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Meng Lei: Internal adjustment、Market test、Political Physical Examination。

Shandong Development Investment Group is a new company established using provincial infrastructure funds,The company was officially launched on December 28, 2015,Registered capital 8 billion yuan。Positioned as a provincial-level functional state-owned capital investment and operation company,Has both policy functions and market-oriented operations,Is an investment and financing entity that supports infrastructure construction and modern industrial development in our province。The provincial government performs its duties as a company investor,Entrusted to the Provincial Development and Reform Commission、The Provincial State-owned Assets Supervision and Administration Commission and the Provincial Social Security Fund Council serve as representatives of investors,Holding the company's equity in the ratio of "four, three, three" respectively。

So-called internal running-in,It is Shandong Development Investment Group in a relatively short period of time,Form a strong team,Gather team awareness。From the original piece of "paper" (approval)、5 people,Every basic office condition must be present。3 years,We work, explore and adjust together,Formed a good team,Gathered a strong team collective consciousness,Laid a solid foundation for the development of various businesses。

The so-called market test,Refers to when many investment companies enter the market during their start-up period,It is easy to be "blocked" by the market。We are not "blocked" by the market,But "drill" into the market、“Plunder” into the market,Withstood the cruel test of the market。

The so-called political physical examination,Over 3 years,We accepted the disciplinary inspection inspection from our superiors、Ren Zhong Audit、Comprehensive evaluation, etc.,Received overall recognition and good evaluation from superior departments,Keep a firm grasp of political relations、Policy related、Discipline Check。

"Shandong State-owned Assets": What do you think of the company's overall development in the three years since its establishment?

Meng Lei: Shandong Development Investment Group currently has 9 wholly-owned subsidiaries,They are Shandong Silk Road Development Investment Co., Ltd.、Shandong Shunde Building、Shandong Modern Industrial Development Investment Co., Ltd.、Shunhe Capital Management Co., Ltd.、Shandong One Circle and One Belt Industrial Investment Fund Company、Haiyou Culture Communication Co., Ltd.、Shunxin Asset Management Co., Ltd.、Shandong Economic Development Corporation、Shandong Hehua Electronic Information Co., Ltd.。Control、Participate in Shenzhen Donghua、Shanghai Qilu、Jinan Industrial Development Fund、Huadian International、Huadian Laizhou、Huadian Longkou、Huadian Weifang、Sinopec Qingdao Refining and Chemicals、Shandong Nuclear Power、Shandong Airlines、Jinan International Airport、Hanji Railway、Jiaoji Passenger Transport、More than 20 companies including Taihe Capital Management。

As of now,Total assets of the group company 244.7.2 billion yuan,Owner’seabet sports bettings equity reaches 191.4 seabet.combillion yuan。Profit realized in 2018 3.1.3 billion yuan,Net profit attributable to parent company in the first half of this year 2.3.6 billion yuan,77% of annual budget completed,Exceeded schedule budget。2016 to 2018,The group company and investment companies have completed a total of approximately 66% of equity investment.700 million yuan,Including infrastructure investment 43.700 million yuan,Proportion 65.5%,Mainly invested in high-speed rail、Aviation、Nuclear power, etc.;Investment amount in emerging industries 20.500 million yuan,Proportion 30.7%,Mainly invest in high-end equipment、New generation information technology、Modern and efficient agriculture、Cultural Creativity、Modern financial services and other industries。Accumulated debt investment amount of 2 billion yuan。

Overall,We have completed the provincial party committee well、Functional functions assigned by the provincial government,A breakthrough has been made in developing market-oriented business,It proves that the team of Shandong Development Investment Group has strong combat effectiveness。

"Shandong State-owned Assets": The company is on the high-speed rail、More efforts have been made in the construction of infrastructure such as airports and efficient and clean power sources,Is it related to the company’s functional positioning and “origin”?

Meng Lei: Yes。On the one hand,Shandong Development Investment Group is a “provincial functional state-owned capital investment and operation company”,Responsible for the Provincial Party Committee、The provincial government’s important mission to speed up infrastructure construction,This is our important task;On the other hand,The company was established on the basis of the provincial infrastructure fund,Has rich accumulation of infrastructure projects、Infrastructure experience and infrastructure advantages,This makes the company only 3 years old after its establishment,You can quickly enter the role、Start business quickly、Reap results quickly。

In supporting major infrastructure construction,We follow the requirements of the provincial government,Co-initiated the establishment of Shandong Railway Development Fund with other investors,Completed all 3 billion yuan investment tasks;Completed the construction of Haiyang Nuclear Power Plant、Weifang Power Plant、Capital increase work for Laizhou Power Plant and other projects,Total investment 4.800 million yuan;Increase capital of 500 million yuan in Railway Investment Company;Increase capital of 70 million yuan in Jinan Airport。By firmly supporting the construction of key infrastructure in our province,Provides strong infrastructure support for major projects of converting old and new kinetic energy。

In energy and new infrastructure,We focus on the two major directions of clean and efficient utilization of traditional energy and in-depth development and utilization of new energy,On the basis of continuing to support the steady development of existing power assets,Concentrate efforts to invest in the field of green new energy。Actively participate in and invest in wind power、Nuclear power、Photovoltaic、Smart grid and energy storage、Major projects such as foreign power entering Shandong,Exploring the formulation of investment standards for the green new energy industry,Promote the transformation and upgrading of the province’s energy structure,Strive to build a “high-end” green new energy industry in the province by 2030、Clustering、Basing、Leading enterprise of “greening”。

"Shandong State-owned Assets": How to "hold on" the asset management sector、Good management、Make it lively”?

Meng Lei: “Asset management and investment” is the company’s main business direction,For Shandong Development Investment Group,The asset management sector is an old problem encountered by new companies。The Provincial Infrastructure Fund has existed for more than 20 years,18 equity projects and nearly a thousand debt projects are left behind,Just sort out these assets,Just a lot of work。How to "receive" assets、Good management、Make it lively”,This is a huge test for us。

"Can catch it"。The company has established a special work class,Developed the "Asset Takeover Work Process",Ensure that the receiving process is in compliance with the law,Prevent the loss of state assets。Some items,For example, the listed company Huadian International encountered great policy obstacles in the early stage of taking over equity,But we have repeatedly contacted the State-owned Assets Supervision and Administration Commission of the State Council、Shanghai Stock Exchange、Repeated communication with China Securities Regulatory Commission and other regulatory authorities,Overcoming various difficulties,Finally solved several policy problems such as the termination of the trust holding relationship and free transfer,Successfully realized asset reception。This is also the first of its kind in the country。

"Well managed"。Shandong Development Investment Group is a newly established company,The company and its actually managed subsidiaries currently have 330 regular employees,53 people at the group headquarters,Very few people。We overcome seabet ioseabet mobilevarious difficulties,A total of 21 directors and supervisors have been appointed to fund-controlled companies,Effectively perform the duties of property rights representative。Strengthen debt asset management,Completed the transfer of more than 900 debt project files and more than 30,000 debt collection materials,Total debt recovery amount 15.8.9 billion yuan。Clean up historical debt assets,The amount of overdue debt recovered exceeds 1 billion yuan,Achieved good results。

For example,State Grid’s debt project is disposed of through debt restructuring,A win-win effect。161 claims for State Grid’s claims projects in various cities,Involving many borrowers,Long time span,It is extremely difficult to recycle。The company sets up a dedicated team,Repeated negotiations with the State Grid Provincial Company,Finally formed an overall disposal plan,Recover funds 3.800 million yuan。For State Grid Corporation of China,By overall disposal,Resolved the debt dispute that has been troubled for many years。

Another example,Lukang Group’s debt project was properly resolved through debt-for-equity swap。2018,To promote the disposal of “zombie” enterprises,Hualu Group absorbs and merges with Lukang Group,We actively communicate and negotiate with Hualu Group,will 3.400 million yuan of debt transferred to increase the capital of Hualu Group,Provides solutions to effectively resolve debt problems。

"Make it lively"。This is a higher requirement for asset management。The company serves the province’s major strategies and major projects to convert old and new kinetic energy,Dividends through collection of existing equity projects、Exit of non-main business projects、Funds recovered through non-performing asset recovery and other methods,Continuous investment in key areas that are in line with the direction of industrial development。where,The Huadian Laizhou Project and Haiyang Nuclear Power Project in which the company participated are successful examples of "making things alive"。

Haiyang Nuclear Power is an independent project supporting the country’s third-generation nuclear power technology,The first phase of the project is the first commercial unit constructed and put into production in Shandong Province,It is also a key project to convert old and new kinetic energy。1、Unit 2 in October 2018、Commercial operation in January 2019,Currently running at full power。The first batch of domestic third-generation passive AP1000 nuclear power plants with their safe and stable operation,Hands a shining Shandong business card to China and even the world。

"Shandong State-owned Assets": What exploration and progress has the company made in cultivating strategic emerging industries?

Meng Lei: In cultivating strategic emerging industries and promoting the conversion of old and new driving forces,We mainly adopt the form of "Food Fund+",That is, invest a certain amount of funds,Guide the extensive participation of social funds,Plays the role of "four or two moves a thousand pounds"。

For example,Jointed with Jinan Industrial Development Investment Fund to initiate the establishment of a special fixed investment fund,Invest in Jinan Shengquan Group Co., Ltd.,With its own funds of 30 million yuan,Prying、Raising social capital 3.400 million yuan,Achieved a 1:10 amplification effect of capital aggregation,Laid a solid foundation for the company’s development and eventual listing。

Initiated the establishment of Shandong Geographic Information Industry Investment Fund,Investment in Shandong Tianyuan Information Technology Development Co., Ltd. totaling 40 million yuan,Actively assist companies to improve their industrial chain layout,Further enhances the market competitiveness of enterprises。

Cooperation with Johnson & Johnson Pharmaceuticals of the United States through Jining Circle Fund,Introducing the high-end pharmaceutical cooperation project of Johnson & Johnson from the United States,Building an international biomedical technology transfer center in Jinan,Introduction of international pharmaceutical group cooperation project,Especially to realize the domestic production and marketing of the latest foreign biological drugs in the field of immune and inflammatory diseases。

With the Ministry of Industry and Information Technology、Cooperation with Qingdao Municipal Government,Is investing in the construction of the "National Intelligent Manufacturing Design Innovation Demonstration Base" in the West Coast New District of Qingdao,Building a platform through market-oriented operations,Building an innovation ecosystem,Create a new kinetic energy model for clustering and industrial chain。

Start the preliminary work of cooperating with the State Power Investment Corporation to build a "coastal 10-million-kilowatt zero-carbon energy + marine industry base",Signed a strategic cooperation agreement on offshore wind power projects。Start the preliminary work of "Yantai Yulong Island Large-scale Refining and Chemical Integration Project",Promote the reorganization of local refinery enterprises, etc.。

"Shandong State-owned Assets": The company has made great efforts in green funds,Are there seabet sports bettingany seabet live casinolong-term considerations??

Meng Lei: As China’s economic strength grows stronger,China’s “developing country” color is gradually fading,It has become more difficult to obtain financial support from international finance,But international financial organizations are more interested in “green” development,This is the convergence point for cooperation between the two parties。

In national and provincial development and reform、With the support of finance and other relevant departments,Shandong Development Investment Group innovatively adopts the "loan from international financial organization + green and low-carbon industry" model,Utilize the dual credit-enhancing functions of low-interest loans from international financial organizations and state-owned capital,Initiated and established the Shandong Green Development Fund with a scale of 10 billion yuan。

Different from the past, international financial organizations mainly supported the development of various countries through loans,For the first time, an international financial organization supports our fund。The Asian Development Bank hopes to use this model as a typical case to promote and demonstrate it nationwide and in the Asia-Pacific region。Currently,Shandong Green Development Fund ADB’s US$100 million funding application report has been approved by the National Development and Reform Commission,And completed loan negotiations with the Asian Development Bank under the organization of the Ministry of Finance。

Operation mode,International financial organizations are responsible for formulating “green standards”,We are the loan implementation agency,Concretely implement and supervise the implementation of loan management rules,CICC Capital, the top domestic management institution, is deeply involved,The fund is operated and managed in a market-oriented manner。This is a new model of four-party linkage of "international financial organizations + domestic capital institutions + provincial state-owned capital investment companies + project enterprises",Integrating resources from all parties at home and abroad、Promote the conversion of old and new kinetic energy in our province、Promoting high-quality development is of important and pioneering significance。

We are an investment company,Investment enterprises have no specific business projects,The main job is to "integrate" resources,By writing the two articles "Vote by Yourself" and "Vote Together",Play a "leading direction in economic structural adjustment and industrial development、Highlight the key points、The role of forming a "resultant force",This is our “original intention” and “mission”。 

"Shandong State-owned Assets": The company also undertakes the task of investment and financing for poverty alleviation and relocation?

Meng Lei: Shandong Development Investment Group is not a purely commercial company,I also have to bear the responsibility of the provincial party committee、Policy given by the provincial government、Strategic、Public welfare business。

In accordance with the implementation planning requirements of our province’s “13th Five-Year Plan” relocation poverty alleviation project,We have done a good job in financing and releasing funds for the province’s “six counties and one district” relocation poverty alleviation project,A total of 17 has been accepted and distributed.3.1 billion yuan in local debt and poverty alleviation funds,Complete the relocation investment and financing tasks for poverty alleviation ahead of schedule。Promote industrial poverty alleviation,Started the construction of Juancheng Rural Revitalization Industrial Pastoral Complex Project with an investment of 1.3 billion yuan,This project is the rural revitalization industrial poverty alleviation project integrating the three industries with the largest single investment in our province。

Next step,We will do a good job in the second phase of project financing,Gradually develop project tourism products、Park Operation、Marketing、Brand building and other plans,Build a new business industrial park integrating agriculture + green + culture and tourism。

"Shandong State-owned Assets": What is the company's future development potential?

Meng Lei: Shandong Development and Investment Group has concentrated its efforts on development over the past three years,Through continuous improvement in talent、System、Culture、Explore aspects such as planning and governance structure、Innovation、Optimization,The basic foundation for the accelerated development of the enterprise has been laid,But this foundation is still not solid。

Reform strategy for the new round of state-owned capital investment and operation companies,Benchmarking Wanhua、Weichai and other outstanding enterprises in the province,And benchmarking similar companies across the country,We still have many shortcomings and shortcomings。For example,From the perspective of return on total assets,Zhejiang State-owned Capital Operation Company in 2018 is 3.99%,Guangxin Holdings is 4.61%,And we only have 1.44%;From the perspective of return on net assets,Zhejiang State-owned Capital Operation Company is 11.18%,Guangxin Holdings is 5.72%,And we only have 1.8%。

Analyzing gaps through benchmarking,Deep reflection and thinking,I think we still have many shortcomings。First, the function of seabet live casinoseabet clubmarket-oriented financing entities is weak,Compared to total assets,The group’s asset-liability ratio is only 19.1%,Inadequate use of capital leverage,In corporate bonds、Insufficient use of financial instruments such as fund bonds and medium-term notes,Single financing method。Second, the corporate governance structure is not standardized enough,Imperfect construction of the special committee of the board of directors,The boundaries of authority and responsibilities are not clear enough,The authorization of the ownership company is not clear enough,The incentive mechanism needs to be further improved。Third, some ownership companies have certain historical issues,There is great pressure to resolve risks;The group’s mixed-ownership reform work is progressing slowly,The scope of promotion at the secondary company level is not broad enough。

These are all questions、Difficulty、Gap,It also means there is a lot of room for improvement in the future。

"Shandong State-owned Assets": long-term development of Shandong Development Investment Group,What are your experiences and thoughts?

Meng Lei: I think the key is to adhere to the strategic positioning of the group company,Focus on the main business,Continue to work hard in the two sectors of "investment" and "asset management",Long-term success。

We must adhere to our mission of promoting the transformation and upgrading of industrial structure,In-depth implementation of the two major orientations of policy functions and market-oriented operations,Focus on main business areas、Innovative business model、Driving social capital、Deeply cultivate cooperation with peers、Attract international resources,Continuously optimize the investment structure layout,Improve capital operation efficiency,In important industries and key areas related to the lifeline of our province’s national economy,Leverage the strategic leadership role of state-owned capital,Better serve the strategic development needs of the province,Realizing the preservation and appreciation of state-owned capital,To deepen supply-side structural reform、Promote high-quality economic development and make greater contributions。

The Provincial State-owned Assets Supervision and Administration Commission has made it clear that our main business is "investment and asset management"。We should focus on two business sectors: one is asset management,Covers equity and debt management;The second is investment,Covers equity investments of the group and its affiliated companies、Cash management and fund management platform。

Revolving around the main business sector,In accordance with the province’s implementation requirements for major projects to convert old and new kinetic energy,Close the point of convergence between the key tasks of promoting the “four modernizations” through the “four new” and the company’s main business,We have identified 4 key investment directions。

First, major infrastructure。Basically、Pilot、Strategic as direction,Integrating policy advantages and shareholder resources,Plan ahead、Search for a batch of policy-oriented and market-oriented layouts、Major project investment that combines traditional and emerging types,Make up for the shortcomings of the province’s infrastructure、Effective investment and expansion provide a solid guarantee。

The second is characteristic finance。Consolidate and strengthen the group company’s existing asset management business,While expanding in an orderly manner,Focus on refined management。Pass new、Acquisition、Merger and other methods,Expand the scale of various industrial funds,Building a characteristic financial sector。

The third is strategic emerging industries。With green industry、New generation information technology、High-end equipment and manufacturing、Focus on medicine and health,Leverage the leading role of state-owned capital investment,With the Internet、Big data、In-depth integration of artificial intelligence and other areas,Support our province to build advanced manufacturing clusters and a source of development for emerging industries。

The fourth is high-end service industry。Integrating group companies in modern agriculture、Cultural Creativity、Boutique Travel、Advantageous resources in hotel management and other aspects,Implementing the high-end brand strategy;Through mergers and acquisitions of high-quality scientific research institutes、Consulting service agency,Create a leading brand with characteristics in the high-end service industry segment。

From now on,We will continue to thoroughly implement the Provincial Party Committee、Decision-making arrangements of the provincial government,Adhere to the leadership of party building、Be the leader、Reform opens the way、Discipline Escort,Continuously strengthen, improve and expand asset quality and scale,Accelerate the conversion of old and new kinetic energy,Strive to create a new situation for the group's high-quality development。

Source: "Shandong State-owned Assets" magazine

Written by: Lan Hengmin

Photography: Wang Wei





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Address: Shandong Development Building, the intersection of Haiyou Road and Xingong North Street, Lixia District, Jinan City, Shandong Province     

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