed." He said.


    Starting from this positioning, Chengtong focuses on the four major service functions of "investment and financing, capital operation, asset management, and equity management", and continuously innovates systems, mechanisms and models.
　　
    According to Li Yousheng, vice president of Chengtong Group, in recent years, companies have adjusted their headquarters structure and work system, improved procedures such as equity operation, audit and supervision, and strengthened capital allocation research, operation and risk control capabilities. Focusing on market-oriented selection and employment, income distribution, and differentiated management, we will comprehensively promote market-oriented reforms of the three systems to stimulate motivation and release vitality.


    At the same time, adjust management and control methods, use existing funded companies as "experimental fields", explore a new system for fulfilling shareholder responsibilities and corporate governance as the main channel for capital management, highlight strategic leadership, strengthen financial management and control, pay attention to shareholder returns, and strengthen net asset returns Rate assessment indicators.


    "In the transition from a planned economy to a market economy, Chengtong has also experienced troughs, reorganization and regeneration. Our experience confirms that only reform can save the enterprise, and only reform can develop the enterprise." Ma Zhengwu said.


    He said that this year is an important year for the reform of state-owned enterprises to achieve breakthroughs. The pilot of state-owned capital operating companies is on the shoulders. We will continue to carry forward the spirit of "bravely shoulder heavy burdens and dare to gnaw hard bones", and strive to pilot platform functions and operations. A new breakthrough in the way.