China Chengtong Becomes a Pilot State-Owned Capital Operation Corporation
The Group’s Headquarter 2016-02-26
The State Council SASAC Reform Leading Group made decisions to develop the “Ten Reform Pilots” along with SOE reforms and intensify SOE reforms with “Nine Significant Tasks” in 2106. China Chengtong Holdings Group Co.Ltd. became a pilot state-owned capital operation corporation.
China Chengtong Holdings Group Co.Ltd., as a central enterprise developing under the backdrop of reform and reorganization, is among the first 7 pilot central enterprise boards and the first batch of pilot state-owned capital operation corporations.
Since 2015 when the corporation launched a comparatively complete board system as one of the first pilots among SASAC enterprises, the Group has established a standard board with outside directors as major board body and clarified a whole set of managing system in which the board makes big decisions, inspectors inspect effectively, managing team takes responsibility for operation and management and the enterprise’s Party committee plays the core political roles, and where the power and responsibility are balanced, operation is coordinated and decisions and inspections effectively work on one another. Since 2014, the Group publishes its annual report on its website and is the only non-listed central group corporate that discloses its annual reports.
As SASAC’s first pilot state-owned assets operation corporation since 2006, the Group has been dedicated to two aspects of work:1）Complete the corporate reform and realize assets securitization; 2) Complete all assets management pilot work over the past 10 years. Along with the experience accumulated from the engagement in central enterprise reorganization in the past, the Group has gradually probed a series of effective assets operation methods, formed a complete organization and built up an experienced team for corporate reorganization.
Reorganization so as to establish state-owned capital investment operation corporate constitutes a significant measure to improve state-owned capital supervision system and optimize state-owned capital distribution. China Chengtong serves as a pilot unit for state-owned capital operation and undertakes significant pilot responsibilities. We must reinforce the sense of commission, responsibility and urgency and strive to fulfill our responsibilities.
We must have an in-depth understanding on the significance to establish state-owned capital operation corporate raised in reforming documents since the 18th CPC National Congress and its 3rd plenary as well as “Guiding Suggestions on Intensifying SOE Reform”, clearly identify the pilot orientation of state-owned capital operation, i.e. the target of establishing professional platform for state-owned capital operation, and improving state-owned capital distribution and operation efficiency by making good use of markets.
We must correctly handle the functions of a state-owned capital operation corporation and clearly identify the tasks of a pilot unit, i.e. actively carrying out state-owned operation in line with laws and promoting proper liquidity and realizing value maintenance and value appreciation via stock share operation, value management and with appropriate working rhythm.
Chengtong Group will emancipate our thoughts and probe gallantly in the pilot work and will focus first on the aspects listed below to be adapted to the demands of current state-owned capital operation corporations. 1) Establish a well-organized framework that could meet the needs of state-owned capital operation function; 2) Set up a system that is adaptable to state-owned capital operation; 3) Intensify professional staff and human resources marketization to enhance overall capital management capability; 4) Launch a payment system and examining system to support the development of the state-owned capital operation and stimulate corporate vitality and competitiveness; 5) Fully play the core political role in the pilot work and truly implement Party construction work.
China Chengtong strives for the targets below by 2020:1）Establish and perfect organizations, systems and operations of the state-owned capital operation corporation; 2) Serve as a professional marketized operation platform in state-owned capital optimization and central enterprise structural adjustment and fulfill authorized capital operation tasks to realize value maintenance and appreciation; 3) Build up a multifunctional platform with multiple financing channels; 4)Expand international business sections; 5) Build up a professional capital manager team that have intensive understanding on capital markets and operation and train a batch of leading group of integrity and ability who excel at capital operation.