The growth rate of main operating income has changed from negative to positive, and the substantial increase in profits of listed companies has changed to China Unicom's injecting new vitality (unswervingly adhere to the two)
From January to August this year, the growth rate of main business income has changed from -5.3% in 2015 to 6.9%. The profits of listed companies have increased by 47.5% year-on-year. The debt-to-asset ratio has dropped from 62.6% at the end of 2016 to 42.9%. Financial expenses have decreased from the previous year. During the same period, 3.18 billion yuan fell to 140 million yuan, net assets per share increased by 25% compared with 2016, and state-owned shares increased by 7%... These figures reflect China United Network Communications Co., Ltd., an A-share listed company under China Unicom Group ( (Referred to as China Unicom) the huge changes brought about by the reform of mixed ownership.
Establish a board of directors with decision-making expertise and diversified composition
The first pilot unit to start the group's overall mixed reform, the first central enterprise in the communications industry that is open to private capital, and the first central enterprise to adopt the mixed reform method of "introducing strategic investment + fixed increase + equity transfer + employee shareholding"...
On the evening of August 20, 2017, China Unicom's mixed ownership reform plan was officially released. Eight months later, the employee's restricted stock grant was completed. "This marks that China Unicom has successfully completed the task of "mixing" and has begun to promote the "reform" in depth. China Unicom's mixed reform has achieved a good start." said Wang Xiaochu, chairman of China Unicom.
Before the mixed reform, China Unicom's total share capital was approximately 21.197 billion shares. On the premise of guaranteeing the holding of state-owned capital, the group company’s holdings of A-share company shares fell to 36.7%. The 14 strategic investors introduced totaled 35.2% of the shares, and public shareholders held 25.5%. The employee restricted stock incentive plan Accounted for 2.6%, effectively avoiding one-share dominance, realizing the mutual integration of different capitals and effective checks and balances of equity.
Guided by strong governance, China Unicom has established a new board of directors with decision-making expertise and diverse composition. The board of directors is composed of 13 people, including 8 non-independent directors and 5 independent directors. This diversified structure has given strategic investors the right to make decisions and voices. The directors have played an important role in performing their duties and advising on major issues such as development strategies, system reforms, and business cooperation.
Accelerate internal reforms
As of the first half of this year, 135,000 employees of China Unicom entered 24,000 subcontracted units, and 17,000 “small CEOs†were selected. Through the implementation of incremental revenue sharing, the salary increase of front-line employees exceeded 20% year-on-year. The awareness of cost-effectiveness and active service has been greatly enhanced.
Promoting the reform of subdivided contracting is one of the many measures China Unicom has taken to promote the "reform". In response to the company’s bloated organization and over-popularity, China Unicom has also focused on stimulating micro-level vitality from three aspects.
The first is to be true to weight loss and fitness. The headquarter department of the group company decreased by 33.3%; the management institutions at all levels decreased by 25.7%; the number of legal person households "reduced" in two years was 26, a cumulative decrease of 27%. The second is to make a real move in the market-oriented employment mechanism. Combining party management cadres with market-based selection and employment, and establishing a market-based selection and exit mechanism for management personnel, the exit rate of first-employment management personnel at all levels reached 14.3%, and 1071 employees withdrew from the contract system. The third is to make a real move in turning around losses. For third-tier companies that have never made a profit since their establishment and their losses have continued to deteriorate, explore the "private investment and contract operation" model, and 11 prefecture and city branches in Yunnan are conducting trials.
Strive to achieve differentiated breakthrough
The "Tencent King Card", which was born at the end of 2016, has accelerated its implementation after China Unicom's mixed reform. In less than two years, it has developed about 80 million users. Huang Wenliang, general manager and chief innovation officer of China Unicom's e-commerce department, said that the cooperation with Tencent has brought about three wins-China Unicom has been able to develop a large number of users at low cost, and the utilization rate of 4G network has been greatly improved; Tencent video and other related businesses have achieved growth. Increased user stickiness; consumers save considerable data charges.
As of August this year, China Unicom's new integrated marketing model created in cooperation with Tencent, Alibaba, JD.com, and Baidu has achieved a total of 23.24 billion yuan in revenue.
In terms of sales channel touchpoints, China Unicom, Alibaba, JD.com and Suning have launched pilot new retail stores in Shanghai, Guangdong and other places, and the average daily passenger flow, development volume and product sales have increased significantly. In the field of cloud computing, China Unicom's technology, brand and customer advantages are combined with the technological advantages of Tencent and Alibaba to mutually empower and divert.
"The mixed change to China Unicom has injected new vitality." Wang Xiaochu said. Next, China Unicom will create the "five new" Unicom, including new genes, new governance, new operations, new kinetic energy, and new ecology, and strive to achieve differentiated breakthroughs. And high-quality sustainable development.
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