In March of this year, Shenzhou High-speed Railway (000008) said in the interactive question-and-answer session with investors that the consortium formed by the company had passed the pre-qualification for equity transfer of Tianjin Metro Lines 2 and 3.
According to the information previously disclosed by Tianjin Property Rights Exchange Center, the reserve price of 5 1% equity transfer of the operating companies of Line 2 and Line 3 is 776 million yuan and 982 million yuan respectively.
Interface News learned exclusively from the person who participated in the project that four companies had passed the pre-qualification, and the person did not disclose which four companies.
According to Interface News, these four companies do not include MTR which has operations in Beijing, Shenzhen and Hangzhou. MTR intended to participate in the project, but eventually withdrew due to social problems in Hong Kong.
At present, Tianjin Rail Transit Line 2 Operation Co., Ltd. and Tianjin Rail Transit Line 3 Operation Co., Ltd. are responsible for the operation of Tianjin Metro Line 2 and Line 3 respectively. After the equity penetration, Tianjin Rail Transit Group Co., Ltd. holds 100%.
In this Tianjin Metro equity transfer project, the winning social capital and government-funded representatives will form the project company, and the proportion of government-funded representatives in the project company is 49%, and the proportion of social capital is 5 1%.
The project company will obtain the investment and financing, operation and maintenance, additional investment and transformation of the line in the next 30 years, and cover the reasonable investment and operation return of the project by obtaining ticket income, non-ticket business income and feasibility gap subsidy paid by Tianjin Municipal Government. After the cooperation expires, the project company will transfer the project assets and management rights to the implementing agency or its designated unit free of charge.
As the equity transfer ratio of Tianjin Rail Transit Group reaches 5 1%, it means that the operation control right of Lines 2 and 3 will no longer belong to Tianjin Rail Transit Group, and there will be multiple subway operators in Tianjin Metro.
PPP projects are very common in the field of infrastructure, and there are precedents in the field of subway. For example, Beijing Metro Line 4, 14 and 16 are all introduced into MTR through PPP mode, and are currently operated by Beijing-Hong Kong Metro.
MTR also participated in PPP projects in Shenzhen and Hangzhou, and was responsible for operating Shenzhen Metro Line 4 and Hangzhou Metro Lines 1 and 5.
However, the equity transfer of Tianjin Metro is different from the previous subway PPP project. The existing subway PPP project, social capital has entered the construction stage, and then obtained decades of franchise.
"Like Tianjin Metro Lines 2 and 3, it is the first time in China to package two urban rail transit lines that have been in operation for a while and introduce social capital through equity transfer." He Tao, chief consultant of Beijing Da Yue Consulting Co., Ltd., who is in charge of PPP project consultation, told Interface News.
Regarding why Tianjin Rail Transit Group transferred the line management right, He Tao told the interface news that it is difficult to revitalize existing assets and use the realized funds for new projects, which belongs to the financing model innovation advocated by the state; On the other hand, introducing new subway operators into a city can form a competitive pattern, supervise and control the cost of benchmarking, and thus improve efficiency.
Tianjin Rail Transit Group stated in the annual report of 20 19 that due to the large initial capital investment and long construction period in urban rail transit construction and railway investment industries, the issuer's total debt is relatively high. With the increasing demand for urban rail transit and railway construction in Tianjin, it is expected that the debt scale of the company will continue to grow and the debt risk will also expand.
At the end of 20 17-20 19, the total liabilities of Tianjin Rail Transit Group were1372.64 million yuan,1453.88 million yuan and1704.3 million yuan respectively.
Even without considering the large amount of capital investment in the early stage of construction, urban rail transit operation is not a profitable industry, and it basically relies on government subsidies to make profits. He Tao believes that enterprises willing to participate in bidding, on the one hand, consider the long-term return on investment, on the other hand, aim to expand business territory, realize the export of operation and management experience and talents, and at the same time take the opportunity to enter profitable fields such as maintenance.
In addition, in March this year, Tianjin Property Rights Exchange Center also released the announcement of "5 1% equity of Tianjin Rail Transit1Line Operation Co., Ltd.", which has not yet been publicly tendered. If the equity transfer projects of Line 1 and Line 2 and Line 3 are acquired by different companies, there will be three subway operators in Tianjin Metro in the future.
In 20 19, Tianjin Rail Transit Group's revenue was 20170,000 yuan, its operating profit was-7130,000 yuan, and its net profit was 51kloc-0/00,000 yuan after government subsidies and other income were added.
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