Tencent, Geely 4.3 billion into the high-speed rail "friends circle"

China Railway Corporation (hereinafter referred to as "Iron General") mixed reform first officially landed. On June 6, the "Economic Information Daily" reporter learned from the iron general that recently its subordinate enterprise EMU Network Technology Co., Ltd. (hereinafter referred to as "Motor Vehicle Network") equity transfer bidding work was successfully completed, Shenzhen Tencent Computer Systems Co., Ltd., Zhejiang Geely Holding Group Co., Ltd. won the bid for the consortium of two enterprises, and acquired a 49% stake in EMU Network Technology Co., Ltd. for 4.3 billion yuan to start a battle for smart traffic.

This is the first time that the introduction of social capital to develop a train network through property rights trading, and it is also a substantial step in the 2018 hybrid reform. According to the plan, this year, the iron will accelerate the promotion of mixed reforms, study the various professional and technological enterprises to implement the mixed reform program, and attract social capital to participate in railway investment.

Tencent, Geely 4.3 billion into the high-speed rail "friends circle"

According to the data, the EMU network was established on December 20, 2017 with a registered capital of 50 million yuan. It was previously wholly-owned by China Railway Investment Co., Ltd., and it is also the only enterprise among the subordinate enterprises identified by the company to operate E-Wi-Fi. The business period is 20 years.

As of 2017, China's high-speed rail mileage has reached 25,000 kilometers, accounting for 66.3% of the world's total high-speed rail. EMUs transported 1.71 billion passengers a year, covering about 200 million people.

On April 2, 2018, 49% of the shares of the train network was officially listed on the Beijing Equity Exchange at 3.049 billion yuan. Relevant announcements show that the intended transferee can be a consortium, and each enterprise can only participate in one consortium, with no more than five consortium members, and each consortium member is subject to a target company with a shareholding ratio of not less than 5%. .

The high threshold of bidding has allowed many outsiders to narrow down the potential investment to Internet companies. In July 2017, Lu Dongfu, Secretary of the General Party Group and General Manager of the Iron and Steel Group, met with Ma Huateng, Chairman and CEO of Tencent's Board of Directors. The two sides held talks on deepening road-enterprise cooperation. In November, Lu Dongfu said in a meeting with Chairman of the Board of Directors of Alibaba Group, Ma Yun, that he hopes that the two sides will explore market-oriented cooperation in high-speed rail Wi-Fi and other aspects.

The person in charge of the relevant departments of the iron department said that the equity transfer has received extensive attention, and many well-known domestic enterprises have expressed their willingness to cooperate. The Beijing Equity Exchange issued an announcement on equity transfer, soliciting investors and conducting public bidding. China Railway Investment Co., Ltd. strictly follows the relevant provisions of state-owned property rights transactions, conducts the evaluation of bid documents in compliance with laws and regulations, and after determining the relevant decision-making procedures, has determined the winning bidder. The Beijing Equity Exchange conducted a full-process supervision of the review work.

In the end, the consortium of Tencent and Geely Holding successfully won the bid for the project, with a transaction price of 4.3 billion yuan. "The mixed change of the train network belongs to the mixed competition of incremental competitive business. On the one hand, its business nature belongs to the competitive business in the railway system, and on the other hand, it is the company that was just established last year, its operating income, operating profit, net profit. Both the liabilities and the liabilities are zero, which is a mixed asset change. For such businesses, the mixed ownership reform can be actively promoted. Zhou Lisha, an associate researcher at the State-owned Assets Supervision and Administration Commission of the State Council, explained in an interview with the Economic Information Daily.

The above-mentioned person in charge of the iron company pointed out that the establishment of the Wi-Fi platform for the construction of the EMU with Tencent and Geely Holding through the equity transfer is an important achievement of the railway department to accelerate the reform of the national railway enterprise and actively develop the mixed ownership economy. It is of great significance that the high-speed rail network and the Internet "dual-network" will be integrated to expand the new field of market-oriented operation of the national railway enterprise assets, improve the quality of railway transportation services, and further enrich and meet the new needs of passengers' travel life.

Start a smart traffic battle

It is understood that, in the next step, China Railway Investment Co., Ltd., Tencent and Geely Holding will legally build a corporate governance system for EMU Technology Co., Ltd., optimize the technical operation team, build a market-oriented operation mechanism, and accelerate the construction and operation of the EMU Wi-Fi platform. jobs.

In fact, high-speed rail coverage of Wi-Fi has begun to be gradually implemented. In June last year, the “Revival” was operated on the Beijing-Shanghai line. At present, the Beijing-Shanghai high-speed railway “Revival” has achieved full coverage of Wi-Fi signals, with 600M. Free traffic limit, but you must first download the app.

In December 2017, Huang Min, deputy general manager and member of the party group, said at the 19th Peking University Guanghua New Year Forum that Wi-Fi coverage should be extended to all high-speed rail. Many industry insiders believe that the total technical accumulation of iron in this field is weak, and the introduction of social capital can quickly start the business.

In Zhou Lisha's view, the reform of mixed ownership not only adjusts equity, but more importantly solves mechanisms and development issues, and introduces the resources, technology and management of strategic investors. The consortium of Tencent and Geely Holding won the bid, as a professional advantage company and a technology-based enterprise, it can promote the equity transfer of Wi-Fi operating companies, build a market-oriented operation mechanism, promote the integration of railway capital and social capital, and realize professional operation. Passengers provide better Wi-Fi service.

The above-mentioned person in charge of the company said that it will cooperate with Tencent and Geely Holding to give full play to the advantages of all parties. While ensuring the basic service standards, it will speed up the construction and operation of the EMU Wi-Fi platform and provide passengers with a station. Online, offline and offline travel services, including Wi-Fi services, leisure culture and entertainment, news, online ordering, featured e-commerce, joint travel, smart retail and so on.

Tencent and Kyrgyzstan used the "big price" of 4.3 billion yuan to enter the high-speed rail "friend circle", which is considered to be more of a large amount of user traffic on the railway, and a battle for smart traffic. The traffic created by high-speed rail passengers will generate the demand for traffic Wi-Fi, and the high-speed, stable and closed high-speed rail will further highlight the traffic value, which is expected to become a very high-quality operation scene of Wi-Fi. More importantly, it will become the entrance to the deep integration of the high-speed rail network and the Internet, with broad prospects for development and operation.

Ma Huateng said that participating in the 49% equity transfer project of the train network is another important attempt by Tencent in the field of state-owned enterprise mixed reform, and is also an important layout for the development of smart transportation business.

Li Shufu, chairman of Geely Holding, said that participating in the operation of the "Internet + High-speed Rail" project is a practical exploration of Geely Holding's support for the mixed reform of the railway sector, and an important step for Geely's future travel and transformation.

Iron total mixing speed

This is just the beginning of the speed increase of the total iron mix. It is understood that in 2017, the company has established the “three-step” goal of the reform of the national railway enterprise system and pushed forward strongly. By the end of the year, 18 railway bureaus have been reorganized into group companies, and the corporate governance structure has basically taken shape, and the new and old systems have been realized. Smooth transition. At the same time, the reform of the organizational structure of the General Administration of Railways was successfully completed, and the institutional departments, internal institutions, and staffing establishments were reduced by 10.3%, 26.6%, and 8.1% respectively. The reform plans for six non-transporting enterprises have been approved.

On the basis of the reform of the company system, the Iron Work Conference disclosed that in 2018, the reform of mixed ownership will be actively promoted. Research various professional and technological enterprises to implement the mixed reform program, introduce high-quality social resources, promote the equity transfer of Wi-Fi operating companies, build a market-oriented operation mechanism, and promote the integration of railway capital and social capital. Strengthen analysis and argumentation on matters such as equity transfer and introduction of external investors, and promote joint venture cooperation according to law.

In addition, the railway investment field will also take action. Lu Dongfu said that in 2018, the classification of railways will be deepened, and the introduction of new railway projects to attract social capital management measures will be promoted, and new progress will be made in the reorganization and integration of regional joint ventures and the replacement of road shares.

The data shows that in 2017, the fixed assets investment of the national railway industry was completed 801 billion yuan. The government work report proposes that the railway investment will be 732 billion yuan in 2018. Sun Zhang, a professor at Tongji University and a railway expert, said that in the current mixed reforms, the company is building infrastructure by attracting private capital and private enterprises, improving corporate management and solving internal funding problems.

Data show that as of the end of 2017, total iron assets totaled 7.65 trillion. The income was 1 trillion yuan, breaking through the trillion mark for the first time, an increase of 11.9% over the same period of last year; the annual net profit was 1.819 billion yuan, turning losses into profits, and hitting the highest in the past five years. In the first quarter of 2018, the total net profit of China Railway was -376 million yuan, a net profit of -5.836 billion yuan, a sharp narrowing of 93.56%; revenue of 245.645 billion yuan, an increase of 9.4% over the same period last year. As of the end of March 2018, total iron liabilities reached 5.04 trillion yuan, breaking through 5 trillion yuan for the first time, up 5.8% from 4.72 trillion yuan in the same period last year. The debt ratio reached 65.27%, a slight increase from the debt ratio of 64.93% in the same period last year.

According to incomplete statistics, Lu Dongfu has met with more than 20 corporate leaders after he took office, involving Internet, automobile, shipping, banking and other fields. Therefore, industry insiders analyzed that the railway mixed reform will advance along the lines of “professionalization”, “technicalization” and “railway network + Internet” in the upstream and downstream.

However, it is worth noting that after the “finance” of the private capital, it still faces the problem of “development”. It is understood that the current return on railway construction revenue is only operated by operation. It is very difficult. Except for some routes in the eastern region, most of the regions are difficult to balance. The price reform, freight quality improvement, land development and asset securitization are all to break through in the future. direction.

Wu Xiangdong, member of the Party Committee of China Railway Shanghai Bureau Group Co., Ltd. and director of the Nanjing Railway Office, said in an interview with the Economic Information Daily that although the railway department launched some land comprehensive development projects in 2017, the actual progress was less than expected. He suggested that the central government departments should clarify the specific operational procedures and promote the implementation of the state's support for the comprehensive development of railway land, especially the new ways of new railways and the elimination of existing railway comprehensive development land, land price determination, and land transfer income. And newly added land use indicators and other items, further specific and clear to ensure the sustainable development of the railway.

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