Stronger, better and more state-owned capital and state-owned enterprises are the consistent goals and requirements of the general secretary for state-owned enterprises in the new era. The new round of state-owned enterprise reform and upgrading actions also clearly requires state-owned enterprises to increase investment in the new generation of green environmental protection industries, and give full play to the supporting and driving role of state-owned leading enterprises in the smooth circulation of the industrial chain. As a capital operation mode for enterprises to carry out equity financing through market-oriented methods, listing can obtain financial resources in a relatively short period of time, and has become one of the paths for the transformation and development of state-owned enterprises in the field of environmental protection in the new round of reform and upgrading.
Shaanxi Environmental Protection Group Holding Company plans to sprint to A-shares
Sanqin Environmental Protection, a holding subsidiary of Shaanxi Environmental Protection Industry Group Co., Ltd., has been registered with the Shaanxi Securities Regulatory Bureau for counseling and filing, and plans to make an initial public offering** and be listed on the A-share market.
The company was established in April 2015 with a registered capital of 432.62 million yuan. It is mainly engaged in the collection, transportation, storage, disposal and resource utilization of hazardous waste, and has 7 subsidiaries.
Since the operation of Sanqin Environmental Protection, it has invested 10400 million yuan, acquired the management rights of the Shaanxi Provincial Hazardous Waste Comprehensive Disposal Center Project (Xintiandi Company), and increased the disposal capacity from 1 through transformation and upgrading50,000 tons per year to 510,000 tons per year;Yulin City 9The 340,000-ton-per-year hazardous waste comprehensive disposal and utilization center project, the Tongchuan 100,000-ton-year cement kiln co-disposal project, and the 20,000m denitrification catalyst regeneration and resource utilization project in Yulin Jinjie Industrial Park have been put into operation one after anotherThe company's comprehensive hazardous waste treatment and disposal capacity has rapidly increased from 150,000 tons has been raised to the current 24440,000 tons, resource utilization capacity of 20,000m per year;Supporting the establishment of a professional hazardous waste transportation and hazardous waste Internet collection service company;It has formed a complete industry from collection, transportation to disposal and resource utilization of hazardous waste, and has become a leading enterprise in the hazardous waste disposal and utilization industry in Shaanxi Province.
Quanzhou's first municipal state-owned enterprise was listed
On August 3, 2023, Fujian Lanshen Environmental Protection Technology Co., Ltd., the ownership enterprise of Quanzhou Water Group, was officially listed in the National Equities Exchange and Quotations (hereinafter referred to as "Fujian Lanshen Environmental Protection"), becoming the first municipal state-owned enterprise listed public company in Quanzhou.
Quanzhou Water Group is a comprehensive utilization and development platform for the water resources industry in Quanzhou, with a modern water industry chain integrating "raw water, water supply, drainage, sewage, water conservation and water purification", involving "eight business sectors". In 2018, Quanzhou Water Group acquired a 68% stake in Fujian Lanshen Environmental Protection and became the largest shareholder, transforming it from a private enterprise to a state-controlled mixed-ownership enterprise, and moving its headquarters to Quanzhou, Fujian. Fujian Lanshen Environmental Protection is an important part of the environmental protection sector of Quanzhou Water Group, which is a national high-tech enterprise integrating project investment and financing, technology research and development, design consulting, product intelligent manufacturing, construction and operation trusteeship, and is also a leading decentralized sewage treatment service provider in Fujian Province.
In recent years, Quanzhou Water Group has actively guided Fujian Lanshen Environmental Protection Company to drive "industry + capital" with "technology + innovation" to create "blue power" in the field of environmental protection. Under the empowerment of state-owned enterprises, Fujian Lanshen Environmental Protection Company has successively won many titles and honors such as the national specialized and special new "little giant" enterprise, the leading enterprise of science and technology in Fujian Province, and the demonstration academician workstation enterprise in Fujian Province, and its business scope covers thousands of villages and towns in more than ten provinces across the country, such as Fujian, Shaanxi, Hainan, Jiangxi, Guangdong, etc., and various economic indicators have grown rapidly.
Xiamen Municipal Environmental Energy plans to land on the main board of the Shanghai Stock Exchange
The official website of the Shanghai Stock Exchange disclosed the prospectus (declaration draft) for the initial public offering of Xiamen Municipal Environmental Energy** and listing on the main board. Xiamen Municipal Environmental Energy plans to raise funds 109.7 billion yuan, mainly used for the third phase of the Eastern (Xiang'an) waste incineration power plant project, Ninghua County domestic waste incineration power plant construction project (phase I), Xiamen municipal environmental energy research and development center construction project and supplementary working capital.
Xiamen Municipal Environmental Energy, formerly known as "Xiamen Environmental Energy Investment and Development", is a state-owned holding enterprise under Xiamen Municipal Group, established in 2007. The company focuses on the comprehensive treatment and disposal of municipal solid waste, and the industrial chain covers the investment, construction and operation of incineration disposal, comprehensive disposal of industrial hazardous waste, kitchen waste disposal, medical waste disposal, ecological landfill, leachate disposal and environmental monitoring.
In August 2022, Xiamen Municipal Environmental Energy carried out mixed ownership reform and was publicly listed for transfer in Xiamen Property Rights Exchange Center498% of the shares, and finally by the industry's veteran incineration enterprise Shanghai SUS Environmental Co., Ltd. was successfully delisted. In December of the same year, Xiamen Municipal Environmental Energy officially changed its name to "Xiamen Municipal Environmental Energy Co., Ltd."
Xiamen Municipal Environmental Energy is one of the leading enterprises in the solid waste treatment industry in Fujian Province, and currently operates 7 domestic waste incineration power generation projects, 1 hazardous waste disposal project and comprehensive environmental treatment project, with an operating domestic waste incineration treatment capacity of 5,350 tons per day. There are 2 domestic waste incineration power generation projects and 1 kitchen waste disposal project under construction.
*: Shanghai Stock Exchange official website, Quanzhou Water Affairs, Sanqin Environmental Protection official website).
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Zhuoyuan's view
The new round of state-owned enterprise reform and upgrading requires state-owned enterprises to deepen reform around optimizing resource allocation and further increase market-oriented integration and reorganization.
Listing is a complex financial engineering and systematic work, and urban investment companies often have financial problems such as high asset-liability ratio, weak profitability, and dependence on subsidies due to their early financing functions and public welfare businesses. Therefore, compared with ordinary enterprises, there are certain particularities in the operation of the listing of urban investment companies.
IPO industry choice
Industry restrictions have gradually been diluted in terms of policies, and there is still a certain tendency in auditing. At present, the main board and the small and medium-sized board have no industry restrictions on enterprises applying for listing in principle, and the gem is constantly revising the restrictions on industry attributes, and currently uses the form of a negative list to restrict industry attributes"Four new"Convergence of companies to go public. The Science and Technology Innovation Board is mainly oriented to high-tech industries and strategic emerging industries, emphasized"Technology"Content.
Zhuoyuan believes that urban investment enterprises should mainly consider the following factors in the selection of IPO industry:
(1) Refer to the selection of listed urban investment industries in the early stage
In the future, traditional industries should fully assess their own innovation capabilities in the industry and their ability to integrate with new technologies and new technologies, and whether they are conducive to promoting industrial restructuring and technological upgrading. According to the statistical results of the wind database, the listed urban investment industry is mainly distributed in electricity, heat, real estate, construction and transportation, accounting for 86% in total, in addition, the real estate industry is contained at the national level and belongs to the restricted development industry, and it is more difficult to be restricted, and in the long-term development, most of the urban investment enterprises are more or less involved in real estate, so the relevant urban investment enterprises are inevitably affected.
(2) Focus on key industries that are in line with the national strategic orientation
In the process of serving urban development for a long time, most of the urban investment companies have formed a diversified business system. Among them, the profitability of business such as real estate, environmental protection, property, tourism, environment, pension and so on is good, and it is relatively easy to meet the listing conditions by strengthening the existing business through resource injection and business restructuring. For quasi-public welfare businesses with general profitability but stable business**, monopoly management rights such as regional franchise rights and cash flow, urban investment can consider optimizing and divesting some of these businesses, and build a diversified business system combining operating and quasi-operating businesses through asset restructuring, mergers and acquisitions, etc.
Listing model analysis
(1) Listing as a whole
Integral listing refers to the practice of a company restructuring its main assets and business as a whole into a joint-stock company for listing. For urban investment companies, the specific operations of the overall listing model include: initial public offering and listing after the overall restructuring, absorption merger or asset restructuring with the help of the listed company controlled by the company. Among them, the restructuring model of absorbing the subordinate listed companies to achieve overall listing can eliminate possible related party transactions between the parent company and the joint-stock company, and avoid the difficulty of public information disclosure. The overall listing model is more suitable for urban investment companies with a single concentrated business and difficult to effectively divide assets, such as some commercial urban investment companies.
(2) Spin-off and listing
Corresponding to the overall listing is spin-off listing, also known as equity splitting, which refers to the practice of a company restructuring part of its assets, business or a subsidiary into a joint-stock company for listing.
The advantage of the spin-off and listing model is that when there is a contradiction between the equity financing needs and the listing requirements of the urban investment company as a whole, the pressure on the overall listing can be reduced and the operation can be simplified to a certain extent by splitting and restructuring a part of the business to be listed.
The practice of spin-off and listing is relatively common in the listing operation of urban investment companies, and more than 80% of urban investment enterprises choose this model. This is due to the fact that urban investment companies often have mixed public welfare assets and operating assets, and their main business is mostly public welfare attributes, so the profitability of the overall business portfolio is not high, resulting in low competitiveness of listing valuation and insufficient financing attractiveness. Especially for urban investment companies with relatively weak market-oriented operation capabilities and strong regional business operations, by selecting assets and businesses in the original asset system that can meet the requirements of investors in terms of profitability and spin-off and restructuring for listing first, the difficulty of listing can be greatly reduced and the success rate of approval can be improved.