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For mixed to change China Unicom, BAT no reason not to heart

via:博客园     time:2016/10/14 2:01:01     readed:1415

对于要混改的中国联通,BAT对于要混改的中国联通,BAT 没有理由不心动

Half a year later, China Unicom A shares were ushered in this year's first daily limit, so that many small investors injured heart get a little comfort. Stimulation of China Unicom shares in October 11 daily limit of the reason is that the day before, China Unicom issued a notice that the parent company China Unicom Group is studying and discussing the implementation of mixed ownership reform program. This re-activation of China Unicom's mixed expected.

This scene deja vu, August 10 last year, China Unicom stock price limit, the reason is the market speculation that China Unicom was selected as a mixed state-owned enterprises to change the pilot. Last year, only rumors, this year is to come true, although China Unicom said in the announcement, "Unicom Group was included in the mixed ownership reform of the first batch of pilot projects, has not yet been final approval, there are still uncertainties. "But also said:" Unicom Group is in accordance with the spirit of the spirit of the meeting and the relevant national policy, research and discussion of mixed ownership reform program. & Rdquo;

From the reaction of the capital market, it is generally believed that entering the trial of mixed change is a great benefit to China Unicom, and it has high expectations for the improvement of China Unicom's performance, but also has a higher corporate governance and equity structure optimization. look forward to.

Why China Unicom can be the first "mixed", the three operators in the top of it?

Do not forget the state to promote the fundamental purpose of mixed ownership reform is to activate the vitality and competitiveness of state-owned enterprises, improve the rate of return on assets of state-owned enterprises, improve the efficiency of state-owned assets. Private enterprise's return on assets (net profit / total assets) has been higher than the state-owned enterprises in recent years, the gap is widening. Deloitte's report shows that private enterprises in the rate of return on assets is about 11%, while state-owned enterprises only hovering at 5%. Specific to the carrier industry, China Unicom's return on assets in the three is the lowest in 2015, China Mobile's return on assets of 7.6%, 3.2% of China Telecom, China Unicom is only 1.7%. From the perspective of raising the rate of return on assets of state-owned enterprises and improving the efficiency of state-owned assets, it is most appropriate to choose China Unicom as the pilot of mixed-operation among the three operators.

China Unicom will be how mixed?

This is the key, but also outside the most concerned about the topic. China Unicom said in the announcement, China Unicom Group is currently studying and discussing the implementation of mixed ownership reform program. Although the specific program is uncertain, but the general direction of nothing less than three aspects: First, the introduction of private capital, the second is the internal staff incentives, such as employee stock ownership, the third is the company's Internet business market-oriented operation.

The general direction here, but China Unicom will implement what kind of mixed program has a very important premise, that is, the division of enterprise attributes. The end of 2014, the SASAC for the state-owned enterprises are divided into two types of business and public interest, and in the commercial category is divided into commercial and commercial two categories. Commercial category refers to the state-owned enterprises in full competition and the field of business, the second category is related to national security, national economic lifeline of the important industries and key areas of business. According to the current classification, military, petroleum, telecommunications and other industries into the business of state-owned enterprises, both commercial and public welfare, so China Unicom's mixed ownership reform will not be fully liberalized.

Sinopec last year, a mixed ownership reform, it and China Unicom belong to the second class of state-owned commercial enterprises, which China Unicom has reference for reference. Sinopec to get involved in a wide range of fields, oil and gas exploration, mining, storage and transportation, refining, equipment manufacturing, oil sales, etc., including the entire chain of the industry chain. Sinopec last year to change the mix is ​​more competitive in the oil sales links to further open the private capital, 25 domestic and foreign investors to 100 billion yuan of capital shares in Sinopec oil sales company, accounting for 30% stake. Among the 25 investors, including the Internet giant Tencent, which through the human security Tencent Mai Sheng Energy Investment Fund to enter the Sinopec mixed list.

China Unicom to change, who is most interested?

I believe BAT these giants will be more interested, because the complementarity between the two stronger. Last year there is news that Ma intends to stake in China Unicom, because the value of both sides in the cloud computing and other areas of synergies, but in the end nothing. Now with the liberalization of the policy, BAT giants no reason not to heart. China Unicom can set up independent companies in the fields of large data, networking and cloud computing, just like the Sinopec oil sales companies, according to the capital demand, business complementary demand, the introduction of the corresponding strategic investors, in accordance with market-oriented, The establishment of internal institutional mechanisms for corporate governance.

Mixed change is an opportunity for China Unicom, not only through the introduction of strategic investment is expected to ease the "money shortage", more importantly, is to break the rigid mechanism within the operator, there are broken only legislation, through the establishment of a more transparent, Market-oriented corporate governance mechanism, to seize the first in the Internet of Things, cloud computing, data and other emerging blue ocean areas of development opportunities, and perhaps make China Unicom and not the same as before.

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