With the "state-owned enterprise reform road map" increasingly clear, each industry once again "reform hot", and the development of mixed ownership economy is the round of deepening the reform of state-owned enterprises, "the main event." The textile industry in 2014 is still facing the fundamentals of the test did not improve, in full swing in the reform of state-owned enterprises, short-term will enhance the level of profitability of state-owned assets, and in the long run, the textile industry mergers and acquisitions and transformation and innovation will usher in a new peak, The strong push of this push, for the value of these enterprises, will be greatly improved.

With the "state-owned enterprise reform road map" increasingly clear, each industry once again "reform hot", and the development of mixed ownership economy is the round of deepening the reform of state-owned enterprises, "the main event." For the textile industry, the market itself, a higher degree of competition, but due to historical problems led to local state-owned textile enterprises face reform problems.

According to statistics, the current textile industry listed companies, the central enterprises and local state-owned enterprises a total of 16, state-owned enterprises accounted for the total market value of the entire textile and apparel sector, the total market value of about 16%. From the sub-sectors, the background of state-owned enterprises are mainly concentrated in the processing and manufacturing sector, of which six cotton companies, wool textile companies 2, clothing and garment manufacturing companies 4.

Although most of these textile enterprises in the capital market performance is not bad, with more abundant resources, but the operating efficiency is declining.

Among them, in addition to the International Group (601718) belongs to the military background of the enterprise, the other 15 companies are generally competitive enterprises, the enterprise system is widespread, industrial chain is not smooth, performance losses, and even ST risk. And the same, this round of strong power reform, for the value of these enterprises, there will be a great improvement.

Fired the first shot

Shanghai catch the first "good platform"

In this round of state-owned reform, Shanghai because of its financial center status, as well as state-owned enterprises have huge volume and assets, started the state-owned capital reform "first shot."

December 17, 2013, Shanghai to deepen the reform of state-owned enterprises to promote enterprise development work conference officially released "on further deepening the reform of Shanghai state-owned enterprises to promote the development of the views." In accordance with the planning of the Shanghai SASAC, this year will focus on the industrial chain, the value chain and functional chain, to strengthen the vertical integration and horizontal linkage, to promote competitive enterprises property rights diversification, functional and public service enterprises competitive business introduction of strategic investment To explore the public service industry franchise.

Shanghai is the most concentrated area of ​​state-owned textile enterprises, a total of four listed companies, namely Shanghai San Mao (600,689), leading shares (600,630), Shenda shares (600,626) and open the industry (600272).

In fact, the relevant reform action has been launched. By the end of 2013, the leading subsidiary of the leading shares - Conch apparel, plans to Ma Lu shirt factory 100% stake in the shares held by Shenda Group 100% stake in the assets of the replacement.

Leading shares and Shen Da shares with the Shanghai Textile (Group) Co., Ltd. holding the listed company, and the replacement of the assets, but also opened the Shanghai textile state-owned enterprises to adjust the prelude. According to the Shanghai SASAC official said, Shanghai Textile in the development of group reform program, is bound to use Shenda shares this "good platform", in order to develop mixed ownership.

Top design

Play the capital "pioneer role"

Under the guidance of the "macro-level transformation of enterprises from management to management" and "single ownership to mixed ownership", the reform situation is not the same.

Shenzhen, for example, the core idea of ​​its reform is the business "to nuclear", that is, stripping non-core business, to solve the same industry competition, highlighting the company's main business, a field of main business integration into a leading enterprise, Single industry only listed group.

Shenzhen Investment Holdings Co., Ltd. (hereinafter referred to as "Shenzhen Investment Control"), which is a state-owned assets management company, which is mainly engaged in property management, capital operation and investment and financing business. March 17, Shenzhen Investment Holdings Co., Ltd. intends to transfer the textile A (000045) 26% to 29% of the shares, according to the announcement, Shenzhen, the transfer of the transfer of the shares of not less than 132 million shares and not more than 147 million Shares, the transfer price of not less than the weighted average price of the previous 30 trading days.

And with the Shenzhen state-owned "one step to withdraw from" the practice is different, Hunan SASAC closely follow the transformation and upgrading of enterprises. Huasheng shares (600,156) due to the main business of textile business over the years poor performance in the actual controller under the guidance of Hunan SASAC, Hua Sheng shares major shareholder - Hunan Huasheng Group in the end of 2012 and listed companies asset replacement, Into the Hunan Hui a drug machine 51% stake in the transition from the traditional textile industry, high-end pharmaceutical equipment industry.

As a result, the medium-term loss of 26.41 million yuan Huasheng shares (600,156) to achieve the annual results against the attack. The company on the evening of January 27 disclosed the 2013 annual results forecast, is expected in 2013 to achieve attributable to shareholders of listed companies net profit compared with the same period last year, will increase 1570% to 2050%.

Clarify the reform objectives

Looking for investment "theme"

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

For the capital market, the state-owned enterprise reform theme investment there are two main lines: First, state-owned enterprises listed companies platform value of the re-discovery, in the professional reorganization, market-oriented operation under the premise of profit and growth of good assets alone Listed or injected into the listed company, while stripping off the listed company's non-main business of other businesses will enhance the market value of the company and the financing function to play a positive impact, to achieve the preservation and appreciation of state-owned assets. Second, state-owned enterprises from the "bigger" to "stronger" to bring the valuation of the relevant companies to enhance. To promote the transition of the industry leading enterprises to the strategic emerging industries, to encourage state-owned enterprises to actively "go out" to accelerate the cultivation of strong international competitiveness of state-owned multinational companies.

But the CPPCC Standing Committee, deputy director of the Economic Commission, China Association of listed companies Chen Qingtai also pointed out that the institutional framework is not clear in the case of eager to operate, may cause obstacles to follow-up reform. We should first understand the objectives of the reform, the institutions and mechanisms to be established, devise feasible solutions, properly handle the problems left over from history, carry out the necessary pilot, and then carry out large-scale actions to ensure that the reform is carried out actively and safely.

The textile industry in 2014 is still facing the fundamentals of the unfinished test, in full swing in the reform of state-owned enterprises, short-term will enhance the level of profitability of state-owned assets, and in the long run, the textile industry mergers and acquisitions and transformation and innovation will usher in a new peak.