In recent years, Sichuan's state-owned assets system has intensively promoted a series of asset swaps and specialized integrations, with a comprehensive systemic asset restructuring covering transportation infrastructure, rail transit, clean energy, and equipment manufacturing now in full swing.
Recently, the major asset restructuring plan of Xinzhu Co., Ltd. has been accepted by the Shenzhen Stock Exchange, and Sichuan Road & Bridge Co., Ltd. has completed relevant votes on the acquisition of bridge component assets. The business boundaries of the two provincial-level trillion-yuan state-owned capital platforms, Shudao Investment Group Co., Ltd. (referred to as Shudao Group) and Sichuan Development (Holding) Co., Ltd. (referred to as Sichuan Development), have been further clarified.
This cross-platform asset swap involving listed companies is also a key implementation measure of the "1+8" key area reform for Sichuan's provincial state-owned enterprises. Subsequently, Sichuan's state-owned assets sector will continue to advance the latter phase of the reform, promoting enterprises involved in the restructuring to evolve from simple "physical integration" of assets towards "chemical fusion" that involves synergistic operations, management, and resources, thereby fully unleashing the operational efficiency of state-owned assets.
Core Objectives of the Restructuring
A primary task of this round of Sichuan's state-owned asset restructuring is to resolve long-standing issues such as the dispersed layout, overlapping businesses, and internal competition within the provincial transportation assets sector. Currently, the two major state-owned capital platforms, Shudao Group and Sichuan Development, are the core drivers of the reform. The ongoing asset integration involving companies like Sichuan Road & Bridge and Xinzhu Co., Ltd. further implements the requirement for specialized division of labor, aiming for "one type of asset to be consolidated under one operating entity."
At the end of 2024, the two platforms initiated a non-compensatory transfer of equity, with the controlling shareholder of Xinzhu Co., Ltd. changing from Sichuan Development to Shudao Group, officially marking the beginning of the integration.
Prior to the asset restructuring, there was significant room for optimization in business coordination and industrial synergy between the two listed companies under Shudao Group. Xinzhu Co., Ltd. was simultaneously involved in rail transit, bridge functional components, and photovoltaic power generation industries. Sichuan Road & Bridge primarily focuses on highway and railway construction, while also having previously ventured into the clean energy sector as part of a long-term industrial transformation and upgrade exploration.
In response to these varied situations, Sichuan's state-owned assets authorities formulated a specialized swap plan, completing asset divestiture and consolidation through two main pathways. First, Xinzhu Co., Ltd. sold its bridge functional components asset package, including assets like 100% equity of Xinzhu Jiaoke, to Sichuan Road & Bridge for 561 million yuan. Second, Xinzhu Co., Ltd. transferred its maglev and urban rail manufacturing assets to Shudao Rail Transit Group, strategically exiting the maglev and bridge functional components businesses.
Upon completion of the integration, bridge functional component assets will be uniformly assigned to Sichuan Road & Bridge, and rail transit manufacturing operations will be concentrated under Shudao Rail Transit, eliminating internal competition at the source and extending the industrial synergy chain.
In a concurrent transformation and restructuring, Xinzhu Co., Ltd. plans to acquire a 60% stake in Shudao Clean Energy, held by Shudao Group, through a combination of share issuance and cash payment, with a transaction value exceeding 5.3 billion yuan. Shudao Clean Energy is Shudao Group's sole specialized clean energy operation platform, primarily engaged in hydro, wind, and photovoltaic power generation.
This transaction aligns with the overall development strategy of Sichuan Road & Bridge, creating strong synergies with its core construction business, which is conducive to stabilizing its main operations, strengthening its technological advantages in bridge construction, and achieving industrial chain synergy. For Xinzhu Co., Ltd., following the restructuring, it will divest assets related to maglev and bridge functional components, focusing its main business on clean energy power generation, fundamentally improving its operational foundation.
According to Shudao Group's top-level planning, the positioning of its five listed platforms has become clearer: Sichuan Road & Bridge serves as the core carrier for transportation infrastructure; Xinzhu Co., Ltd. transforms into a dedicated capital platform for clean energy; Sichuan Expressway Co., Ltd. is the high-quality expressway investment and operation platform; Shudao Equipment Co., Ltd. focuses on cryogenic technology to build a high-end equipment and gas operation platform; and Sichuan Hongda Co., Ltd. specializes in the comprehensive development and utilization of phosphorus resources and non-ferrous metals.
Clarifying the Industrial Layout
The asset swap between Xinzhu Co., Ltd. and Sichuan Road & Bridge reflects the further delineation of functions between the two provincial state-owned capital platforms, Shudao Group and Sichuan Development, by the Sichuan Provincial State-owned Assets Supervision and Administration Commission.
Shudao Group was established in 2021 through the merger of the former Sichuan Communications Investment Group and Sichuan Railway Investment Group, consolidating the vast majority of the province's highway and railway infrastructure resources to form a provincial transportation leader with total assets exceeding 1.6 trillion yuan. Currently, Shudao Group holds five listed companies: Sichuan Road & Bridge, Sichuan Expressway Co., Ltd., Shudao Equipment Co., Ltd., Sichuan Hongda Co., Ltd., and Xinzhu Co., Ltd., and possesses nine domestic AAA-rated credit entities.
Shudao Group's primary responsibility is to implement the "Strong Transportation Province" strategy, having cumulatively invested in, constructed, and operated over 12,000 kilometers of expressways and over 6,700 kilometers of railways, accounting for 70% of the provincial total. It has built 43 major outbound channels, addressing gaps in county-level expressway and high-speed rail coverage.
During the "14th Five-Year Plan" period, Shudao Group completed an average annual investment exceeding 190 billion yuan, with annual revenue surpassing 250 billion yuan and total profits exceeding 8.3 billion yuan. It became the first provincial state-owned enterprise in Sichuan to enter the Fortune Global 500 list in 2022 and has remained on the list for four consecutive years. Currently, Shudao Group is advancing a dual transformation, building three pillars: "comprehensive transportation, energy & minerals, and industry-finance integration," forming a virtuous cycle where the core transportation business drives energy and minerals, and industrial returns feed back into the system.
Sichuan Development was established in 2008 as the province's sole comprehensive provincial-level investment and financing platform, with an initial registered capital of 80 billion yuan. By the end of 2025, its consolidated total assets reached 2.08 trillion yuan, with revenue of 363.3 billion yuan. Sichuan Development has evolved through three stages: from 2008 to 2016 as a comprehensive investment and financing platform, establishing financial capital markets and setting up 21 specialized industrial investment companies, leading multiple rounds of provincial SOE restructuring; from 2017 to 2021, it transformed into a state-owned capital operating company, improving the provincial state-owned financial system and amplifying state capital efficiency through capital operations; from 2022 to the present, it has upgraded to a state-owned capital investment and operating company, anchoring its goals on "strengthening the real economy, optimizing capital, and refining the platform," focusing on four real-economy sectors: aerospace, biomedicine, advanced materials, and environmental protection.
Currently, Sichuan Development's industrial sector is deployed across these four emerging industries, controlling three A-share listed companies: Sichuan Development Lomon Co., Ltd., Beijing Originwater Technology Co., Ltd., and Lianshi Aviation Co., Ltd.. Its structure is divided into three main segments: industry, Sichuan Development Capital, and Sichuan Development Platform. Among these, its wholly-owned subsidiary, Sichuan Development Leading Capital, is positioned as a "cultivation & development + capital operation" platform for strategic emerging industries, focusing on mergers, acquisitions, and strategic investments in strategic emerging industries and future industries.
To rationalize rail transit industrial resources, Sichuan Development has integrated its rail transit equipment and operating assets with Shudao Group's rail transit sector, establishing Shudao Rail Transit Group with a registered capital of 8 billion yuan, which has been incorporated as a core subsidiary group under Shudao. Following this adjustment, Sichuan Development is exiting heavy assets in transportation and rail transit, gradually divesting manufacturing and infrastructure projects, and will focus on industrial equity investment, technology incubation, and financial capital operations in the future, avoiding competition with Shudao Group.
The boundaries between the two trillion-yuan platforms have become clearer, further addressing the chronic issues of "overlapping businesses, fragmented operations, and redundant investments" among provincial state-owned enterprises.
Deepening Reform Efforts
The comprehensive integration across the transportation, rail transit, and energy chains is also part of the implementation of key reforms like the "1+8" initiative for Sichuan's provincial state-owned enterprises. The reform, launched at the end of 2024 and fully rolled out in 2025, focuses on four directions: strategic reorganization, specialized integration, activation of idle assets, and optimization of state assets supervision, aiming to address pain points like dispersed layouts, homogeneous competition, and operational inefficiencies.
Since 2024, Sichuan's state-owned assets sector has comprehensively deepened reforms, relying on the two leading entities, Shudao Group and Sichuan Development, to coordinate provincial state-owned resources and break the pattern of resource fragmentation. Since the implementation of the Sichuan State-Owned Enterprise Reform and Enhancement Action, six new provincial SOEs have been established and four have been optimized and integrated in the province, with specialized restructuring simultaneously advanced in sectors like energy, data, culture & tourism, construction, and rail transit.
Since November 2024, the integration of Sichuan Investment Group and Sichuan Energy Investment Group established Sichuan Energy Development Group. Subsequently, Sichuan Science and Technology Innovation Investment Group, Sichuan Data Group, Sichuan Port Investment Group, Sichuan Scenic Area Development Group, Provincial Urban Renewal Group, and Shudao Rail Transit Group have been successively established, marking a concentrated implementation period for integration across various fields.
Sichuan's state-owned assets authorities stated that this round of restructuring aims to solidify the position of state-owned enterprises as the "pillar" of the national economy while also helping to build and strengthen industrial clusters in the province, providing state capital support for high-quality development. Data from Sichuan's state-owned assets official social media shows that during the "14th Five-Year Plan" period, the total assets of Sichuan's local state-owned enterprises consecutively crossed 13 trillion-yuan thresholds, reaching 23.23 trillion yuan; operating revenue was 2.42 trillion yuan, and total profits broke through the 100 billion yuan mark to reach 114.1 billion yuan. State capital has continued to gather towards the real economy and emerging industries, significantly enhancing the competitiveness of state-owned enterprises.
By the end of 2025, the main tasks of the "1+8" reform for Sichuan's provincial enterprises were largely completed. As 2026 marks the beginning of the "15th Five-Year Plan" period, Sichuan's state-owned assets sector will continue to optimize the layout of the state-owned economy and deepen state-owned enterprise reforms. At the beginning of the year, relevant officials from the Sichuan Provincial SASAC stated at the provincial state-owned assets and enterprise work conference that efforts should be accelerated to grow and cluster advantageous and emerging industries. The goal is to further increase the investment proportion of provincial enterprises in six advantageous industries and emerging industries, with investment in emerging industries growing by no less than 15%, and assets and revenue growing by 20% and 15% or more, respectively.
Key tasks for Sichuan's state-owned assets and enterprises in 2026 include: accelerating major projects such as the Chengdu-Dazhou-Wanzhou Railway, Chengdu-Nanchong Expressway expansion, Nanjiang and Pingshan pumped-storage power stations; strengthening investment-driven growth to generate more physical workload; revitalizing idle and inefficient state-owned assets through methods like ownership confirmation, asset securitization, and market-oriented operations to promote resource capitalization and asset securitization, activating stock for increased revenue; and continuously deepening restructuring and integration to concentrate high-quality assets in backbone enterprises and optimize major productivity layouts.
Sichuan's state-owned assets officials have required solid implementation of the "second half" of the "1+8" reform, accelerating the specialized integration of subsidiaries under Sichuan Energy Development Group, and promoting enterprises in culture & tourism, construction, and rail transit from "physical integration" towards "chemical fusion." Since May this year, the "Plan for Further Deepening State-Owned Assets and Enterprise Reform (2026-2029)" has been issued, with various localities holding meetings to redeploy and advance reform work, intensively launching a new round of state-owned assets and enterprise reforms.
Industry insiders point out that the "Plan" closely aligns with the goals of state-owned assets and enterprise reform during the "15th Five-Year Plan" period, placing greater emphasis on the initiative in optimizing and adjusting the layout and structure of the state-owned economy. It stresses the use of market-oriented methods to solve long-standing issues like resource dispersion, redundant construction, and lack of focus on core businesses. The new round of strategic reorganization no longer simply pursues enterprise scale but instead takes the ability to strengthen national strategic weaknesses and lead industrial upgrading as the core. It clearly defines horizontal integration of similar businesses and vertical integration along the industrial chain, standardizing and resolving issues of homogeneous competition and redundant construction to enhance the overall allocation efficiency of state-owned capital.
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