Shanghai Promotes Overall Listing of SOEs, Picks 8 Firms to Pilot Professional Manager System

Xu Huiyun / Yicai

2017-05-11

(Yicai Global) May 11 --- Shanghai is promoting the overall listing of competitive state-owned enterprises and piloting a professional manager system among SOEs.

The city has selected eight enterprises, including Shanghai International Port (Group) Co. [SHA:600018] and Arcplus Group PLC [SHA:600629], to trial the professional manager system.

Overall listing or core operation asset listing is a focal point in the reform of state-owned assets and enterprises in Shanghai.

While attending the State-owned Assets Supervision and Administration Commission of the State Council meeting of the 11th Party Congress in Shanghai, Ying Yong, the city’s mayor, proposed accelerating the transformation of corporate and joint-stock systems, and pushing the overall listing or core operating assets listing of groups.

Pursuant to the objectives put forward in the 2017 state-owned assets and enterprises work conference in Shanghai, two or three SOEs will be encouraged to list as a whole or by core asset this year.

SOE’s listed as a whole or by core assets in Shanghai made up two-thirds of competitive SOEs last year.

The key to optimizing the state-owned asset supervisory system is to regulate administrative ideas, manage state-owned assets well, and make SOE’s operation flexible and independent, Ying said.

Shanghai will strengthen its developing board of director system and professional manager team, and stably reorganize the remuneration system for professional managers, Ying said.