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Shanghai State-owned State-owned Enterprise A Demolition A Adds Another Case

来源: 证券日报 January 9, 2020 07:18 Source: Securities Daily

Our reporter Shi Lu

Following the prelude to the listing of the spin-off subsidiaries of central SOEs, the listing of spin-off subsidiaries of local SOEs has also accelerated.

After China Railway Construction, the first state-owned enterprise, planned to spin off the iron construction heavy industry and listed on the science and technology innovation board, local state-owned assets opened a wave of listing of spin-off subsidiaries. Among Shanghai local listed companies, since Shanghai Electric opened the door of local state-owned assets A and A, other state-owned assets have also begun planning.

On the evening of January 8, Shanghai Construction Engineering announced that the company ’s wholly-owned subsidiary, Shanghai Construction Engineering Materials Engineering Co., Ltd. (hereinafter referred to as “Materials Company”) and related entities, after appropriate reorganization, changed the material company as a whole to establish a joint stock company. It also submitted the listing application documents to the China Securities Regulatory Commission as the subject to be listed. After obtaining the approval, it selected the opportunity to publicly issue A shares and listed on the main board of the Shanghai Stock Exchange. After the spin-off, the construction materials are still the company's controlling subsidiaries.

Since then, Shanghai Construction Engineering has become the third state-owned enterprise in Shanghai, and the second state-owned enterprise in Shanghai to be listed on a spin-off subsidiary.

Shanghai Construction Engineering Spin-off

The third domestic state-owned enterprise to open A and A

As Shanghai's local construction company, Shanghai Construction Engineering's spin-off plan has also opened up new ideas for local state-owned assets to be dismantled. Different from Shanghai Electric and China Railway Construction, Shanghai Construction Engineering intends to spin off its subsidiary material company and list on the main board of the Shanghai Stock Exchange.

Regarding the reasons for the spin-off, Shanghai Construction Engineering stated in the announcement: "This spin-off and listing is the Shanghai Construction Engineering deepens the reform of state-owned and state-owned enterprises, optimizes the asset layout and business structure within the group, stimulates the endogenous power of the enterprise, and promotes the leapfrog development of the business sector. Strategic initiatives. "

"Through this spin-off, the independent listing of related companies in the building materials industry in the Shanghai construction industry system can deepen the reform of state-owned and state-owned enterprises, optimize the layout of state-owned assets, effectively promote the strengthening and strengthening of state-owned assets, and maintain and increase the value of state-owned assets. In the future, strategic investors will be introduced, and mixed ownership reform will provide a platform foundation. "Shanghai Construction Engineering said in the announcement.

Regarding the advantages of the spin-off and listing, Shanghai Construction Engineering said that it will help to further streamline the company's business structure, improve the target company's incentive and governance mechanism, help the target company's intrinsic value to be fully released, and form an independent valuation system. After the completion of the spin-off and listing, the company's equity in construction materials is expected to obtain a more reasonable valuation and enhance the company's shareholder value.

It is reported that after the spin-off, Shanghai Construction Engineering and its subsidiaries can play their respective advantages. Construction materials focus on the development of ready-mixed concrete business, and expand other emerging, green and environmentally friendly materials, which will help improve Shanghai Construction Engineering's asset quality and enhance the overall profitability of Shanghai Construction Engineering.

It is understood that Shanghai Construction Engineering Co., Ltd. was an enterprise that was listed earlier in Shanghai State-owned Assets. It was formerly known as the Shanghai Construction Engineering Administration established in 1953. In 1994, it was restructured to use Shanghai Construction Engineering (Group) Corporation as its parent company. Group companies. After the establishment of Shanghai Construction Engineering Group Co., Ltd. in 1998, Shanghai Construction Engineering was listed on the Shanghai Stock Exchange. After two major reorganizations in 2010 and 2011, Shanghai Construction Engineering completed its overall listing.

As the main force of Shanghai's urban construction, Shanghai Construction Engineering Co., Ltd. has built a reputation at home and abroad, including Shanghai Center Building, National Convention and Exhibition Center (Shanghai), Shanghai Disneyland, Kunshan Central Ring Road, Hong Kong-Zhuhai-Macao Bridge and Macau Port Travel Inspection Building. Series "Super Engineering".

In 2018 and 2019, Shanghai Construction Engineering successively completed the exhibition function improvement project and scale improvement project of the National Convention and Exhibition Center (Shanghai) in the Expo, and won a total of 114 Luban Awards.

In the first three quarters of 2019, Shanghai Construction Engineering's newly signed contract value was 244.47 billion yuan, a year-on-year increase of 17.7%; operating income was 152.3 billion yuan, a year-on-year increase of 32%; net profit was 2.72 billion yuan, a year-on-year increase of 50.2%. In the latest announcement of the world's 250 largest ENR contractors in 2019, Shanghai Construction Engineering ranked 9th, an increase of 4 from 2013.

Broaden financing channels

Enhance capital strength

According to the "Securities Law" and "Several Provisions on the Pilot Pilot of Spin-off Subsidiaries of Listed Companies" and other relevant documents, the listing of a spin-off subsidiary of a state-owned enterprise must meet the domestic listing for 3 years, be profitable for three consecutive years, and the cumulative net profit must be no less than 6 Provisions such as 100 million yuan, Shanghai Construction Engineering fully meets the requirements for spin-off and listing.

Public information shows that the material company was founded in 1953. It is a wholly-owned subsidiary of Shanghai Construction Engineering Group Co., Ltd. It is a leading enterprise in the production and sales of ready-mixed concrete and prefabricated components in Shanghai. Its business scope covers Jiangsu, Zhejiang, Anhui, and Sichuan. Several cities in the province have supporting industrial chains such as Huzhou New Kaiyuan Stone Mine, Admixture Plant, and Machine Transport Branch.

"The total installed capacity of ready-mixed concrete of the material company is 532.5 cubic meters, with an average daily production capacity of 150,000 cubic meters. The annual output of ready-mixed concrete in 2019 is 37.836 million cubic meters, an increase of 39.6% year-on-year, ranking third in the country and sixth in the world. R & D and production capacity of various high-performance functional concretes such as ultra-high pumping concrete and special concrete. With rich experience in the production of prefabricated components and strong prefabricated component production capacity, the annual production capacity is nearly 600,000 cubic meters, which is an industry in Shanghai. Leading enterprise. "Insiders of Shanghai Construction Engineering told the Securities Daily reporter.

According to the official website of Shanghai Construction Engineering, the material company has a complete three-level system for science and technology research and development, and its technology and products are widely used in super high-rise buildings, subway tunnels, and municipal construction. The projects it participated in have won the National Science and Technology Progress Award, China Civil Engineering Zhan Tianyou Award, National Luban Award and Shanghai White Magnolia Award.

"Construction Materials, as a subsidiary of the Group specializing in the research and development and production of concrete and prefabricated components, has gradually increased its merger and acquisition in recent years to expand the layout of concrete mixing stations and increase production capacity. After the completion of the spin-off and listing, it can create an independent listing platform for this business. , Significantly enhance the construction materials industry's merger and acquisition capabilities, achieve leapfrog development, increase research and development of green and environmentally friendly building materials, and strengthen core technical strength and market competitiveness. "The above-mentioned person added.

"The separation and listing of construction materials will directly connect with the capital market, which can increase the flexibility and efficiency of financing of the company and construction materials, effectively reduce the overall asset-liability ratio, and enhance the company's comprehensive strength." Shanghai Construction Engineering said in the announcement.

(Responsible editor: Wei Jingting)


China Economic Network statement: Stock market information comes from cooperative media and institutions, is the author's personal opinion, is for investors' reference only, and does not constitute investment advice. Investors do so at their own risk.
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Shanghai State-owned State-owned Enterprise A Demolition A Adds Another Case

来源:证券日报 2020-01-09 07 : 18Source : Securities Daily
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