Gu Mingde: The Reform Of State-Owned Enterprises Is The Basis For Comprehensively Promoting The Bull Market

In 2005, a nationwide split share structure reform opened the bull market in Shanghai and Shenzhen stock markets. The reform did not involve the internal mechanism reform of listed companies, nor did it significantly increase the performance of listed companies. It only raised the proportion of shareholders in circulation and traded in some state-owned shares and legal shares.

As the average share price rose sharply, the performance and mechanism of listed companies did not change. The bull market base of A shares was unstable, and then Daniel became a big bear market.

In 2015, a national reform of state-owned enterprises was being pushed away.

Local and central enterprises listed companies account for 80% of the total market capitalization of Shanghai and Shenzhen stock markets, and over 50% of listed companies. Under the guidance of the comprehensive planning and guidance of the State Council, under the leadership and exemplary role of Shanghai and other places, the listed companies are orderly and actively promoted.

Different from the split share reform, it is not only a part of the problem of tradable shares, but it is changing the equity incentive mechanism, integrating resources, injecting high quality assets, recombining the shell, mixed holding, mixed operation and platform operation, which are changing the inefficient mechanism of the former state-owned enterprises, making the overall and average performance of the state-owned enterprises up to a step.

So far, the market has not been optimistic about the actual effect of the reform of state-owned enterprises, because the difference between this reform and the split share structure reform is that after the announcement of the split share structure reform, all state-owned listed companies' state-owned shares and legal person shares have basically cleared the reform plan of roughly sending 10 shares and 3 shares, and it has immediate effect.

The reform of state-owned listed companies is almost impossible for the local and central enterprises, big enterprises, small businesses, high quality and poor performance to adopt the same mode of reform.

Which model can better change the operating mechanism of state-owned enterprises and improve their performance, there is almost no unified existing mode.

This requires research, exploration, trial and conclusion.

The highest level raised the arduous task of comprehensive reform of state-owned enterprises in November 2013.

The platform has not yet appeared, and the specific guiding plan for guiding the reform of state owned enterprises has not yet been promulgated.

However, the ice has been broken, the curtain has been opened, and the Sinopec, CNPC, North South cars in central enterprises have been launched.

Shanghai, the country's most important state-owned enterprise, has been the leader of the pilot exploration. A large number of listed companies and enterprise groups have announced the suspension of the reorganization in batches.

Guangming group, electric group and a number of listed companies announced the suspension of restructuring and reform.

It is difficult for us to conclude the next batch, the next Shanghai and the state owned enterprises.

Name list.

But we can judge that most of the traditional state-owned enterprises can improve their performance, quality of assets and operating mechanism in various ways through various ways of restructuring.

Especially for those state-owned enterprises with losses and poor performance, the urgency of their reform is greater. This is the major difference between China's Shanghai and Shenzhen stock markets and the US and other overseas capital markets.

Therefore, we can not simply compare the price earnings ratio or current operating performance.

China's economy is changing, and most of the state-owned listed companies are also undergoing pformation. This is the underlying factor for the economic downturn, but the stock price is rising.

At present, we are in the initial stage of a large number of state-owned enterprises to prepare or are planning a variety of restructuring.

Grasp this basic principle before we can choose a good stock.