Industrial upgrading Zhejiang model: "Listed company +" leads regional economic transformation

Last week, with the ringing of Taihua New Materials, the total number of Zhejiang A-share listed companies has been refreshed to 396.

From the pioneers of reform and opening up to the capital provinces, the listed companies in Zhejiang have become a unique “Zhejiang plate” in the A-share market. Nearly 400 listed companies are dotted around, outline the outline of Zhejiang's economic map, and lead the regional economic transformation and upgrading by point and face.

How did the “Zhejiang Plate” rise? How is it helping to promote regional economic development? Recently, the Shanghai Stock Exchange reporter went deep into the frontline investigation to explore the source of the vitality of the Zhejiang economy. The "Zhejiang model" presented in front of the reporter is: the government's "tangible hand" and the "invisible hand" of the market have joined forces to make the government departments, listed companies and regulatory agencies twist into one, and opened up a merger and acquisition restructuring based on listed companies. Promote a new path for regional economic transformation and upgrading.

When Zhejiang enterprises merge

The secret of the company's growth as an "international superstar", the chief of the superstar technology, Qiu Jianping's answer is very dull: "Superstar insists on building a brand with the spirit of craftsmanship, focusing on the main business. At the same time, make full use of the capital platform to timely mergers and acquisitions, and promote globalization. Strategy. The example of the rise of Superstar Technology is a microcosm of Zhejiang listed companies relying on the booming capital market. A large number of Zhejiang enterprises such as Hikvision, Zhengtai Electric, Jack, Zhejiang Longsheng and Junsheng Electronics have become the leading and even "world champions" in their respective segments.

On the fifth floor of Superstar Technology Headquarters, the walls of more than ten exhibition halls are filled with various hand tools, power tools and smart measurement products. In particular, there is a long strip-shaped conference table in the middle of each room, which is also a place for foreign merchants to sign on the scene.

Founded 25 years ago, the local hand tools leading enterprise, with more than 20,000 kinds of products, is the largest and the world's top four hand tool companies in Asia. Every day, tens of thousands of products of superstars will be sold in supermarket chains of over 20,000 large hardware, building materials and auto parts.

The secret of the company's growth as an "international superstar", the chief of the superstar technology, Qiu Jianping's answer is very dull: "Superstar insists on building a brand with the spirit of craftsmanship, focusing on the main business. At the same time, make full use of the capital platform to timely mergers and acquisitions, and promote globalization. strategy."

Not long ago, the transaction of Superstar Technology's acquisition of the American century-old brand Arrow was successfully completed, and the 860 million yuan overseas merger was officially launched. Arrow is a leading manufacturer of manual, pneumatic, electric nail guns and consumables.

“Arrow's sales channels, manufacturing capabilities and strong brands, combined with the manufacturing technology, innovation capabilities and global influence of Superstars, can provide more innovation and better products to customers around the world.” Qiu Jianping told reporters that Superstar Technology Fund Ample, and will continue to seek merger and acquisition opportunities on a global scale.

In the past few years, Superstar Technology has also acquired a number of overseas hand tool brands such as Goldblatt and PONY TOOLS, and spent RMB 200 million to acquire PT, a leader in laser intelligent products.

Today, the ecological map of Superstar Technology has already reached the "high-precision" field. The company's self-developed intelligent warehouse logistics system "STAR SYSTEM" has been used by North American office supplies giant Staples, and the two sides have signed a strategic cooperation agreement. Superstars also occupy a leading position in logistics robots, security robots, etc. The laser measurement industry has been integrated into the harvest period after two years of integration, and the smart home field is also accelerating its layout.

The rise of the superstar technology is a microcosm of Zhejiang listed companies relying on the capital market. In fact, Hikvision, Zhengtai Electric, Jack, Xinhecheng, Supor, Boss Electric, Wanxiang Qianchao, Huahai Pharmaceutical, Huayi Brothers, Zhejiang Longsheng, and Joyson Electronics all have a large number of Zhejiang enterprises. It has become the leader and even the "world champion" in their respective segments.

The internationalization of Junsheng Electronics is quite representative. Since 2011, Junsheng has successively acquired Germany's PREH, IMA, QUIN, TS, and KSS companies in the United States, and completed three major leap in technology transformation and upgrading, industrial internationalization and capital platform breakthrough, and became a global automotive electronics field. Chinese power that cannot be ignored.

"There are a lot of temptations. Buying a piece of land, not building real estate, selling the land can make money. How many people persuade us to do it, we will not do it." Jack Ji, founder of Jack, will "develop only in the manufacturing sector" as a company. The slogan. In 2009, Jack shares a strong competitor and acquired the German "Benma" and "Tuka" companies. By 2010, Jack has won the world's No. 1 sales crown and has remained so far. Qi Jixiang has a bigger dream: “Building the world's first brand of sewing equipment”.

In the tide of economic transformation and upgrading, listed companies, in addition to extending the industrial chain through mergers and acquisitions, "cage change birds" is another transformation path. Zhejiang Digital Culture, China Media Holdings, China Digital Media, Shentong Express, and Ciwen Media all injected new development momentum into the company through backdoor listing.

In addition, a group of companies such as Chuanhua Zhilian have adopted an industry-based “dual-main business” model through asset restructuring. Chuanhua Zhilianzhi is building China's intelligent highway logistics network operation system, building the infrastructure platform of China's productive service industry, and injecting new impetus into the transformation of manufacturing industry through the three-dimensional layout of “online and offline” and “logistics + internet + finance”. .

Regarding the new characteristics of mergers and acquisitions of Zhejiang listed companies, Zhu Congxi, deputy governor of Zhejiang Province, made a brilliant summary: First, from opportunistic mergers and acquisitions to active mergers and acquisitions, more and more enterprises have targeted choices according to their own development strategies. Cooperative projects, rather than passive waiting for the occasional opportunity; second, the transition from small and medium-sized projects, tentative projects to large projects, strategic projects; third, the choice of M&A projects is moving towards a closer integration with local economic development, Corporate development goals and government policy guidance are more consistent.

The surface of mergers and acquisitions of Zhejiang listed companies is to buy technology, buy brands and buy markets. Behind it is the endogenous drive for enterprises to adjust their industrial structure and seek more room for development. It is also the epitome of the future development path of Zhejiang's economy.

Regional map of "Listed company +"

As an innovative measure, Zhejiang Province launched the “Listing Company Leading Industrial Development Demonstration Zone” in 2015. The logic behind this is that listed companies have the advantage of industrial chain and strong willingness to lengthen the industrial chain. They can organize a specialized division of labor and cooperation system based on the refinement of the industrial chain to form a “leading industry plus more invisible champions”. Enterprise distribution architecture. Projected in the "Zhejiang plate" of the A-share market, the listed company group has formed a regional industrial sector with its own characteristics.

"Small but beautiful" is good, but "big and strong" is the goal of business pursuit.

Zhejiang once praised the “puppy economy” model (characterized by clear division of labor and close cooperation) and gave birth to a number of “invisible champions” in the field of subdivision. With the continuous evolution of the economic structure, Zhejiang began to promote industrial agglomeration, industrial innovation and industrial upgrading with new ideas, new mechanisms and new carriers.

Projected in the “Zhejiang Plate” of the A-share market, the listed company groups have formed regional industrial sectors with different characteristics, which has driven the block economy to transform and upgrade to the cluster economy.

As an innovative measure, Zhejiang Province launched the “Listing Company Leading Industrial Development Demonstration Zone” in 2015. The logic behind this is that listed companies have the advantage of industrial chain and strong willingness to lengthen the industrial chain. They can organize a specialized division of labor and cooperation system based on the refinement of the industrial chain to form a “leading industry plus more invisible champions”. Enterprise distribution architecture.

Looking at the sub-region, the rise of the “Taizhou Plate” is particularly eye-catching. On September 19th, Tianyu shares sounded the listing bell and became the 48th A-share company in Taizhou.

Taizhou is the origin of the domestic share-based cooperative economy, and its development is full of stamina. Listed companies mainly cover the industries of medical, automobile, machinery and equipment, and have formed industrial clusters with regional characteristics such as high-speed rail industry chain.

Ye Weizeng, director of the Taizhou Finance Office, told the Shanghai Securities Journal that in the first quarter of this year, Taizhou A-share listed companies realized a net profit of 2.6 billion yuan, a year-on-year increase of 42.33%, and a profit of 5.4 billion yuan over the same period of the year, an increase of 26.57%. “The profits of listed companies account for half of the enterprises above designated size, and the growth rate exceeds nearly 16%. The contribution of listed companies to the Taizhou economy is becoming more and more important.”

Data show that in the past three years, direct financing and mergers and acquisitions of listed companies in Taizhou have doubled year after year. From 2014 to 2016, listed companies raised 7.8 billion yuan, 15.1 billion yuan and 31.2 billion yuan from the capital market through additional issuance and bond issuance. In the past three years, Taizhou listed companies completed 104 mergers and acquisitions, involving a total of 4.5 billion yuan. Yuan, 10.2 billion yuan and 27.8 billion yuan, through transformation of the industrial chain, control of high-quality resources, layout of diversified industries, etc., to achieve transformation and upgrading.

In June and September of this year, the Taizhou Municipal Government issued the “10 Shares for New Deal Reform” and “10 New Policies for Listing”, and strived to increase 1,000 joint-stock enterprises in the next three years, and normalize the scale of 200 listed reserve resources enterprises. The total number reached 80, and a echelon resource pool with continuous updating and dynamic management was built, and the company was listed on the market.

Two years ago in Zhejiang Province, "listed companies leading the industry demonstration zone" pilot zone of Shangyu, Shaoxing, then formed a listed company Zhejiang Longsheng, RunTu shares as the leading green chemical industry, Wolong Electric, upwind Tech, Listed enterprises such as Jingsheng Electromechanical and Jindun Co., Ltd. are leading high-end equipment manufacturing industries, and the intelligent modern decoration industry led by listed companies such as Yaxia Co., Ltd. has become a new force in the local real economy.

The anti-feeding effect of "characteristic town"

"Migrating a company, bringing back a batch, and driving a piece" has become an advanced fission form of Taizhou's economic transformation and upgrading. At present, in addition to the UAV town, Taizhou has also created a special town of Geely Volvo, a small town of pump industry, and a small town of Huahai. These four provincial-level characteristic towns are important carriers for enterprises to return to back-feeding after they have obtained huge support from technology, market and brand through mergers and acquisitions. Zhejiang has created more than 100 provincial-level characteristic towns, many of which are based on listed company projects and have driven a large number of supporting industries.

The characteristic town is also an important carrier for Zhejiang to promote the regional economy. Up to now, we have created a hundred Zhejiang provincial feature of the town, including the town of socks arts, silk small town, small town geographic information, new energy small town, small town intelligent equipment, general aviation town, the town of Things Etc. Many of the towns are mainly listed companies, which has driven a large number of supporting industries.

In the early autumn, the construction site of the Taizhou Bay Circular Economy Industry Cluster is in full swing. A few years later, the park will fly "multiple types of drones."

The person in charge of the gathering area told reporters that “Taizhou UAV Aviation Town” will build a complete aviation industry system dominated by the UAV industry, and create three core features – “Aerospace + Characteristic Industry” and “Aerospace + Features”. Culture", "Aerospace + Characteristic Community".

Highly-recognized is the Rainbow UAV Industrial Park with a total investment of 3.1 billion yuan and the Beihang General Aviation Industry Chain Project with a total investment of 10 billion yuan. It is closely related to Nanyang Technology and Xinji Motor, two listed companies in Taizhou.

Nanyang Technology intends to introduce the Central Enterprise Aerospace Science and Technology Group through the issuance of shares, and purchase 100% of the latter's Rainbow Company and 84% of Shenfei Company. After the completion of the reorganization, it will become the first domestic military drone. The actual controller of the signal motor will transfer 26% of the shares to Beijing University of Aeronautics and Astronautics, and plans to acquire Tianyu Changying, a UAV business platform of Beihang.

“The company has been expanding its industry around the film business since its inception, and several major business segments such as capacitor film have developed steadily. Under the military-civilian integration strategy, after the strategic restructuring of the company and the aerospace technology group, the company will increase the series of drone products, scale of operation. Profitability will be steadily improved. At the same time, after the military assets are injected into the listed company, the capital market can be fully utilized to promote the upgrading of the military industry." Shaoyang Xing, chairman and general manager of Nanyang Technology, said.

In fact, this is a key project linked to local government promotion and market restructuring. The person in charge of the agglomeration area said that in order to introduce the Rainbow UAV project, Taizhou State Capital has transferred 149 million shares of Nanyang Technology and transferred the part of the equity to the Aerospace Science and Technology Group without compensation, together with favorable policy conditions, and integrated the central enterprises. Marriage with listed companies.

Behind the “benefit” of the 2 billion yuan of state capital, the government counted a big account and harvested the result of “three wins”. "Taizhou's mold, electromechanical, automobile and motorcycle parts and other basic industries closely related to the aviation field have advantages in the country. The settlement of aviation projects can significantly boost the growth of the regional economy." The person in charge said that the UAV industry is already Taizhou. One of the five hundred billion industry clusters will become a world-famous drone industry base in the future.

"Migrating a company, bringing back a batch, and driving a piece" has become an advanced fission form of Taizhou's economic transformation and upgrading. At present, in addition to the UAV town, Taizhou has also created a special town of Geely Volvo, a small town of pump industry, and a small town of Huahai. These four provincial-level characteristic towns are important carriers for enterprises to return to back-feeding after they have obtained huge support from technology, market and brand through mergers and acquisitions.

Zhejiang’s “M&A-Responsiveness” mechanism is in the doldrums. According to the reporter, the number of listed companies in Shaoxing, Zhejiang Shangyu Zone, Xinchang County, Haining, Deqing County, Xiaoshan District, etc., higher quality of cities and counties, have been implemented through mergers and acquisitions of listed companies, advanced domestic equity investment projects and internally The high-quality M&A projects will be introduced back to the mainland, and the development of industrial chain extension investment and related supporting industries will be gradually formed.

"Two hands" balance

In the past five years, the mergers and acquisitions of listed companies in Zhejiang Province have grown rapidly. In 2010, only 80 mergers and acquisitions occurred in the province, involving an amount of 12.2 billion yuan. By 2016, the number of mergers and acquisitions increased rapidly to 375, and the amount increased to 161.6 billion yuan. In terms of corporate mergers and acquisitions, Zhejiang’s bold exploration touched the “two hands” connection point.

For a long time, all walks of life have been asking about the balance between the government’s “tangible hand” and the market’s “invisible hand”. In the merger and acquisition of Zhejiang enterprises, Zhejiang's bold exploration touched the "two hands" connection point.

As early as 2010, Zhejiang Province took the lead in issuing guidance opinions to encourage listed companies to carry out mergers and acquisitions, and supported listed companies to become bigger and stronger through mergers and acquisitions. Since 2013, the Zhejiang Provincial Government has held a merger and acquisition promotion meeting for listed companies for four consecutive years, and has continuously pushed the merger and reorganization of listed companies across the province to new heights.

The data shows that in the past five years, the mergers and acquisitions of listed companies in Zhejiang Province have grown rapidly. In 2010, only 80 mergers and acquisitions occurred in the province, involving an amount of 12.2 billion yuan. By 2016, the number of mergers and acquisitions increased rapidly to 375, and the amount increased to 161.6 billion yuan. .

At present, most cities and counties in Zhejiang have implemented various measures such as financial subsidies for the mergers and acquisitions of listed companies. The cities and counties where listed companies are more concentrated are often conducting targeted training and training, which has created favorable mergers and acquisitions. The strong environment and atmosphere.

In terms of IPO, governments across Zhejiang have explored a complete set of service systems. For example, the Yuhang District Financial Office in Hangzhou targets the needs of different stages of the stock reform and listing counseling period, and refines the program to carry out phased guidance; formulates relevant policies, special personnel tracking, on-site service, one-on-one discussion, opening up “green channel”, peer-to-peer For the company's listing road "demining"; the formation of the regional leadership coordination service mechanism by the district leaders, departments, platforms and towns and streets to participate, the combination of bar and the linkage.

Since the end of this year, as of the end of August, there have been 8 enterprises in Yuhang District landing in the A-share market. The total number of listed companies has reached 20 (including 3 overseas). The number of newly listed enterprises this year ranks first in all counties (cities, districts) in the province. .

From the perspective of the province, Zhejiang has added 50 A-share companies in half a year, creating a new historical record. Prior to this, the number of Zhejiang IPOs was the highest in 2010, with 45. From 1990 to 1999, only 50 companies in Zhejiang Province were listed. In other words, the number of IPOs in Zhejiang this year has been equivalent to the total number of IPOs in the first decade, and will also set a record for the annual IPO.

The abundant reserve resources ensure the “staying power” of the listing. It is understood that there are currently more than 200 listed companies in Zhejiang. The province's enterprises are listed and listed in various capital markets with more than 5,000 companies, accounting for about 12% of the province's above-scale enterprises.

The “positive energy” of the economy translates into excellent “transcripts”. In the first half of this year, Zhejiang handed over a bright semi-annual report of “high stability and good performance” – GDP growth rate of 8.0% in the first half of the year, higher than the national average growth rate, and an average growth rate of 7.9% over Zhejiang in the past five years. 0.1 percentage points higher.

Earlier, Che Jun, secretary of the Zhejiang Provincial Party Committee, made a report at the 14th Party Congress in Zhejiang Province: "Continue to do a good job in listing companies, and give full play to the promotion of mergers and acquisitions of listed companies to promote industrial upgrading." Governor Yuan Jiajun mentioned in the report on the economic and social development of the province in the first half of the year that through the linkage of provinces, cities and counties to promote enterprise listing and mergers and acquisitions, 51 new domestic and overseas listed companies and 176 listed companies were acquired in the first half of the year.

The “knocking of the bell” of the company’s listing is certainly pleasing, but the “knocking” of the regulatory authorities is also indispensable. A healthy and orderly capital market requires a fair, efficient and clean trading market and institutional environment.

From this perspective, the growth of Zhejiang listed companies is inseparable from the regulatory environment. In recent years, the CSRC has promoted legal supervision, comprehensive supervision, strict supervision, continued rectification of market order, protection of investors' legitimate rights and interests, and effective supply-side structural reforms to maintain stable and healthy market development under complicated circumstances.

Following the above-mentioned regulatory thinking, the Zhejiang Securities Regulatory Bureau has continuously strengthened the supervision of listed companies, focusing on information disclosure, and accurately exerting on-site and off-site supervision. “From the risk of delisting, large fluctuations in business performance, changes in actual controllers and other suspects. In various circumstances, such as violations of laws and regulations, we will sort out listed companies in the jurisdiction and establish key supervision companies."

"Under the principle of strengthening supervision, we will actively promote listed companies to lead economic transformation and upgrading, and guide qualified entrepreneurial innovation projects to become stronger and stronger through mergers and acquisitions, and encourage traditional enterprises to carry out outreach mergers and acquisitions for technology, talents and brands to achieve industrial integration. Transformation and development." The person in charge of the Zhejiang Securities Regulatory Bureau said.