Discussion on the solution ideas of competitions among listed central state-owned companies within energy industry

GUO Wei

Abstract：For a long time,related-party competition among listed companies has been one of the key issues of the Chinese securities regulation.With the launch of the Science and Technology Innovation Board(STAR market)in 2019,the reform of the registration-based system for the Growth Enterprise Market in 2020,and the implementation of the full registration-based system in 2023,securities regulatory authorities have gradually clarified the quantitative indicators for related-party competition.State-owned energy enterprises usually have large asset sizes,numerous operating entities,significant differences in profitability among subsidiaries,and other factors such as the integration of same-industry enterprises,it is common for state-owned listed companies to have competition with related parties.In recent years,the State-owned Assets Supervision and Administration Commission of the State Council(SASAC)has actively promoted strategic restructuring and integration of state-owned enterprises,which can effectively solve the problem of related-party competition and promote the convergence of more high-quality resources to listed companies,thereby enhancing their core competitiveness and market influence.This paper summarizes the policies and regulations of securities regulatory authorities and SASAC regarding the related-party competition problem of state-owned listed companies,and sorts out the typical market references of solving the related-party competition problem for state-owned energy listed companies.Based on two different reformation strategies:"vertical integration"and"horizontal diversification",this paper discusses the thinking on solving the problem of related-party competition for state-owned energy enterprise listed companies.