As an important part of my country's capital market, the property rights transaction capital market plays an important role in improving the property rights protection system, promoting the market-oriented allocation of factors, and promoting the "three cuts, one reduction, and one supplement" of state-owned enterprises.
As the foundation for the future development of the industry continues to be consolidated, the two major functions of property rights transaction capital market, property rights transfer and financing services, will gradually be enlarged, and the unique advantages of the property rights transaction capital market will also be further revealed.
On November 14, the second enlarged meeting of the third board of directors of the China Enterprise State-owned Property Rights Trading Institutions Association (hereinafter referred to as the "China Property Rights Association") was held in Beijing.
According to statistics from the China Property Rights Association, from 2012 to 2016, the cumulative transaction volume of 12 types of property rights transactions (including non-state-owned) projects such as property rights, physical assets, litigation assets, financial assets, and corporate financing services in the property rights transaction capital market was 18.09 trillion yuan.
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Among them, the property rights transaction industry achieved a transaction volume of 7.92 trillion yuan in 2016, and the number of transactions was 1.3295 million, an increase of 110% and 58.27% respectively compared with 2015.
The reform of state-owned enterprises has become an engine. The "Guiding Opinions of the Central Committee of the Communist Party of China and the State Council on Deepening the Reform of State-owned Enterprises" clearly positions the property rights trading capital market as my country's capital market, supports state-owned enterprises to dispose of corporate assets at fair market prices through property rights trading platforms, and achieves Transformation of state-owned capital forms.
In July 2016, the State-owned Assets Supervision and Administration Commission of the State Council and the Ministry of Finance jointly issued the "Measures for the Supervision and Administration of Enterprise State-owned Asset Transactions", which clarified that the transfer of property rights, corporate capital increase and asset transfer of state-owned enterprises must be publicly traded in property rights trading institutions established in accordance with the law.
This shows that the business boundaries of the property rights trading capital market are further broadened, the transformation and upgrading tasks are arduous, and the property rights trading capital market is ushering in a rare historical development opportunity.
"In the past five years, the reform of state-owned enterprises has become the main engine for the development of the property rights trading capital market." Xia Zhongren, Party Secretary and Secretary-General of the China Property Rights Association, said that the property rights trading capital market is improving the property rights protection system, promoting the market-oriented allocation of factors, and promoting state-owned enterprises.
In terms of "three cuts, one reduction and one supplement", the market has played a decisive role in resource allocation.
According to the Enterprise State-owned Property Transaction Monitoring System of the State-owned Assets Supervision and Administration Commission of the State Council, in the past five years, state-owned enterprises across the country have transferred 863.6 billion yuan of state-owned assets through the property rights transaction capital market, with an average value-added rate of 19.66%, of which 94% of transaction projects have achieved value-added based on the evaluation results.
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In the equity transaction capital market, the emerging successful cases have also attracted attention.
The Shanghai United Assets and Equity Exchange assisted Baosteel Group, Guodian Group, Huaneng Group and other central enterprises to clean up and dispose of inefficient and ineffective assets in overcapacity industries such as steel and coal, and recovered more than 10 billion yuan of funds; Chongqing United Assets and Equity Exchange assisted the China Railway Materials Corporation
The company successfully disposed of liquidated assets and recovered 2.7 billion yuan of funds in 36 days, helping the company successfully resolve a bond repayment crisis, etc.
According to statistics from the China Property Rights Association, since the implementation of the "Measures for the Supervision and Administration of Enterprise State-owned Asset Transactions", the property rights trading capital market has completed 257 capital increase projects for state-owned enterprises at all levels, achieving a total of 152.835 billion yuan in direct financing.
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In 2016, the national equity trading institutions provided financing services to enterprises of all types of ownership in the form of equity financing, debt financing, equity pledge financing, government and social capital cooperation (PPP), financial leasing, etc., with a total amount of 499.1 billion yuan, and
The annual growth rate reached 239% compared with 2015.
Data show that from the promulgation and implementation of the "Measures for the Supervision and Administration of State-owned Assets Transactions of Enterprises" to September 30, 2017, the central enterprise capital increase business pilot agency *** raised 86.728 billion yuan in funds for central enterprises.
As the capital increase projects of central enterprises generally have large financing scale, high degree of marketization and wide social influence, as a number of projects with typical demonstration effects gradually enter the market, the property rights trading capital market begins to attract securities companies, insurance companies, asset management companies, etc.
It has attracted widespread attention and active participation from various financial investment institutions, including institutions and private equity funds.
The property rights transaction capital market gradually emerges as the financing function of the capital market.
Local state-owned enterprises are also proactive in using the property rights transaction capital market to promote mixed ownership reform.
Since local trading institutions are familiar with the operations of local state-owned enterprises, during the mixed-ownership reform process, they understand the pain points and demands of enterprises, and rely on their years of accumulated experience and practices to help enterprises introduce various types of social capital.
Tianjin Equity Exchange Center successfully implemented the Bohai Securities capital increase and share expansion project using the "book building" pricing method, raising approximately 5 billion yuan in social capital.
In the Shenzhen High-tech Investment Group's 40% equity increase project, Shenzhen United Assets and Equity Exchange not only provided full-process investment banking services for the capital increase companies, but also held a roadshow promotion conference in Hong Kong, attracting many overseas capital to pay attention to state-owned enterprise financing, and ultimately provided Shenzhen with
Hi-tech Investment raised 2.65 billion yuan.