The hottest national cable network company is expe

The national cable network company is expected to become the fourth largest telecom service operator

the regeneration variable of the establishment plan of the national cable network company. This newspaper exclusively learned that the previously reported "enterprise transformation plan" of first integration and then listing has been revised. The direction of the new plan has been determined. Each region will first self report its assets on a provincial basis, and then subscribe to the head office in the form of asset size, Complete the establishment of the main company of the national cable network company, that is, the joint-stock enterprise transformation scheme of "listing first and then integration"

according to the current establishment progress, the company is expected to be listed around September this year. At that time, in terms of broadband access and other telecom operations, it will (1) think about the establishment of a large information network platform in the city, and form the fourth largest operator and non Telecom telecom business operator after China Unicom (Weibo), China Telecom (Weibo) and China Mobile (Weibo)

once the national cable network company is established, it will be the fifth "market consolidation" of the telecommunications industry after the fourth restructuring of the telecommunications industry in 2008

listing: dystocia, countdown

as early as the beginning of 2010, when the State Council issued the "overall plan for promoting the three integration" (hereinafter referred to as "Guo Fa No. 5 document") and decided to promote the three integration, it made a clear plan specifically for the national cable network companies, and decided to "accelerate the cultivation of market players, establish national cable TV network companies, and initially form an industrial pattern of moderate competition"

since then, SARFT has set up a leading group for the preparatory work of national cable TV networks, mainly working with the Propaganda Department of the CPC Central Committee, the national development and Reform Commission, the Ministry of finance, the state owned assets supervision and Administration Commission and other departments to formulate the establishment plan. At the same time, the national cable TV network company was officially identified as "China Radio and television network company"

according to the original assumption, the company will adopt the state invested capital, absorb the investment of central and local radio and television institutions, integrate provincial cable TV and PC to realize high-speed data communication network companies by means of asset restructuring, joint-stock reform, capital increase and share expansion, and jointly form a national cable TV network company. Among them, the state invested capital and equity financing are used for the digitalization and two-way transformation of cable TV, as well as the construction of business support management system, technical system and supervision system

according to people familiar with the matter, the plan proposed at that time was that all regions should first carry out the early-stage integration on a provincial basis, and then invest 180billion yuan from the state into the holding of the company to form a large state-owned enterprise that can be equivalent to the three major telecom operators, with the level of deputy ministry

since then, due to the huge amount of funds injected and the slow progress of the early stage integration based on the province, the scheme was required to be modified. The preparatory group then adjusted the plan and reported it again in July 2011

according to the plan, the share of state investment and listing steps were clarified, and 15billion yuan was invested in advance for the central government to build the main body of the company, including the cost of establishing the basic framework of the head office and about 55% of the cost of building the general business platforms such as broadcast control platform and inter settlement, which were prepared from PAN based carbon fiber. After the platform is built, the unified standard of "unified planning, construction, operation and management of national cable TV network" will be carried out to complete the integration of all provinces. According to this plan, the new company will "list first and then integrate", and form a vice ministerial enterprise with the establishment of state-owned enterprises

however, although the plan solves the problem of national capital injection, the positioning of the Deputy ministerial level state-owned enterprise of the business department makes the plan rejected again after submission, because it is contrary to the requirements of "enterprise transformation" proposed in the No. 5 document of the State Council

Guofa No. 5 civilization clearly proposed that the radio and television cable network operation organization should separate the real administrative enterprises and establish a national unified market main body, that is to say, the attribute of the new company should be a pure market-oriented enterprise with modern enterprise system

after submitting this plan, it is expected to be listed at the end of the year, but this newspaper learned that the plan will be rejected again after it is submitted. The new direction of the plan will be to first report the assets of each region on a provincial basis, and then complete the construction of the main company of the national network company in the form of subscription to the head office based on the size of the assets, that is, the joint-stock enterprise transformation plan of "listing first and then integration"

follow the "Guizhou model"

according to insiders, the latest plan is similar to the wired network integration model in Guizhou Province, that is, it is carried out in accordance with the sequential steps of administrative order promotion, preliminary integration and operation, and asset audit and reorganization

the difference is that the early integrated operation does not adopt the form of vertical management of branches, but adopts the way of unified conversion of provincial companies' self-reported asset scale into shares to complete the joint-stock system transformation and construction of the main body. After listing, the provinces will thoroughly clarify the asset stock and increment, so as to form the four unification of unified planning, unified construction, unified operation and unified management

the above insiders told this newspaper that as of the end of 2010, the overall asset evaluation of the national cable network was about 150billion yuan, with a net asset of more than 70 billion yuan. If the evaluation value of the assets of listed companies is added, the total assets of its wired network is about 180billion yuan

"when it is impossible for the national finance to allocate 100 billion capital, this problem can be solved better and relatively fair only through share subscription." The person said

in fact, the latest joint-stock scheme is also very similar to the "Jiangsu model" of cable network integration in the East. Previously, during the integration of Jiangsu, it was mainly agreed to integrate and transform the radio and television stations at all levels in Jiangsu through equity distribution and development, which played the role of flame retardance and smoke elimination in the polymer system

at that time, the Jiangsu provincial company had 17 shareholders, mainly 10 television stations in cities under the jurisdiction of the province. In addition, Jiangsu Radio and television network investment company, which invested on behalf of the provincial radio and television headquarters, and some of them were large investment institutions, such as CITIC Guoan, the Chinese consortium of Suzhou Singapore Industrial Park and several small state-owned capital investment shareholders, who were transferred to the capital structure of the provincial company after the integration of corresponding assets

importantly, the "sponsor agreement" formulated at the time of establishment determines that the state-owned holding and major shareholders, Jiangsu Radio and television information network investment company, which is controlled by Jiangsu Radio and Television General Station, is the largest shareholder of the provincial network company

as for the listing time of the company, the above-mentioned insider told this newspaper that according to the schedule drawn up in GF No. 5 document, the company must complete its formation by the end of 2012, "according to the current progress, it is most likely to be listed in September"

at the same time, it is understood that the current integration of provincial cable companies is also relatively slow. "Among the 23 provincial companies that have completed the integration, only 15 are relatively thorough, and some provinces and cities such as Beijing and Jiangsu are relatively thorough." The person familiar with the matter said. "For the current cable industry in China, the highly dispersed cable, the inconsistency of the integration pace based on the province as a unit, and the inconsistency of various prefecture level cities and even the county and township cable TV in many technical aspects, such as CA system, boss system, payment system, user call system, will be the thorny problems that the future national cable TV network companies, including the current preparatory group, need to solve." Wu Chunyong, an expert in three fusion research, said

in Wu Chunyong's view, the development status of China's cable industry is very similar to the initial development of the cable industry in the United States, France, Italy and other countries, but the most important direction for the cable industry in these countries to deal with such problems is to express through capital and market, that is, to directly adopt the coordination of relevant government agencies, and finally through the acquisition of "big eat small". "

but before and after the cable networks in the above-mentioned countries became several giants, the functions or roles entrusted to the cable networks were completely different from those in China's cable industry. Foreign cable television network operators basically played a real market-oriented operator, while terrestrial digital television operators or television stations played a public welfare role." Wu Chunyong said that after the digitalization of the cable industry in China, the role of the cable industry is to integrate public welfare attributes and industrial attributes. How to find the balance between public welfare attributes and industrial attributes will be one of the biggest tests. Economic Observer