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Provincial SASAC Issues Opinions on Implement of “Phoenix Operation” to Promote Asset Securitization for Provincial Enterprises
2018-03-29 09:45:25

 In order to quicken the listing and M&A of provincial enterprises, the Provincial SASAC (State-owned Assets Supervision and Administration Commission) aims to double the number and strength of provincial state-controlled listed companies, and to achieve 75% of asset securitization for provincial enterprises. Recently the Opinions on Implementing the “Phoenix Operation” of Promoting the Listing and M&A of Provincial Enterprises has been released to encourage the provincial enterprises to be leaders in the “Phoenix Operation”.
Asset securitization is an important gripper in deepening the reform of state-controlled enterprises. At present the provincial enterprises are holding 13 listed companies, whose asset securitization rate amounts to 53.3%, increasing 31.2% than that at the end of 2012. Last year, the provincial government launched the “Phoenix Operation” and proposed the strategic goal to construct a strong financial province, which has provided important strategic opportunities for the asset securitization of provincial enterprises, said an official from the Provincial SASAC.
In order to carry out the “Phoenix Operation”, the Provincial SASAC has proposed a “dual double increase” goal, i.e., a double increase in both the number and strength of listed companies. It is expected that, by 2020, there would be 25 provincial state-controlled listed companies, and each provincial enterprise should at least hold one listed company. It also aims to develop 5 to 7 listed companies with a market value above 50 billion yuan, and 2 to 3 listed companies with a market value above 100 billion yuan.

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