The hottest opening-up policy has yet to be refine

2022-09-23
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The opening policy has yet to be refined. Private capital is waiting to dance with the iron boss.

the opening policy has yet to be refined. Private capital is waiting to dance with the iron boss.

China Construction machinery information

Guide: Recently, the state has issued a series of policies to encourage social funds to enter the railway industry, but investors need a research process on the one hand, and also need to wait for further clarification of the policy on the other hand. The investment manager of a medium-sized domestic investment enterprise told me. Because it has been relatively closed

"recently, the state has issued a series of policies to encourage social funds to enter the railway industry, but investors need a research process on the one hand, and on the other hand, they also need to wait for further clarification of the policy." The investment manager of a medium-sized domestic investment enterprise told me. Due to the relatively closed investment environment, the railway industry is facing the challenge of being accepted by the market after opening to social capital

In February, 2010, China Railway Construction and Investment Corporation published an announcement on the Beijing Equity Exchange that it wanted to transfer 4.537% of the equity of Beijing Shanghai High Speed Railway Co., Ltd. the appraisal value of the Transferred Equity was 5.687 billion yuan and the listing price was 6 billion yuan. Public listing in the Beijing Equity Exchange is an important way for the railway to attract private capital

but the final transaction price is slightly lower than the transfer evaluation value. It is understood that bank of China Group Investment Co., Ltd., a Hong Kong Investment Company under the Bank of China, transferred this part of the equity, with a final transaction price of about 5.2 billion yuan, and became the fifth largest shareholder of the Beijing Shanghai high-speed railway

the Beijing Shanghai high speed railway connects Shanghai and Beijing, the two largest cities in China. It was once described as "the most profitable high-speed railway in China", but it was finally sold at a price lower than the assessed value, showing that the railway equity is still unattractive in attracting private capital

"although there is only 4.537% equity, the total price is not low, which excludes a large number of small and medium-sized private investors. The enterprises that eventually take over the offer must be powerful enterprises, still dominated by central enterprises." At the time of listing, insiders made predictions about the final buyer

behind this prediction is the helplessness of a large number of private capital who want to invest in the railway. Because the amount of railway investment is huge and the return period of investment is long, only enterprises or groups with certain strength can enter the field of railway investment

Bank of China group is undoubtedly the "Gao Shuaifu" of large domestic groups. Less than a month after taking the equity of Beijing Shanghai high-speed railway, the Bank of China announced that it plans to invest 7.5 billion yuan in Shanxi Central South Railway Corridor Project - Shanxi Henan Shandong railway through its wholly-owned subsidiary bank of China Group Investment Co., Ltd., ranking the third largest shareholder with a shareholding ratio of 14.45%

Li Haotian, Vice Executive President of Bank of China investment, said, "one is the best freight line in China, and the other is the best passenger line, which is a rare investment opportunity..."

according to Li Haotian, as this is a national key project, it can better solve the problem of Shanxi coal outward transportation, and the pricing after operation will refer to the pricing of the existing joint venture railway, so the investment prospect is good

but even for the coal transportation railway project with the best rate of return, the intention of the Bank of China to invest in the railway industry is not just about the return on investment. Li Haotian pointed out, "the Bank of China also hopes to take this opportunity to drive the business exchanges between commercial banks and the Ministry of Railways in terms of deposits, which is conducive to commercial banks to obtain more opportunities for automatic operation in the large-scale investment and construction and market-oriented reform of the railway industry."

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few successful cases

through public information inquiry, since 2007, there have been only three cases of external funds entering the railway industry: in December 2007, the social security fund invested in the Beijing Shanghai high-speed railway; BOC International invested in Jin Yu Lu railway in May, 2010; CCB international invested in PNG railway in October 2010

PNG railway is known as "the longest railway with private capital participating in the construction". It starts from the national Mengdong energy base in the West and extends to Liaoning Fuxin, a traditional coal industry base in the East. It spans Inner Mongolia and Liaoning provinces, and is an important coal transportation channel

due to the advantages of domestic and foreign similar models, the passenger line has high investment and low return, and private investment is rarely involved. In contrast, the profit of the coal transportation line is expected, so it has attracted more attention of private funds, but it is not possible to make money after investment

according to media reports, PNG 1 machine multi-purpose refers to a tensile testing machine that can complete the stretching of materials. The initiator of the railway is Liaoning Chuncheng industry and trade group, a large private group headquartered in Fuxin City, Liaoning Province, which has devoted all its efforts to the construction of PNG railway. The project was originally planned to be completed on August 31, 2010, but due to the financing difficulties of the project, it has been suspended for almost three years, and it has almost fallen into disrepair in the past two years

due to system and other factors, many social capital who want to enter the railway industry face barriers

"no one can invest in railway if he wants to. Many people want to invest, but they can't invest." Yaojunliang, chairman of Shanxi Meijin energy group, once lamented this

in June 2005, Shanxi Meijin energy group obtained the qualification to invest in Shijiazhuang Taiyuan railway passenger dedicated line and became one of the two private enterprises among the 11 shareholders. In the total capital stock of the project company of 6.5 billion yuan, the two private enterprises invested 100million yuan respectively, accounting for 1.54% of the shares respectively

Meijin energy group obtained the opportunity to invest in Railways after the State Council issued several opinions on encouraging, supporting and guiding the development of private and non-public economy (hereinafter referred to as "36 articles of non-public economy") in February, 2005. At that time, several other private enterprises also wanted to enter, such as Huayun, Maosheng, Antai, Sanjia and other enterprises, but they failed after several efforts. Huayun group said, "we will also strive to invest in the national railway", but there has been no breakthrough in recent years

the prospect of private capital entering the railway industry is promising

"there are many obstacles for private capital entering the railway industry." Li Hongchang, deputy director of the Institute of transport economic theory and policy at Beijing Jiaotong University, said: first, railway investment is large and the cycle is long. The investment of railway single track is often more than 10 billion yuan, which is difficult for ordinary private enterprises to bear; The construction of single track railway usually takes two to four years. Compared with highway, the return period of railway is three times that of highway

second, it is difficult to calculate income and return independently. The railway has the characteristics of network operation, and the accounting of railway revenue is based on the overall calculation of the whole railway. If some of them are marketized, it is difficult to calculate costs and benefits independently. Without independent accounting, it is difficult to guarantee the return on investment of private capital

third, under the current railway system operation and scheduling mechanism, it is difficult for private capital to obtain product control. The Ministry of Railways will coordinate whether the vehicles on each line can run several times. This is right from the perspective of the Railway Bureau, but for new investors, it means that they have lost their decision-making power over products

in fact, the state has made continuous attempts and efforts in opening up the railway industry. In 2005, the State Council issued several opinions on encouraging, supporting and guiding the development of private and non-public economy, namely "36 non-public opinions", and in May 2010, issued several opinions on encouraging and guiding the healthy development of private investment, namely "36 new opinions"

in May this year, the Ministry of Railways issued the implementation opinions of the Ministry of Railways on encouraging and guiding private capital to invest in railways, emphasizing that "in the field of railway engineering construction, private enterprises that meet the qualification requirements stipulated by the state are allowed to participate in the survey and design of Railway Engineering, construction, supervision, consulting and the procurement and bidding of construction materials and equipment."

this policy is interpreted by the market as that the liberalization of private capital in the railway industry may force the reform of the railway industry system, which will be conducive to the long-term development of the railway industry, and there will be more space for private capital in the railway field in the future

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