2020-09-30

Yinchuan Tonglian Capital-a”model student” from infrastructure to urban operator transformation

By yqqlm yqqlm

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Duration Financial News, 9 On 30th, Yinchuan Tonglian Capital Investment Operation Co., Ltd. (“Tonglian Capital”) was reorganized and established in December 2014 to be an efficient integrator of resources, a value operator of assets, a promoter of industrial development, and capital The mission is the leader of operation; the vision is to build a first-class domestic and western-leading state-owned capital operation and industrial investment control platform; maximum group value, controllable development path, diversified profit model, urban resource operation + industrial development investment state-owned The positioning of the capital investment operation platform was newly established. Adhere to the” use of capital as the link and property rights as the basis to perform the responsibilities of state-owned asset investors within the scope of authorization; to optimize the distribution of state-owned capital, improve the efficiency and return of state-owned capital operations, and realize the rational flow of state-owned capital and maintain and increase the value of state-owned capital.” The core business of state-owned equity management, investment in key industries and projects, and state-owned capital operation are carried out in a market-oriented manner; the business philosophy of a professional state-owned capital operation and integrated investment control platform serving the high-quality development of Yinchuan.

After 5 years of reform, innovation and development, Tonglian Capital has become the largest state-owned asset operation and industrial investment subject in Yinchuan City. As of the end of the first quarter of 2020, Tonglian Capital’s paid-in capital was 15.094 billion yuan, registered capital was 11.035 billion yuan, and the capital increase was all monetary contributions; total assets were 47.952 billion yuan, net assets were 18.215 billion yuan, and debt-to-asset ratio was 62.01%; Based on the domestic credit rating of AA+ and Moody’s International Rating Baa3, Tonglian Capital has received a new BBB credit rating from Fitch Ratings.

This year, Tonglian Capital successfully issued 300 million US dollars of bonds overseas, which is a rare high-quality asset on the supply side of the primary market. The bond was subscribed three times, showing the strong interest of investors in the issuer and also showing the market the group’s diversified financing channels. TLINVT 4.45 06/10/23 issued by Tonglian Capital, as a scarce investment-grade urban investment bond, has maintained a good performance since its listing. The price has risen by nearly 1.5pt from the listing day, the median price is 101.454, and the yield to maturity is 3.885%.

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Tonglian Capital as The largest state-owned enterprise under the Yinchuan Municipal Government has established three main business directions:financial services and capital operations, industrial development and operations, and asset management and management.

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Based on industrial transformation and structural adjustment, the company supports Yinchuan’s key projects and industrial development, and has now formed its business body with urban infrastructure construction, public transportation operations, gas supply, and sales of books, audio and video products , A diversified business system supplemented by asset management, cultural tourism, parking lot operations, etc. In 2018, as a local state-owned backbone enterprise, the Group was successfully selected as a double-hundred enterprise in the “Double Hundred Action” of the State-owned Assets and State-owned Enterprise Reform of the State Council, and took the lead in making major breakthroughs in reform key areas and joint links.

Urban infrastructure construction business

The group is Yinchuan The largest and most important infrastructure construction entity in the city,operates urban municipal public infrastructure and other urban shared resources and facilities constructed by government investment or other forms. This sector is mainly composed of the subsidiary Yinchuan Urban Construction Investment Holdings Co., Ltd. Operation, Yinchuan Urban Investment is mainly for the construction of municipal infrastructure, road construction and renovation, resettlement housing construction, water conservancy projects and education facilities within the urban area entrusted by the Yinchuan Municipal Government.

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Public transportation operation business

This sector is mainly operated by the subsidiary Yinchuan Public Transportation Co., Ltd. Yinchuan Public Transport is the largest public transport company with the longest line and the widest coverage in Ningxia Hui Autonomous Region and Yinchuan City. It is also the only state-owned public transport company in Yinchuan City. It takes the lead in the transportation field of Yinchuan City and surrounding districts and counties. Status, responsible for 60%of the city’s urban public passenger transport (bus, minibus, taxi) tasks, covering the urban area of ​​Yinchuan City and connecting neighboring districts and counties, and having the function of supplying social public products. The Yinchuan government will provide Subsidies corresponding to the sector.

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Gas sales business

The Group’s gas sales business is mainly operated by its wholly-owned subsidiary Yinchuan Gas Heating Co., Ltd. strong>, It is responsible for the gas supply service for more than 90,000 urban and rural residents and some urban catering users in Yinchuan City, as well as the gas supply service for 20%of the city’s gas vehicles. Among China’s five major natural gas basins, the Shaan-Gan-Ning Basin has the largest natural gas storage capacity, while Yinchuan is close to the Shaan-Gan-Ning Natural Gas Field and Changqing Oil Field. The natural gas pipeline network is complete. Yinchuan’s natural gas pipeline has 10 With a gas supply capacity of 100 million cubic meters per year, there are abundant gas resources. In recent years, with the continuous promotion and popularization of gas-locked vehicles, the sales volume of CNG for vehicles in Yinchuan has shown an increasing trend. The group plans to acquire a gas company to further deepen the group’s market position in Yinchuan. At the same time, the group plans to increase the number of compressed natural gas refueling stations for vehicles to cover the upstream, midstream and downstream natural gas chain.

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Bookstore operation

The company’s book and audio-visual product sales business is mainly operated by the subsidiary Yinchuan Xinhua Bookstore Co., Ltd. Yinchuan Xinhua Bookstore is the largest in Yinchuan The state-owned book sales company has an absolute market position in Yinchuan. With a total business area of ​​11,000 square meters, it has realized the entity + Internet operation model. Book sales accounted for more than 80%of the city’s total sales.

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Asset Management

The Group is Yinchuan’s largest state-owned asset operation, management and leasing platform. The main fixed asset operations include sales, Lease and manage state-owned assets. At present, the group’s operational assets total about 23,902,100 square meters.

Yinchuan City Government has sorted out the state-owned operating assets of 223 units, with a usable area of ​​600,000 square meters. The Yinchuan Municipal Government intends to transfer this part of the assets to Tonglian Capital, which will be responsible for the operation and management of the assets. Tonglian Capital has now established an asset operation company to accept the government’s proposed transfer of assets, and set up a professional team to operate, manage and dispose of assets to improve asset utilization and asset return. The annual revenue of this part is expected to be around 200 million yuan. At the same time, we will expand the industrial chain and develop the real estate, medical care, education and training industries in a timely manner.

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Cultural tourism business

In October 2019, Yinchuan Municipal SASAC established Yinchuan Cultural Tourism Development (Group) Co., Ltd. The equity of the 6 subsidiaries was transferred to Yinchuan Cultural Tourism and included in the group’s consolidated statement. The group is responsible for operation and management, and further integrates the resources of municipal state-owned enterprises. Yinchuan is an excellent tourist city in China. It has a number of 5A and 4A national scenic spots. According to the overall outline of the”13th Five-Year Plan” of Yinchuan, Yinchuan is committed to building a modern logistics center, life service center, modern service industry center and The”three centers and one destination” in the tourism and leisure center, build the”Smart Travel Yinchuan” global tourism Internet platform, integrate global tourism resources, guide the formation and growth of the tourism ecosystem, and seize The core demand drives the development of all elements of”food, lodging, travel, shopping and entertainment”, which will bring development opportunities for the group’s cultural tourism business in the future.

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Parking lot investment and operation

The parking lot business is mainly operated by the subsidiary Yinchuan Boshun Parking Management Co., Ltd. and owned by the company There are more than 7,167 berths in 33 streets and lanes including Zhongshan Street and Hubin Street. The pricing of parking lots is uniformly formulated by Yinchuan Price Bureau, Development and Reform Commission and other relevant departments according to the actual situation of urban development through the organization of hearings. In recent years, Yinchuan City In order to encourage citizens to use more public transportation facilities and reduce congestion, the government has increased parking fees in the city’s central business districts. It is now planned to adopt the “big data + parking lot” model and use advanced information management methods to intelligently transform the parking spaces operated and managed by Shunbo, with the help of “Shunbo Parking” APP software,“ Shunbo Parking Public Account”, etc. Measures to realize unattended and data collection and integration, access to the”Smart Yinchuan” big data platform, and realize parking information sharing; by setting up advertising spaces in parking lots and supporting a certain percentage of auxiliary operating facilities in newly-built parking lots to carry out car beauty and express Supporting value-added services such as repairs, car rentals, etc., increase the overall revenue of parking lot operations.

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Escort business

The group’s escort business started in 2015 and is mainly operated by the subsidiary Ningxia Siwei Golden Shield Security Escort Service Co., Ltd. (abbreviation:Siwei Golden Shield) . The main business is escort and security services. The escort business covers Yinchuan City, Zhongwei City, Zhongning County, Haiyuan Counties, Yuanzhou District, Xiji County, Longde County, Guyuan City, Jingyuan County, Pengyang County, account for the whole district About 60%of the escort market share.

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Water business sector

In June 2019, the group sold 30.1%of the group’s holdings to China Railway First Bureau Group Co., Ltd. at market price After the equity transfer of Yinchuan China Railway Water Co., Ltd., the group still holds 10%of China Railway Water.

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In addition,The group company has made the first breakthrough in the steady advancement of equity diversification and mixed ownership reform. Introduce social capital to participate in the municipal construction group share reform, and continuously improve the comprehensive strength of urban infrastructure construction; introduce private capital to form Yin Ge Company, realize the establishment of a big data platform for the cultural tourism industry and market operation; promote the market operation of asset management companies , To implement mixed ownership reforms in the property management, education and training, health and elderly care industries; promote the park platform to promote the park platform to reduce the management level and the market-oriented reform of the bank insurance automobile company.