Update concepts are more important than renamed. Change ideas are more important than changing vests. Change formats are more important than changing mentality.
Recently, China ’s local government investment and financing platform company (referred to as“ urban investment ”) has been renamed the production investment company.According to data from the company's investigation platform, since September 2023, there are more than 200 relevant state -owned urban investment companies that have been renamed "industrial investment", which is significantly increased compared to the past.
"Urban Investment" competes for "production investment", and the logic behind it is China's national chemical debt and avoid systemic risks. Urban investment companies show their determination to change under financing pressure.
China Urban Investment Corporation has always been an important subject for investment and construction activities in various places, and it is also an important carrier for living assets, resources and capital in local infrastructure and public services.However, in the context of the continuous advancement of local government debt risk resolution, the risk of re -investing in urban investment bonds is much higher than the risk of breach of contract in the short term, and the pressure of this kind of funds is difficult to relieve in the short term.
In this situation, if the Chinese Urban Investment Corporation still takes the banner of the past, there may be no possibility of turning.They then made another way and worked hard in industrial investment, and changed their name to industrial investment companies to attract investors with new signatures.
The company's renaming is a strategic measure to adapt to market changes, and it is not an authority.At that time, the Chinese brokers had made a lot of money by the stock market soaring.After greedy, the securities firms who encountered the depression had to reflect. The wise man made it in time. He could no longer adhere to the traditional profit model, and he could no longer expect to collect the agent commissions to live a life.
Based on this situation, CITIC Securities and Galaxy Securities moved sometimes. As early as 2018, they moved the brokerage business and changed their name to wealth management.This is equivalent to clearing the boundaries with traditional brokerage business, more scientific business connotation, and more accurate docking with market opportunities.
At present, the renovation of urban investment companies has the same motivation.Urban Investment Corporation has become synonymous with financial risks. The reputation is a bit "back", and the life is not good.In addition, the policy soldiers who resolved local debt risks are under the city and constantly squeeze the living space of urban investment. The financing channels for urban investment have become increasingly narrow, and rating agencies will no longer be good at urban investment.The debt of the urban investment itself is "stressful". From various aspects, the urban investment platform has the urgency of transformation. It is better to change the name and change the name, transform into industrial investment, and revive the flag.
In short, for urban investment that has always been engaged in development and construction, real estate restrictions are tightened, the increasing increase in all parties has slowed down, and the demand for construction has shrunk.Regardless of whether it is subjective or not, from the current environment, the situation is forced, and the urban investment company can only change in the direction of the development industry in the future. There is no other good strategy.
However, it is easy to change its name, and the connotation of the industrial investment business is important to the original urban investment business.Urban investment business is mainly based on urban infrastructure construction and land development and finishing, and urban construction related fields are mainly related to urban construction.The industrial investment business is more inclined to make direct investment in specific industries or enterprises. It aims to promote industrial upgrading and support the development of emerging industries through capital operations. It has stronger marketization and operating orientation.
Specifically: First, the goal is different. Urban investment business usually focuses on the completion of urban construction goals; industrial investment business is aimed at obtaining industrial development benefits and realizing asset value -added.The second is the different objects. The urban investment business is facing urban construction projects, such as roads, bridges, etc.; Industrial investment business targets enterprises or projects in specific industrial fields.Third, the risk income is different. The risk of urban investment business is relatively low, but the income is relatively stable; the industrial investment business risk is high, and the potential income may be more considerable. It requires more professional investment analysis and decision -making capabilities.The fourth is that the operating model is the same. Urban investment business mostly relies on government resources and funds; industrial investment business requires more flexible market -oriented operation models and professional investment teams.
For example, urban investment companies may have been responsible for building a new urban main road before, and after being renamed, they may invest in a potential technology -based enterprise to help it develop and obtain equity income from it.Industry development.Or, from simply undertaking the task of affordable housing construction, transformed into equity investment in enterprises in related industrial parks, and promote the formation and development of industrial clusters in the park.
Therefore, urban investment is renamed, updating the concept is more important than renamed, changing ideas is more important than changing vests, and changing formats are more important than changing mentality.
Do not rule out that some urban investment companies want to change their names to change the vest and flicker investors.To successfully achieve transformation, urban investment companies need to experience a series of tests such as controlling project quality and adapting to policy regulation. They can completely abandon the old thinking of government breast bottles and carry out substantial transformation operations to capture investors' hearts.
Of course, the renamed transformation of urban investment companies is not smooth. Whether it is the macro policy uncertainty brought about by China's economic cycle adjustment, or the adjustment of industry supervision policies, or the strict degree of quality control of different issuance platform projects, all of which are different.Restricting the transformation of urban investment companies.
The standard for the successful transformation of urban investment companies is to achieve real market -oriented operations. While resolving hidden debt in stocks, new hidden debts are not increased, and bank credit is obtained by their own assets.
The author is the writer of China Financial Media column, chief analyst of Jingsu Media
