中国国企新一轮改制引发市场关注

Shares in China Everbright Limited jumped more than 11 per cent on Monday after it became the latest state-owned company to announce a revamp of its ownership structure.

中国光大控股有限公司(China Everbright Limited)在宣布股权重组后，股票周一跃升逾11%。光大是最新一家宣布股权重组的中国国有企业。

The group said in a statement to the stock exchange late on Friday that it had received approval to switch from a “wholly state-owned enterprise to a joint stock company”. The new entity will be jointly established by China’s Ministry of Finance and Central Huijin Investment, a government-backed fund.

光大在周五晚些时候提交给股票交易所的声明中表示，它已被批准从“国有独资企业改为股份制企业”。新的实体将由中国财政部和国有基金汇金公司(Central Huijin Investment)共同发起设立。

China Everbright Limited is a financial conglomerate with holdings in China Everbright Bank and Everbright Securities, both of which also have stock market listings. China Everbright Bank was up 2.5 per cent in Hong Kong on Monday afternoon, while Everbright Securities climbed 4.3 per cent in Shanghai.

光大集团是一家金融集团，旗下拥有已经上市的光大银行(China Everbright Bank)和光大证券(Everbright Securities)。周一下午，光大银行港股股价上涨了2.5%，而光大证券沪市股价攀升4.3%。

Everbright’s move is the latest in a string of reform initiatives in China’s state-owned sector, part of a broader move by President Xi Jinping’s administration to retool the financial system. Last month the State-owned Assets and Supervision and Administration Commission (Sasac) unveiled a pilot scheme involving steps towards privatisation at six large state-owned enterprises (SOEs).

光大集团重组是中国国有部门一系列改革动作的最新一例，也是习近平政府重组金融体制的一部分。上个月，中国国资委(Sasac)曾披露一个试点计划，涉及六家大型国有企业的私有化步骤。

Reform hopes have been a key driver of a recent rally in Chinese shares. Since mid-May, the Hang Seng China Enterprises index of Hong Kong-listed mainland companies has risen more than 13 per cent. Banks have been among the biggest movers, with Bank of Communications rising more than 20 per cent, and ICBC up almost 15 per cent.

投资者对改革寄予希望，这是中国股市最近止跌回升的重要推动力。自5月中旬以来，涵盖在港上市内地企业的恒生中国企业指数(Hang Seng China Enterprises Index)已上涨逾13%。这其中上升最快的是银行板块，交通银行(Bank of Communications)上涨超过20%，工商银行(ICBC)上涨近15%。

Citic Group, a conglomerate with assets ranging from coal mines to a football team, has taken the boldest step so far, announcing a $37bn asset injection into Hong Kong-listed unit Citic Pacific in April. Investors including hedge fund Och-Ziff, insurer AIA and internet giant Tencent will all take stakes in the company as part of the move, which will turn Citic Pacific from a troubled mining company with a market capitalisation of $6bn into a wide-ranging conglomerate with about $40bn in assets.

到目前为止，在股权重组方面行动最大胆的是中信集团(Citic Group)，该集团旗下拥有从煤矿到足球队在内的各种资产。今年4月，中信集团曾宣布向其香港上市公司中信泰富(Citic Pacific)注入370亿美元资产，对冲基金Och-Ziff、保险公司友邦保险(AIA)以及互联网巨头腾讯(Tencent)等投资者纷纷入股，让中信泰富从一家市值为60亿美元、问题缠身的采矿企业，转型成为一家拥有大约400亿美元资产、业务涵盖面极广的企业集团。

Analysts at BNP Paribas say the SOE reform programme is designed to improve corporate governance, reduce state monopolies in certain sectors and attract more private capital to some of China’s largest companies.

巴黎银行(BNP Paribas)分析师表示，这一轮国企改革，旨在改善公司治理、减少特定行业的国家垄断，以及吸引更多民间资本进入中国一些规模最大的企业。

Bank of Communications, China’s fifth-biggest bank by assets, said last week it too was exploring plans to alter its ownership structure, although it already has a relatively broad investor base – including a 20 per cent shareholding by HSBC.

资产位居中资银行第五位的交通银行(Bank of Communications)上周表示，虽然该行的投资者分布相对较为广泛，但该行也在探索改变股权结构。交行有20%的股份由汇丰银行持有。

While many analysts have welcomed the moves to shake up the ownership of Chinese lenders, some have expressed doubts over how the changes will be implemented.

虽然许多分析师对中国各银行所有权改组表示欢迎，一些人还是对改革的具体实施表达了疑虑。

“The challenges to commercialising SOEs stem from the government’s reliance on SOEs’ balance sheets and resources to perform many strategic and policy-oriented functions”, analysts at Fitch wrote in a recent report. “There will also be resistance from the powerful vested interests that exert significant power and influence over China’s policy makers.”

惠誉(Fitch)分析师在最近一份报告中写道：“中国政府依赖国企的财力和资源来行使很多战略和决策职能，这种依赖对国企的商业化构成了挑战。此外，这么做还会遭遇强大既得利益集团的抵制，他们拥有巨大权力，对中国决策者有巨大影响力。”

Outside the financial sector, a number of state enterprises are looking at asset sales in order to streamline their businesses. Oil producer PetroChina is examining a sale or spin-off of two key gas pipelines, while rival Sinopec plans to sell a minority stake in its petrol station network, thought to be worth as much as $20bn.

在金融产业之外，还有一些国企为了提高效益而寻求出售其资产。石油生产商中石油（PetroChina)正在考虑将两条天然气管道出售（或者说剥离）的可能性。与此同时，它的竞争对手中石化(Sinopec)则计划转让其加油站网络少数股份，这部分股份的价值被认为高达200亿美元。