With the "SOE reform roadmap" increasingly clear, re-emergence of various industries' reform fever ", and the development of mixed-ownership economy is the current round of deepening the reform of state-owned enterprises" key. "Textile industry in 2014 did not improve the fundamentals still faces the test of SOE reform in full swing, the short-term will enhance the profitability of state-owned assets, but in the long run, merger integration and transformation of innovative 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, re-emergence of various industries' reform fever ", and the development of mixed-ownership economy is the current round of deepening the reform of state-owned enterprises" key. "For the textile industry, the higher the degree of competition in the market itself, but because of the historical legacy of the country led to the reform of state-owned textile enterprises are facing problems.

According to statistics, currently listed companies in the textile industry, the central enterprises 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 clothing sector's total market capitalization. From the sub-sectors, the state-owned enterprises are mainly concentrated in the background manufacturing sector, where the cotton company six classes, two wool class company, readymade garments manufacturing company four classes.

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.

Among them, in addition to 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, even in the presence of risk ST. And the same, this round of reforms powerful, for the value of these companies, it would have greatly improved.

Fired the first shot

Shanghai's first catch "a good platform"

In this round of reform of state-owned assets in Shanghai because of its financial center, and a large volume of 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 enterprises to promote the development of the work of the meeting officially issued "on the further deepening of the reform of state-owned Shanghai to promote enterprise development advice." According to Shanghai SASAC's plan, this year will focus on the industrial chain, value chain and functional chain, strengthening vertical integration and horizontal linkage, promote competition diversified enterprises reform of property rights, functional class, and public service enterprises in competitive business to introduce strategic investment who explore the public service sector franchising.

Shanghai is a 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 Kaikaishiye (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 shares Conch costumes, intends to 100% of the equity Malu shirt factory and Shenda Industrial Group holds Kay in asset replacement.

Shenda shares of leading shares with fellow Shanghai Textile (Group) Holdings Limited listed company, and this asset replacement, but also opened the Shanghai State-owned enterprise restructuring of the textile curtain. According to the Shanghai SASAC official said, the Shanghai Textile Group in the development of the reform program, is bound up with a good application of the "good platform" of shares, in order to develop a mixed ownership.

Under the top-level design

Play a capital "pioneering role"

At the national macro level's "business people from the tube into a pipe capital" and under "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 business, to resolve intra-industry competition, highlighting the Group's main business will be integrated into the main business of a particular area, a leading enterprises, single industry, the only listed group.

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

And with 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 the actual control of Hunan SASAC, the largest shareholder of BTC shares - Hunan Huasheng Group at the end of 2012 and listed companies asset replacement, set Hunan sinks into a 51% stake in pharmaceutical machinery, 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 of BTC shares (600 156) to achieve a full-year counter-attack. The company disclosed the 2013 annual forecasted evening bulletin January 27, 2013 annual net profit attributable to shareholders of listed companies compared with last year, will increase by 1570% - 2050%.

Clarify the objectives of the reform

Looking for investment "theme"

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

As for the capital market, the existence of SOE reform investment theme two main lines: First, the value of state-owned group of companies listed on the platform and then found that, under the premise of specialization restructuring, market operations, profitability and growth will be a good asset alone listed or into the listed company, while stripping the other listed company's non-core business, and play will enhance the company's market capitalization and financing functions form a positive impact on increasing the value of state-owned assets. Second, the state-owned business from the "bigger" to "stronger" bring the relevant valuation upgrade. The conditions are ripe to promote industry-leading companies to strategic emerging industries in transition, to encourage state-owned enterprises to actively "go out" to accelerate the development of state-owned multinational companies with strong international competitiveness.

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

Textile industry in 2014 did not improve the fundamentals still faces the test of SOE reform in full swing, the short-term will enhance the profitability of state-owned assets, but in the long run, merger integration and transformation of innovative textile industry will usher in a new peak.