On August 16th, the China Unicom state-owned enterprise mixed ownership reform plan (hereinafter referred to as “mixed reformâ€), which was brewing for a long time, finally landed. Although China Unicom subsequently withdrew the mixed-reform announcement for technical reasons, the visual inspection was only due to the need to improve the legal process and the SFC review. China Unicom's mixed-reform plan has been approved by the National Development and Reform Commission and will not change.
In the program, China Unicom plans to introduce strategic investment including large-scale Internet companies, vertical industry leading companies, strong industrial groups and financial enterprises, and domestic leading industrial funds through private placement and resale of old stocks. By. Previously, the list of strategic investors circulating on the Internet, China CRRC has clearly announced that it has not participated in the shareholding. China Life Insurance, Suning Yunshang, UFIDA Network, NetScience Technology and Yitong Century officially announced their participation in China Unicom's mixed reform.
The announcement said that before the implementation of the mixed ownership reform program, the total share capital of China Unicom A-share company was 21.197 billion shares. The Unicom A-share company intends to issue no more than 9.037 billion shares to strategic investors in a non-public form, raising funds of no more than RMB 61.725 billion, and transferring the approximately 1.90 billion shares held by Unicom Group to the structural adjustment fund agreement. The transfer price was approximately RMB 12.975 billion; no more than 848 million restricted shares were granted to the core employees in the first phase, and the raised funds did not exceed RMB 3.213 billion. The total consideration of the above transactions did not exceed RMB 77.114 billion. According to estimates, the strategic cost of strategic investors and structural adjustment funds is about 6.83 yuan, and the cost of employee stock ownership is about 3.789 yuan.
After the completion of the transaction, according to the issuance cap, Unicom Group will hold a total of approximately 36.67% of the shares of Unicom A-share company. Among them, Tencent invested 11 billion yuan in shares of 5.21%, Baidu invested 7 billion yuan in shares of 3.31%, Alibaba investment of 4.325 billion yuan in shares of 2.04%, Jingdong investment of 5 billion yuan in shares of 2.36%, Suning Yunshang investment of 4 billion yuan It accounted for 1.88% of shares, Guangqi Internet Technology Investment of 4 billion yuan accounted for 1.88%, Huaihai Ark Information Fund invested 4 billion yuan of shares of 1.88%, and Xingquan Fund invested 700 million yuan of shares of 0.33%. In addition, China Life, which represents state-owned capital, has invested 21.7 billion yuan in 10.22% of the shares, and China's state-owned enterprise structural adjustment fund invested 12.975 billion yuan in 6.11%.
Whether private capital can break the stalemate of state-owned enterprises
Wang Xiaochu, chairman and CEO of China Unicom, said at a performance press conference held on the evening of the 16th that after the completion of the mixed reform, private enterprise capital will account for 18.7% of Unicom’s A-share company, and state-owned strategic investors will account for 16.5%. It holds 35.2% of the shares of Unicom A-share company; Unicom Group will hold approximately 36.67% of the shares of Unicom A-share company, 2.7% of employees and 25.4% of public shareholders, forming a diversified shareholding structure. The relevant funds will be in place as soon as possible, and strategic investors will have a three-year lock-up period.
With the acquisition of private capital, the board of directors of China Unicom A shares will also introduce three representatives of private enterprise investors. The number of seats in China Unicom will be reduced to two, and three other government representatives and several independent directors. In other words, the current pattern of four seats of Unicom Group and three seats of independent directors in the board of directors will be completely broken. The seats of China Unicom Group will even be less than the seats of private capital. However, considering the position of the three government representatives, it is still unclear whether China Unicom can completely break the management mode of traditional state-owned enterprises from the upper level.
Strategic investment is not just money
In fact, as the weakest of the three major operators, the country's biggest goal of requiring China Unicom to carry out mixed reforms is to optimize Unicom's corporate management and business ideas by introducing strategic investors. The metaphor of the image is to install a pair of Internet wings for China Unicom’s “big elephantâ€. Among the strategic investors introduced, ten private Internet companies such as Tencent, Alibaba, Jingdong and Baidu have played a push. The role of Unicom's upper air outlet.
Wang Xiaochu said that the cooperation between Unicom and the four companies will focus on each other, emphasizing strong alliance and mutual benefit. The cooperation will focus on the business level, including online retail, financial payment, content aggregation, Internet of Things, cloud computing and big data. Unicom will make full use of the "contacts" brought by Internet companies. It is reported that on August 16, China Unicom has signed a strategic cooperation framework agreement with strategic investors such as Tencent, Baidu, JD.com and Alibaba. Related cooperation may also involve the establishment of a cooperative company, and specific cooperation programs need further discussion.
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