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Major step taken in city's SOE reforms as 1.8b yuan investment OK'd
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CHINESE regulators have approved Hony Capital’s 1.8 billion yuan (US$297 million) investment in Shanghai Chengtou Holding, a key step forward in Shanghai’s efforts to overhaul its state-owned enterprises for more vital-ity and competitiveness.
Shanghai Chengtou, the listed unit of state-owned Shanghai Chengtou Corp, has businesses ranging from prop-erty development to environmental protection and other investments.
The 10 percent stake purchase by Hony Capital, China’s leading homegrown private equity firm, has been ap-proved by the Ministry of Commerce, Shanghai Chengtou said in a filing to the Shanghai Stock Exchange late yesterday.
Bringing in Hony as a strategic investor is in line with government direction in reforming the state-owned assets sector, Jiang Yao, general manager of Shanghai Chengtou Corp, has said.
Shanghai has taken a lead in the central government’s efforts to reform state-owned enterprises. Last month, the city released a detailed reform guideline for its SOEs, seeking to improve the management of state assets and further optimize the allocation of national resources over the next three to five years. It also encourages a more mixed ownership for SOEs.
“The government should not be both the referee and athlete,” Mayor Yang Xiong told a meeting attended by city officials and SOE representatives last month. “The government should confine its role to a shareholder who only oversees the assets and sets strategy and objectives in the long term,” he said.
Hony, chaired by Liu Chuanzhi, chairman of Legend Holdings, has been active in buyouts and privatization of SOEs. The Chengtou deal is Hony’s second major move in Shanghai’s SOE restructuring, following last year’s investment in SMG Pictures, a film and television company affiliated with the Shanghai Media Group.
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