中國國企新一輪改制引發市場關注

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.

中國光大控股有限公司(China Everbright Limited)在宣佈股權重組後，股票週一躍升逾11%。光大是最新一家宣佈股權重組的中國國有企業。

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.

光大在週五晚些時候提交給股票交易所的聲明中表示，它已被批准從“國有獨資企業改爲股份制企業”。新的實體將由中國財政部和國有基金匯金公司(Central Huijin Investment)共同發起設立。

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.

光大集團是一家金融集團，旗下擁有已經上市的光大銀行(China Everbright Bank)和光大證券(Everbright Securities)。週一下午，光大銀行港股股價上漲了2.5%，而光大證券滬市股價攀升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).

光大集團重組是中國國有部門一系列改革動作的最新一例，也是習近平政府重組金融體制的一部分。上個月，中國國資委(Sasac)曾披露一個試點計劃，涉及六家大型國有企業的私有化步驟。

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.

投資者對改革寄予希望，這是中國股市最近止跌回升的重要推動力。自5月中旬以來，涵蓋在港上市內地企業的恆生中國企業指數(Hang Seng China Enterprises Index)已上漲逾13%。這其中上升最快的是銀行板塊，交通銀行(Bank of Communications)上漲超過20%，工商銀行(ICBC)上漲近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.

到目前爲止，在股權重組方面行動最大膽的是中信集團(Citic Group)，該集團旗下擁有從煤礦到足球隊在內的各種資產。今年4月，中信集團曾宣佈向其香港上市公司中信泰富(Citic Pacific)注入370億美元資產，對衝基金Och-Ziff、保險公司友邦保險(AIA)以及互聯網巨頭騰訊(Tencent)等投資者紛紛入股，讓中信泰富從一家市值爲60億美元、問題纏身的採礦企業，轉型成爲一家擁有大約400億美元資產、業務涵蓋面極廣的企業集團。

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.

巴黎銀行(BNP Paribas)分析師表示，這一輪國企改革，旨在改善公司治理、減少特定行業的國家壟斷，以及吸引更多民間資本進入中國一些規模最大的企業。

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.

資產位居中資銀行第五位的交通銀行(Bank of Communications)上週表示，雖然該行的投資者分佈相對較爲廣泛，但該行也在探索改變股權結構。交行有20%的股份由匯豐銀行持有。

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.

雖然許多分析師對中國各銀行所有權改組表示歡迎，一些人還是對改革的具體實施表達了疑慮。

“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.”

惠譽(Fitch)分析師在最近一份報告中寫道：“中國政府依賴國企的財力和資源來行使很多戰略和決策職能，這種依賴對國企的商業化構成了挑戰。此外，這麼做還會遭遇強大既得利益集團的抵制，他們擁有巨大權力，對中國決策者有巨大影響力。”

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.

在金融產業之外，還有一些國企爲了提高效益而尋求出售其資產。石油生產商中石油（PetroChina)正在考慮將兩條天然氣管道出售（或者說剝離）的可能性。與此同時，它的競爭對手中石化(Sinopec)則計劃轉讓其加油站網絡少數股份，這部分股份的價值被認爲高達200億美元。