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Recently, Jinan Diesel Engine Company Limited (hereinafter referred to as JDEC) successfully completed the implementation of major asset restructuring, swapping out the original assets and liabilities and swapping in 100% equity stake of CNPC Capital Co., Ltd., CNPC’s subordinated financial holding platform. At the night of February 9, 2017, JDEC disclosed announcement that the company’s name would be changed as CNPC Capital Company Limited, while the company’s abbreviation changed as CNPCCCL. On February 10, 2017, CNPCCCL held a ceremony in SZSE celebrating its name change, which kicked off a new journey in the capital market.
The trading amount of the underlying asset of the restructuring, 100% equity stake of CNPC Capital Co., Ltd., was as high as CNY75.5 billion, breaking the record of the trading scale of merger and acquisition in A-share market in 2016. CNPC Capital covers a full range of financial businesses, including financial companies, banks, financial leasing, trust, insurance, insurance broker and securities, owning a complete range of financial business licenses. Via the major asset restructuring, CNPC’s financial sector materialized overall listing. In this transaction, 8,742,517,285 common shares were offered by CNPC Capital, whose total market capitalization will be more than CNY170 billion after listing. As a subordinated company of CNPC that specialized in financial business, CNPC Capital will become a platform for the financial business integration, financial equity investment, financial asset supervision, financial risk control of CNPC.
Relevant principal from SZSE indicated that the capital market’s features of open and transparence, price discovery, perfect company governance are important carriers for boosting SOE supply-side structural reform, optimizing state-owned asset layout. CNPCCCL’s successful debut in the A-share market becomes a significant benchmark marking Shenzhen securities market’s support to the SOE reform and implementation of industries integration. It is expected that, taking capital market as platform, state-owned capital operation as carrier, and merger and acquisition as pivot, and becoming stronger, better and larger as ultimate goal, SOE reform will release a steady flow of reform bonus. SZSE will further deepen the multi-layer capital market development, keep on strengthening the function of supporting the SOE reform, and continually enhance the ability of serving the real economy.
