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Should the SASAC directly hold equity in listed companies? This is a topic that has triggered a big discussion within the system. At the "2012 Shanghai State-owned Assets and State-owned Enterprise Work Conference" held on February 7, Yang Guoxiong, secretary and director of the Shanghai State-owned Assets Supervision and Administration Commission, mentioned the overall arrangement for state-owned assets in 2012 and put this issue on the agenda.
As an arrangement that regulates the overall operation of listed companies, Yang Guoxiong proposed, "We should focus on establishing a state-owned asset supervision system oriented to fulfill the responsibilities of investors, improve the management and control model of the Shanghai SASAC's directly-held listed companies, and realize the transition from asset management to equity Management, value management transformation, and perfect insider trading insider management. "
"This is the first time at the official level that the State-owned Assets Supervision and Administration Commission has directly held equity in listed companies, which may mean that Shanghai will move in the direction of the Temasek model in the future." Shanghai State-owned Asset Management Company is familiar with state-owned assets reform. "Temasek Mode"
It has been widely talked about in the wave of reforms of central enterprises and local state-owned enterprises. It is the way of business of Singapore Temasek Holdings. Singapore ’s Ministry of Finance, which owns 100% of its ownership, plays a small role within the company. What really plays a key role is the company ’s special board composition, layered and progressive control methods and effective restraint mechanisms.
In fact, as early as 2006, due to the overall listing of the Shanghai-Hong Kong Group, the Shanghai State-owned Assets Supervision and Administration Commission has become a precedent for listed companies directly held by the State-owned Assets Supervision and Administration Commission in China. However, the subject of the SASAC ’s shareholding model is still controversial, and there is still no controversy about the direct shareholding ’s possible impact on the governance structure of listed companies and the SASAC ’s role as both a supervisor and an operator. There are also many difficulties.
Actually, the SASAC has three main modes of shareholding operations. First, SASAC indirectly holds equity of listed companies through group companies; second, SASAC holds equity of listed companies through asset management platforms like Guoxin Asset Management Company and Shanghai State-owned Capital Management Company; third, SASAC Direct shareholding. Among several models, the mode of indirectly holding equity of listed companies through enterprise groups is the mainstream.
As early as 2009, Li Rongrong, then director of the State-owned Assets Supervision and Administration Commission of the State Council, stated: "There is no legal obstacle for the State-owned Assets Supervision and Administration Commission to directly hold equity in listed companies." The gradual integration with listed companies will inevitably lead to the transformation of the structure and mode of listed companies held by SASACs through enterprise groups, and the fact that SASAC directly holds listed companies. This will also change the positioning of SASAC. The SASAC directly holds equity in listed companies, making state-owned assets a truly public asset that is transparent to supervision and regulation, in fact, it is also the practice of the SASAC's investor function.
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