With the " SOE reform roadmap " increasingly clear, the re-emergence of the various sectors of "reform hot" , and the development of the current round of mixed ownership economy is deepening the reform of state-owned enterprises "key ." In 2014, the textile industry is still faced with the fundamentals do not improve test of SOE reform in full swing , the short-term will enhance the profitability of state-owned assets , which in the long run , merger integration and transformation of innovation in the textile industry will usher in a new peak , this is a strong driving force for reform , for the value of these companies , it would have greatly improved.

    With the " SOE reform roadmap " increasingly clear, the re-emergence of the various sectors of "reform hot" , and the development of the current round of mixed ownership economy is deepening the reform of state-owned enterprises "key ." For the textile industry, the higher the degree of competition in the market itself , but historical issues led to reforms around the state-owned textile enterprises are facing difficulties .

    According to statistics , at present listed companies in the textile industry , the central rate and a total of 16 local state-owned enterprises , state-owned enterprises accounted for about 16% of the total market capitalization of the entire textile and apparel sector of the total market capitalization. From the sub- sectors, the state-owned enterprises are mainly concentrated in the background manufacturing sector , where such companies 6 cotton , wool class company 2 , readymade garments manufacturing company four categories .

    Although the majority of these textile companies in the capital market performance is not bad , with abundant resources , but the operational efficiency has become increasingly decline.

    Which , in addition Jihua Group ( 601,718 ) belonging to the military background of the enterprise, the other 15 companies are generally competitive enterprises, enterprise system widespread malpractice, industrial chain flow, performance loss , and even the presence of ST risk. And the same , this round of strong reform momentum , the value of these companies , it would have greatly improved.

Fired the first shot

Shanghai 's first catch " good platform"

   In this round of reform of state-owned assets in Shanghai because of its financial center , and a large body mass and assets owned by state-owned enterprises , started the reform of state-owned assets , " the first shot ."

   December 17, 2013 , in Shanghai to deepen the reform of state-owned enterprise development conference officially released the "Circular on Further Deepening the Shanghai State-owned enterprises reform and promote the development of opinions ." According to the Shanghai SASAC plans , this year will focus on the industrial chain , value chain and functional chain , strengthen vertical integration and horizontal linkage, promote competition diversified enterprises reform of property rights , functional class and public service enterprises competitive business to introduce strategic investors who explore the public service sector franchising.

   Shanghai state-owned textile enterprises the most concentrated areas , a total of four listed companies , namely Shanghai Sanmao ( 600,689 ) , leading shares ( 600,630 ) , Shenda shares ( 600,626 ) and Kaikai ( 600,272 ) .

   In fact , the relevant reform movement has begun. By the end of 2013 , a wholly owned subsidiary of leading shares - 100 % of the equity conch costumes, intends to 100% of the equity of Malu shirt factory and Shen Kai held by the Group in Industrial asset replacement .

   Leading shares and shares the same Shanghai Shengda Textile ( Group ) Holdings Limited listed company , and this asset replacement, but also opened the Shanghai State-owned textile enterprises to adjust the prologue. According to the Shanghai SASAC official said , Shanghai Textile Group in the development of the reform program , the applicant is bound to make good use of this " good platform" shares , in order to develop the mixed ownership .

Under the top-level design

Play a capital " pioneering role "

   Presented at the national macro-level "corporate people from the tube into a pipe capital " and under the "single ownership into a mixed ownership " under the guidance of reform around the situation is different.

   Shenzhen, for example , the core idea of its reform is business " Refocusing ", ie to divest non- core businesses , resolve intra-industry competition , highlighting the Group's main business will be integrated into a company 's main business areas of leading companies to form the only listed a single industry group .

   The reform of state-owned assets to act as a pioneer in Shenzhen is Shenzhen Investment Holdings Co., Ltd. ( hereinafter referred to as the "Shenzhen Investment Holdings " ) , which is a property management, capital investment and financing business operations and the main industry of the state-owned asset management companies . March 17 , Shenzhen Investment Holdings Co., Ltd. intends to transfer Shenzhen Textile A (000045) 26% ~ 29% of the shares , according to the announcement shows SIHCL the transfer of shares is not less than 132,000,000 and not more than 147,000,000 shares shares , the transfer price is not less than the weighted average of the previous 30 trading days .

   While the Shenzhen State -owned " step out" approach is different, Hunan SASAC clutching upgrade enterprises. Huasheng shares ( 600,156 ) due to the poor performance of the main business of textile business for many years , under the guidance of actual control in Hunan SASAC , Huasheng shares the largest shareholder - Hunan Huasheng Group at the end of 2012 with the replacement of assets of listed companies , set into a 51% equity interest in Hunan Department of pharmaceutical machines, pharmaceutical equipment industry in the transition from the traditional high-end textiles .

   Thus, the medium-term but also a loss of 26.41 million yuan Huasheng shares ( 600 156 ) to achieve the full-year results for the counter-attack . The company disclosed the 2013 annual forecasted announcement on January 27 evening, the year 2013 is expected to achieve net profit attributable to shareholders of listed companies compared with the same period last year , will increase 1570% to 2050 %.

Clarify the objectives of the reform

Looking for investment "theme"

    From the perspective of reform of state-owned textile enterprises through restructuring and merger or asset injection, the introduction of strategic investors , the state capital exits , equity management and staff incentives , etc., to promote the flow of state-owned shares , will give full play to the advantages of state-owned assets , so the state-owned enterprises directly face competition with private enterprises to play their own initiative and creativity .

    As for the capital market, investment in SOE reform exist two main themes : First, the value of state-owned group of companies listed on the platform and then found that in the context of the restructuring of specialization , market operations, profitability and growth will be a good asset separately listed or into the listed company , while stripping other listed company's non-core businesses , the play will be the company 's market capitalization and financing capabilities to enhance the formation of a positive impact , increasing the value of state assets. Second, the state-owned enterprises operating from the "bigger " to " strong" bring the relevant valuation upgrade. Promote the conditions are ripe for industry-leading companies to strategic emerging industry restructuring state-owned enterprises to actively encourage "going out" to accelerate the development of state-owned multinational companies with strong international competitiveness.

   However, the CPPCC Standing Committee , deputy director of the Economic Commission , president of the China Association of Listed Companies Chen Qingtai also pointed out that the institutional framework is not yet clear in the case of a hurry to do so may create obstacles to reform will follow . Should first clarify the objectives of the reform , institutions and mechanisms to be established to design a feasible solution , properly handle historical issues , make the necessary pilot again after large-scale operations in order to protect this reform actively and steadily carry out .

   In 2014, the textile industry is still faced with the fundamentals do not improve test of SOE reform in full swing , the short-term will enhance the profitability of state-owned assets , which in the long run , merger integration and transformation of innovation in the textile industry will usher in a new peak.