Transformation of old and new kinetic energy of insurance subsidy economy
China securities journal: What do you think insurance asset management institutions can do to serve the innovation and development of the real economy?
Zhang Hui: At present, China's economy has shifted from a high-speed growth stage to a high-quality development stage, and many fields have entered a critical moment of heavy technology climbing and upgrading. The conversion of old and new kinetic energy has become an important part of the overall strategy of economic and social development.
As a long-term fund, insurance capital gradually participates in the development strategy of transforming old and new kinetic energy. By the end of 20 18, the balance of insurance funds in China had exceeded 17 trillion yuan, of which about 30% was directly invested in major projects and infrastructure. The transformation of old and new kinetic energy of economy brings some new opportunities and challenges to insurance investment. For example, insurance institutions are now exploring new modes of providing services and support for the real economy and industrial development, focusing on the characteristics and needs of advanced manufacturing, strategic emerging industries, modern service industries and other industries, promoting the integration of industry and finance, supporting industrial upgrading and technological innovation, and supporting the development of private enterprises.
For Everbright Yongming Assets, according to the strategy of combining industry and finance put forward by Everbright Group, the characteristics are more prominent in expanding strategic emerging industry projects and creating valuable and distinctive boutique projects. Among them, Everbright Yongming-Ziguang Yangtze River Storage Infrastructure Debt Investment Plan won the "Annual Financial Innovation Award" in the Winter Forum of China Finance and Economics Summit; Everbright Yongming-BYD Power Battery Infrastructure Debt Investment Plan opens the layout of new energy fields of insurance funds; Yuanxing Energy Debt-to-equity swap project is the first market-oriented debt-to-equity swap project of Everbright Group, the first private enterprise debt-to-equity swap project in Inner Mongolia Autonomous Region, and the first market-oriented debt-to-equity swap project operated independently by an insurance asset management company as an implementing agency. The equity investment plan of Qianhai Parent Fund, focusing on investment in emerging industries such as biology, health, information, Internet, new energy and new materials, was also registered in early 20 19.
Science and technology innovation board promotes the benign reform of the capital market.
China securities journal: The Science and Technology Innovation Board will be launched soon. What positive significance do you think the establishment of science and technology innovation board will bring to the capital market?
Zhang Hui: The launch of the science and technology innovation board is of great significance. Science and technology innovation board is an important way to encourage the support of real economy, especially scientific and technological innovation enterprises through capital market. Therefore, it attaches great importance to strategy and actively deploys tactics. We believe that after the successful pilot of the stock issuance registration system, it may be further extended to the growth enterprise market and the main board market in the future, bringing about a benign reform of the capital market as a whole. In the first stage of the launch of the science and technology innovation board, the growth enterprise market should increase with the listing of the science and technology innovation board, and the overall risk appetite will increase; In the second stage, the science and technology innovation board will enter a stable development stage, the survival of the fittest will be accelerated in the capital market, and the market will increasingly favor high-quality leading companies.
At present, the quality and efficiency of China's financial resources allocation need to be improved, especially the indirect financing is still the main financial format in China, and the development level of direct financing is insufficient. Promoting capital market reform, breaking down institutional and institutional obstacles that restrict the development of capital market, establishing and improving multi-level capital market, broadening equity financing channels, increasing the proportion of direct financing, and guiding long-term funds to support the real economy are important components of financial supply-side reform. In the long run, the launch of the science and technology innovation board will play a positive role in accelerating the reform of the capital market, improving the market structure, promoting scientific and technological innovation, industrial upgrading and promoting economic restructuring.
Insurance capital can participate in the science and technology innovation board in three ways.
China securities journal: The Science and Technology Innovation Board will be launched soon. What is the business layout of your company in the science and technology innovation board?
Zhang Hui: science and technology innovation board has established a market with information disclosure as its core system. For insurance funds, under the condition of ensuring the safety of funds and the stability of income, we can try three ways to participate in the future: First, according to the characteristics of insurance funds investment, we will directly participate in the secondary market investment in science and technology innovation board in the future; Second, some science and technology innovation board enterprises meet the investment attribute requirements of insurance funds and can participate in them at an early stage; Third, on the premise of satisfying the investment attributes of insurance funds, we should implement participation in indexed investment with the help of relevant tools.
Direct participation in science and technology innovation board investment, from the investment point of view, insurance asset management companies participate in the following ways: direct participation in the placement of new shares; Direct transactions in the secondary market; Subscribe to science and technology innovation board Focus Fund products.
In order to meet the scientific and technological innovation board, our company has also done a lot of work. The company systematically studied the distribution rules and valuation pricing system of science and technology innovation board; Reform the internal system to meet the investment needs of the science and technology innovation board, including but not limited to reforming the trading system, risk control system and valuation system; The company's equity investment department set up a research group on science and technology innovation board to continuously track and study the companies that have been accepted to be on the science and technology innovation board; Conduct many trainings from the investment perspective, study the investment strategy of science and technology innovation board, and reserve suitable investment methods for the company.
For institutional investors such as insurance funds, science and technology innovation board has put forward high requirements for the professional ability of participants, which will prompt us to strengthen our own professional ability construction. Due to the particularity of many institutional settings, science and technology innovation board has a high risk preference under the existing capital market system, including the institutional provisions on operational risks such as price fluctuation, technical maturity of related listed companies and R&D. The stock of science and technology innovation board may fluctuate greatly at a certain stage, which puts forward higher requirements for the professional ability of participating investors, including pricing, fundamental tracking of listed companies, stock trading and so on. For the research of listed companies on the science and technology innovation board, it is necessary to strengthen the communication between the investment department and the investment banking department, and use the thinking mode of one-level linkage to make judgments.
"Equal Treatment" to Optimize the Debt Structure of Private Enterprises
China securities journal: Chairman Li of Everbright Group previously proposed that supporting the private economy should achieve four "equal treatment", that is, the credit policy should be treated equally and the entry threshold should not be raised; Service efficiency is the same, not indecisive; Incentives and constraints are treated equally, not favoring one over the other; Product innovation is treated equally, without looking around. Are there any similar measures corresponding to insurance asset management?
Zhang Hui: The four principles of "equal treatment" are important requirements for Everbright Group to conscientiously implement the spirit of the central instructions, implement the decision-making arrangements of the CPC Central Committee in the State Council, and support the development of the private economy. As long as private enterprises have "clear equity, sound governance, healthy industry and good reputation", they should get the same financial services as state-owned enterprises. Tourism, environmental protection, health, new technology and other industrial sectors under the Group can resolve the financial risks of private enterprises and help them become bigger and stronger through cooperation with peers and upstream and downstream private enterprises in the industrial chain in terms of equity and technology. This is inseparable from the participation of financial institutions. Insurance asset management institutions can give full play to their professional advantages, participate in debt-to-equity swap funds and private enterprise development funds, leverage more funds to support the development of private enterprises through capital injection, mergers and acquisitions, and optimize the asset-liability structure of private enterprises.
According to the instructions of Li, Party Secretary and Chairman of Everbright Group, Everbright Yongming Assets has taken the following measures: First, set up a corporate financing committee to strengthen internal management and improve its ability to provide services to customers including private enterprises; Second, intensify innovation, improve the company's investment and research capabilities, and continue to explore ways to solve various financing needs of private enterprises by perpetual bonds, equity plans, M&A funds, mezzanine funds and asset securitization on the basis of debt investment plans, equity investment plans and debt-to-equity swap projects; Third, make good use of the policies of relevant departments in the State Council to encourage market-oriented debt-to-equity swaps and the green channel of insurance asset management associations to improve service efficiency and effectively alleviate the financing difficulties of private enterprises.
Some of our projects have also actively responded to the requirements of the central government and the group. Everbright Yongming-BYD Power Battery Infrastructure Debt Investment Project, with a total scale of 654.38+0.6 billion yuan and an investment period of 4 years, guides insurance funds to support the development of private new energy industry in China. The creditor's rights plan was praised by China Insurance Asset Management Association, and it is also a green channel project registered by the association, realizing "equal treatment in service efficiency".
Everbright Yongming Assets, together with the enterprises in Everbright Group, actively promoted the successful implementation of the debt-to-equity swap project of Yuanxing Energy, effectively optimized the capital structure of Yuanxing Energy through the market-oriented debt-to-equity swap project, reduced the debt level, and supported private enterprises to become bigger and stronger and become industry leaders. This project has created three firsts: the first market-oriented debt-to-equity swap project of Everbright Group, the first private enterprise debt-to-equity swap project in Inner Mongolia Autonomous Region, and the first market-oriented debt-to-equity swap project operated independently by insurance asset management companies as implementing agencies. The project has achieved many innovations in transaction arrangement: first, the target of share conversion combines listed companies and unlisted companies; Second, there are various exit channels and a large choice; Third, the risk protection measures are comprehensive. This fully reflects our "equal treatment in product innovation".
(Article Source: china securities journal) Solemnly declare: The purpose of publishing this information is to spread more information, which has nothing to do with the position of this website.