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    ENGLISH EDITION OF THE WEEKLY CHINESE NEWSPAPER, IN-DEPTH AND INDEPENDENT
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    SASAC Denies Report that 16 COEs are to be Listed on Stock Market in 2011
    Summary:

    Jan 7, 2011
    Economic Observer Online
    Translated by Rose Scobie
    Original article:
    [Chinese]




    The State-owned Assets Supervision and Administration Commission (SASAC) has denied a recent report that claimed the the body would promote the listing of 16 centrally-owned enterprises on domestic stock markets over the coming year.

    At a SASAC work conference held on Jan 7, recently-appointed SASAC director Wang Yong said that during the course of the 12th Five-Year Plan, SASAC will push ahead with reforms to state-owned enterprises, accelerate the pace of SOE share diversification, increase the securitization rate of state-owned capital and make progress in the advancement of the corporate share-holding system.

    Data shows, that presently there are already 1,038 enterprises under the supervision of the various levels of SASAC that are listed on domestic bourses.

    Wang Yong noted that across the country in 2010, SASAC tried to increase the percentage of state-owned capital that is listed on the country's stock markets.

    Wang Yong noted that "In Shanghai in 2010, nine enterprises were listed and the capital securitization rate of the city's state-owned enterprises increased to 30 percent, up from 25.4 percent in 2009. In Anhui Province sixteen enterprises were listed, lifting the market securitization rate to 40 percent."

    However, Wang Yongzai also admitted that larger SOEs were lagging behind and the some state-owned investment companies have made little progress in diversifying their investments. He also noted that legal administration could be improved.

    SASAC plans to quicken the pace of SOE shareholding reform during 2011 and promote share diversification throughout the period of the 12th Five-Year Plan.

    Wang Yong also said that SASAC will encourage private capital to use market mechanisms to help take part in the restructuring of state-owned enterprises and that SASAC would continue to support and promote the listing of qualified large companies or restructure them so that their core business could be listed.

    SASAC also clearly expressed that in 2011, they will encourage COEs who wish to enter the market to get rid of their non-performing assets, and encourage companies who already have their core business listed on the stock market to explore channels so that their entire business can be listed.

    Despite these pronouncements, SASAC has yet to establish a concrete plan or set a timeline for provincial SOEs and COEs to list on domestic boards.

    This article was edited by Paul Pennay

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