PPP资产证券化将开绿色通道 上市公司盼细化方案落地
“这一新的政策确实给我们上市公司带来更多参与PPP项目的动力。”12月26日，当中国证监会宣布与国家发改委联合发布《关于推进传统基础设施领域政府和社会资本合作（PPP）项目资产证券化相关工作的通知》（简称“《通知》”）的消息传出，广东一上市公司的董秘如是对记者表示。
一直以来，投资回报周期偏长是社会资金参与PPP项目的主要顾虑。《通知》的出炉，意味着PPP资产证券化即将“开闸”，融资渠道将进一步拓宽。资产证券化对盘活PPP项目存量资产，加快社会投资者的资金回收，吸引更多社会资本参与PPP项目建设，具有重要意义。
《通知》明确了重点推动资产证券化的PPP项目范围，重点推动符合条件的PPP项目在上海证券交易所、深圳证券交易所开展资产证券化融资，优先鼓励符合国家发展战略的PPP项目开展资产证券化。根据《通知》，上海证券交易所、深圳证券交易所、中国证券投资基金业协会应按照规定对申报的PPP项目资产证券化产品进行审核、备案和持续监管。证券交易所、中国证券投资基金业协会等单位应建立专门的业务受理、审核及备案绿色通道，专人专岗负责。
“这好比多了一个上市平台。”上述广东公司的董秘告诉记者，上市公司现在承接PPP项目，不可能全部用上市公司的资金，还需要在社会上另寻一些合作伙伴共同参与，以缓解自身在资金上的压力。但是，截至目前，公司中标PPP项目后，寻找新的伙伴方或者接手方很困难，因为新接手方对项目不熟悉，导致期间需要很多的沟通，过程很复杂。资产证券化以后，就可以在承接PPP项目的事中、事后，很容易找到新的伙伴，公司还可以在项目融资和退出上有更畅通的渠道。
据介绍，该公司目前正在试水PPP项目，开始承接相关政府项目。“我们希望能早日看到具体细化的政策出台，比如是否会成立一个像股权交易中心之类的平台等。”这位董秘称，在看到具体细则之前，还是有点顾虑。
“刚看到这个消息，很兴奋。”另一家公司的董秘则关心该项政策是否会将PPP项目纳入上市公司的募投项目。他表示，公司将积极研究PPP项目的资产证券化开闸政策。截至目前，该上市公司累计存蓄的PPP项目总规模数十亿元，超过2015年公司主营收入的三倍。
这位董秘还对记者表示，目前对于PPP项目，传统的资金进入还是较为困难的。而资产证券化的渠道开通之后，会有更多的社会资金参与，将进一步激发有资金实力的上市公司参与PPP项目的投资运营。
Green channels to open for asset securitization of PPP
On Dec. 26, the China Securities Regulatory Commission (CSRC) and the National Development and Reform Commission (NDRC) jointly released the notice on Advancing Asset Securitization of Public-Private-Partnership (PPP) Projects in Traditional Infrastructure Fields (hereinafter referred to as the Notice). Secretary of the Board of a Guangdong-based listed company commented that “the new policy truly makes listed companies more motivated to participate in PPP projects”.
Long investment return cycle is the main problem nagging social capital in participating in PPP projects. The release of the Notice means that the asset securitization of PPP will be initiated soon, further widening financing channels. Asset securitization is of great significance in revitalizing stock assets of PPP projects, quickening capital recovery of social investors and attracting more social capital into the construction of PPP projects.
The Notice defines the scope of PPP projects to implement asset securitization, advances qualified PPP projects to develop asset securitization financing in Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE), and gives priority to the asset securitization of PPP projects that are in line with national development strategies. According to the Notice, SSE, SZSE and the Asset Management Association of China (AMAC) should examine, put on records and continuously supervise declared PPP projects asset securitization products according to regulations. Units like stock exchanges and the AMAC should set up special green channels for business handling, approval and putting on records, and someone should be put in charge of the work.
“It’s just like establishing another listing platform”. The Secretary of the Board of the aforesaid Guangdong-based listed company told the journalist that it is impossible for listed companies to just invest their own capital in PPP projects, so they have to look for partners in the society to ease their financial pressure. But up to now, companies find it hard to get new partners or undertakers after they win the bidding of PPP projects. It is because new partners or undertakers are not familiar with the projects. After asset securitization, companies will find it easier to get new partners while undertaking PPP projects. Companies will also see better channels in the financing and withdrawal of projects.
It is introduced that the company is piloting PPP projects now and has started to undertake government’s projects. “We hope to see the launch of more detailed policies as soon as possible, for instance, establishing a platform like equity exchange center.” The Secretary of the Board claimed that he is still on edge before detailed rules are rolled out.
“I have just learnt the news and I am quite excited”. The Secretary of the Board of another company is interested in whether the policy will make it possible for listed companies to invest in PPP projects through IPO or refinancing. He indicated that the company will actively study on policies for initiating asset securitization of PPP projects. Up to now, the total scale of PPP projects undertaken by the listed company reaches over 1 billion yuan, three times higher than the company’s income from main business in 2015.
The Secretary of the Board also told the journalist that traditional capital still finds it hard to get involved in PPP projects now. More social capital will be involved in after the channels of asset securitization are opened, further motivating listed companies with capital strength to participate in the investment and operation of PPP projects.
Source: Xinhua Finance Agency丨Shanghai Securites News
Translated by Jennifer Lu
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