On March 27, SZSE and the China National Cereals, Oils and Foodstuffs Corporation (hereinafter referred to as COFCO) signed a strategic cooperation agreement. The two sides conducted in-depth exchanges on enhancing the capabilities of finance to serve the real economy and promoting the deep integration of industry and finance. On the same day, Grandjoy Holdings Group CO.,LTD., an A-share listed subsidiary of COFCO, held its restructuring and renaming ceremony and its stock abbreviation has been changed from "COFCO Property" to "Grand Joy". SZSE Party Secretary and Chairman Wu Lijun and COFCO Party Deputy Secretary and President Yu Xubo attended the exchanges and the ceremony.
As one of the first batch of state-owned capital investment companies of pilot reform, COFCO continues to improve the state-owned asset management system and speed up the optimization of state-owned economy layout. On the one hand, it focuses on the core business, promotes specialized operation, striving to become an enterprise with global layout, full industrial chain, largest market share and development potential. On the other hand, it makes full use of the capital market and promotes in-depth SOE reform. For instance, it has successively completed the strategic restructuring of domestic and overseas listed platform integration of COFCO Property and Grand Joy Property, overall listing of COFCO Capital, and the acquisition of biofuels and related assets by COFCO Biochemical, so as to build a state-owned capital investment company with COFCO characteristics.
SZSE and COFCO have maintained close communication and good cooperation. The signing of this agreement is another important measure to implement the supply-side structural reform, and support and serve SOE reform and the national strategy of food safety. According to the agreement, SZSE will further expand the breadth and depth of services on the basis of existing cooperation between the two parties, and strengthen cooperation in listing resource cultivation, diversified financing channel expanding, platform connection for the integration of industry and finance, and capital operation training and consultation. Besides, SZSE will sufficiently take advantage of basic platform function and capital formation to serve COFCO to improve its efficiency of state-owned assets allocation and enhance its quality as a listed company.
Up to now, SZSE has been working with nearly 50 central SOEs to carry out in-depth diversified services and signed strategic cooperation agreements with more than 10 of them. Positive results have been made in promoting transformation and upgrading, reform and innovation, integration of industry and finance, and diversified financing. Next, SZSE will continue to uphold its original aspiration and mission of serving the real economy and implement the requirements of "Four Must" and "One Joint Force". Besides, it will push the capital market reform to a greater extent, improve the basic systems, and provide higher-quality and more efficient financial services for the development of the real economy, so as to facilitate the reform of SOEs and state-owned assets and the development of private enterprises and promote the high-quality development of listed companies.
