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The social security fund once again strengthened the capital transfer of large countries and compreh

On the evening of September 25, ICBC and ABC announced that the shareholder Ministry of finance would transfer its 10% equity of the bank to the National Social Security Fund Council at one time. According to wind data, the total value of equity transferred by the two lines exceeds 115 billion yuan at the latest closing price.

Equity changes of ICBC and ABC

On September 25, the Ministry of Finance transferred its 12.332 billion shares in ICBC to the National Social Security Fund Council, accounting for 10% of the total shares held by the Ministry of Finance and 3.46% of the total common shares of ICBC, with a total market value of about 67.7 billion yuan.

At the same time, agriculture also announced that the Ministry of Finance transferred 13.724 billion shares of ABC to the Social Security Council, accounting for 10% of the total shares held by the Ministry of Finance and 3.92% of the total common shares of ABC. The latest market value was about 47.5 billion yuan.

According to wind data, from the perspective of the top ten shareholders of China Daily News, before the equity transfer, the Social Security Fund Council already held 9.797 billion shares of ABC, accounting for 2.8% of the total share capital. After the equity transfer, the proportion of shares held by the social security fund rose to 6.72%, still ranking the fourth largest shareholder.

Comprehensive acceleration of state-owned assets transfer to social security

Previously, in 2018, with the approval of the State Council, pilot projects were first carried out in three central enterprises such as China Unicom, two central financial institutions such as China Reinsurance, and Zhejiang and Yunnan provinces. On the basis of the basic completion of the pilot, the central level has successively transferred 50 central enterprises and 12 central financial institutions.

In the first quarter of 2019, the Ministry of finance has transferred 10% of the equity of large state-owned financial institutions such as PICC and China Taiping to the social security foundation.

Considering that the transfer pilot work has been basically completed, the experience has been accumulated and the conditions for comprehensively promoting the transfer work have been met, in order to further accelerate the transfer process and enhance the sustainable development capacity of social security, the executive meeting of the State Council decided to comprehensively promote the transfer of state-owned capital to enrich the social security fund this year.

Subsequently, on September 20, the Ministry of finance, the Ministry of human resources and social security, the SASAC, the State Administration of Taxation and the CSRC jointly issued the notice on comprehensively promoting the transfer of some state-owned capital to enrich the social security fund, and the transfer of state-owned assets entered an accelerated period. The circular requires that the central and local governments transfer some state-owned capital to enrich the social security fund in 2019. Among them: at the central level, qualified enterprises will be basically completed by the end of 2019, and enterprises with real difficulties can be completed by the end of 2020. Enterprises run by central administrative institutions will be transferred after the centralized and unified supervision reform is completed; At the local level, the transfer will be basically completed by the end of 2020.

On September 25, the equity transfer of the two major banks with a market value of 100 billion was completed, which also verified that the transfer of state-owned capital will be comprehensively accelerated. According to the market forecast, according to the transfer ratio of 10%, there may be more than 10 trillion yuan of asset rights and interests to enrich the social security in the future, which is expected to expand the total reserve of the national social security fund to a great extent.

How does the social security fund operate after transfer?

According to the relevant person in charge of the Ministry of finance, after transferring state-owned capital to enrich the social security fund, the way for the undertaking subject to obtain income is "dividend first, operation as a supplement". During capital operation, the undertaking entities such as the social security foundation shall perform the obligation of lock up period of more than 3 years, and shall inherit other restricted obligations of the original shareholding entities.

The official said that at this stage, considering that the state-owned equity will begin to generate income after the transfer, the operation method is clear. Before the introduction of the management measures for the operation of state-owned capital, the cash income generated by the transfer of state-owned capital can be invested by the undertaking entity, and the investment scope is limited to bank deposits, the purchase of national bonds in the primary market and the capital increase of the transfer object, This provision also applies to local undertaking entities. Before the end of June every year, the social security foundation and the undertaking entities of each province shall also submit the state-owned capital income and dividends of the previous year to the financial, human resources and social security departments at the same level to ensure that the safety of funds is strictly supervised.

Differences between national social security fund and social insurance fund

According to the official website, the national social security fund was established in August 2000. It is the national social security reserve fund. It is composed of central financial budget allocation, state-owned capital transfer, fund investment income and funds raised by other means approved by the State Council. It is specially used to supplement and adjust social security expenditures such as pension insurance during the peak period of population aging, The National Social Security Fund Council (hereinafter referred to as the social security fund) is responsible for the management and operation.

The national social security fund is different from the basic pension, basic medical and other social insurance funds managed by local governments, with different capital sources, operation and management, and different purposes. Social insurance funds include basic endowment insurance fund, basic medical insurance fund, industrial injury insurance fund, unemployment insurance fund and maternity insurance fund. Therefore, the national social security fund is mentioned in this paper.

Significance of state-owned assets transfer

Wang huizeng, a market strategy analyst at CICC, said that in combination with the "family background" of state-owned assets first disclosed by the State Council last October, it is estimated that every 3.8 percentage points of state-owned capital transferred can support the deposit proportion of enterprise basic endowment insurance by 1 percentage point.

Wang Hui believes that with the expansion of the scale and influence of the social security fund, the social security fund will become the largest, most professional and most stable long-term investor in China's capital market, which will contribute to the healthy development of the capital market.

He Nanye, a special researcher at Suning Financial Research Institute, said, "at present, the transaction of state-owned capital is not active. It is more a concept of long-term holding. Allowing the social security fund to hold part of the listed state-owned capital is conducive to improving the ownership structure of state-owned enterprises and optimizing the corporate governance mechanism, which is of significance to the development of state-owned enterprises themselves."

Investment of social security fund in a shares

According to wind data, according to the latest interim report, at present, the social security fund holds 569 shares in a shares, with a total number of 22.534 billion shares and a total market value of 208.371 billion yuan.

Before calculating this transfer, the largest market value of the social security fund's position was Agricultural Bank of China, with a position of 35.269 billion yuan at the end of the second quarter, followed by Bank of communications, Gree Electric Appliance, Sany Heavy Industry and Changchun hi tech, which are all the favorites of the social security fund, with a position of more than 3 billion yuan per share. In addition, the social security fund also holds 31 stock markets such as Goldwind technology and ZTE, with a value of more than 1 billion yuan.

Compared with the first quarter, the social security fund increased or newly acquired 172 shares in the second quarter, while reduced 140 shares. Among them, the largest increase in the market value of positions is Mindray medical, Zhongju hi tech and ZTE, with market value changes of more than 300 million yuan. In addition, there are 15 companies such as Wuwu biology and Bank of Nanjing, with market value increases of more than 100 million yuan. However, in terms of the number of changes, the total market value of positions of some stocks has increased due to the rise of stock prices, which is not entirely brought about by the increase of holdings.