[Downstream of China Instrument Network Instrument] During the “Twelfth Five-Year Plan” period, the environmental protection industry entered a rapid development track under the vigorous promotion of national policies. As the most important component of the environmental protection industry, the water market has also ushered in the golden period of historical development. During this period, a large number of well-known water companies emerged in the industry, laying a solid foundation for the industry's long-term development.
The rise of PPP, the reform of administrative systems, the procurement of public services, and the promotion of franchising have restructured the transaction structure of environmental services. Under the impetus of capital markets, the supply side of environmental industries is also changing and upgrading. At the "14th Water Industry Strategy Forum 2016" sponsored by the E20 environmental platform in recent days, PPP has attracted the attention of many water companies and investors.
In fact, since 2014, the government has broken the monopoly, liberalized access, and fully released market vitality. The PPP market has started to boom. In the past, water utilities were generally regional. After two years of PPP reform, there have been more and more national water companies. At present, there are 8.3 trillion yuan of PPP investment projects that the local government has released on the PPP information platform of the Ministry of Finance. The NDRC released a list of two PPP projects worth 4.2 trillion yuan in 2015.
Jiao Xiaoping introduced that in the future, public service supply will mainly break market monopoly through PPP, liberalize market access, and allow market players to become the main force of public service supply. "Integrating resources such as toll collection rights, financial budget subsidies, financial investment, and related supporting investment can instigate more social capital to invest in public services."
"The Matthew Effect" has been fulfilled?
At present, the heavy asset group has become the backbone of water investment and operation. Its operating water supply capacity accounts for 12.8% of the country's total, and its sewage treatment capacity accounts for 30.7% of the country. The two together account for 18.7% of the total national sewage treatment and water supply capacity. This proportion is accompanied by a continued increase in the deepening of PPP.
The expansion of heavy asset water companies can be called rapid. However, the industry’s concern is not only that heavy asset groups actively expand their water market share through joint ventures, mergers and acquisitions and other means, but form a pattern of cross-regional scale operation, but with the regional restrictions being broken, these water companies have also emerged. Unusual "first time."
While heavy asset water companies continue to set up platforms to extend the industrial chain, the “mismatch” supply relationship that originally relied on local government projects is changing. As Fu Tao said: The environmental protection field used to be "opportunism." The government gave orders to which company and which one will be developed. Now many interfaces of public services are no longer a single government-enterprise relationship, but gradually become a relationship between enterprises.
"There are no eternal enemies, no permanent friends, only eternal interests." According to industry insiders, these heavy asset groups have begun to carry out different degrees of cooperation in addition to continuing to compete in the traditional water treatment field.
To be resilient, however, due to poor management, a considerable number of regions in China, especially third-tier and county-level cities, face the two real pressures of “the debt of local governments” and “the mismatch between the water service and the masses' demands.” In this case, “ "Retiring from the country and entering the country" has become a main line of China's water market in the future.
In 2015, the Ministry of Finance and the Ministry of Environmental Protection issued the “Implementation Opinions on Promoting Government and Social Capital Cooperation (PPP) in Water Pollution Prevention and Control Areas” to encourage PPP work in the area of water pollution prevention and control, and implement integrated urban and rural water supply and drainage, and plant and network integration. And the industry "packaged" to achieve a combination of development, to attract social capital to participate.
The PPP model gave the government sufficient incentive to sell poorly-managed or even loss-making water-supply assets. It not only improved the local water supply service, relieved the pressure on the government's public finances, but also responded to the national call. At present, 90% of the water supply assets are still owned by the government. Analysts say that there will be more acquisitions and M&A opportunities in the water market in the future.
"Private enterprises must have the resilience, through market restructuring and expansion, as soon as possible to form their own advantages and competition with state-owned enterprises. PPP can neither favor the state-owned enterprises, nor favor the private enterprises, we must compete fairly." Jiao Xiaoping pointed out that through market competition, China can It has truly formed a group of integrated operators that integrate investment, construction, operation and maintenance of public services.
Turning identity of foreign companies to a new direction After China's accession to the WTO, many internationally renowned water giants preemptively entered a blank water operations and equipment market in China. Foreign-funded water companies represented by Veolia and Suez have taken a strategic position in China, and have quickly established large and small bases throughout the country in the form of acquisitions or equity joint ventures, taking over water supply services in dozens of cities in China; however, In the latter part of the 5th period, the rise of Chinese local water companies represented by Beijing Enterprises, Capital, and Sande Group, mergers and acquisitions, encirclement and counterattack of foreign-funded enterprises, foreign-funded water-based enterprises had to cling to the city.
In the face of the ever-increasing number of Chinese water companies, the technology prices, decision-making efficiencies and market public relations of foreign-funded enterprises are all unacceptable. In the face of ever-shrinking technological differences, strategic transformation has become the most critical behavior of the moment. At present, many foreign-funded enterprises are being transformed from staking-horse operators into technology input platforms. It can be said that after undergoing the marginalization of the 12th Five-Year Plan period, most of the foreign-funded water projects are undergoing a project-specific operation to a technology-entry platform type company.
“In fact, foreign-funded enterprises still hold some core technologies, such as preventing the leakage of network management water, the treatment of organic matter and minerals rich in sewage, and the management models of foreign-funded enterprises are very advanced. These are still foreign capital. The biggest selling point of the company," said one water industry engineer.
But bid farewell to the heavy assets field, and also heralded the end of the era of scale expansion. Citing the secretary of the Suez Environment Board of Directors, Fan Xiaojun, said: “We cannot do assets on a large scale like First Capital, Beijing Enterprises, and Clearwater. On this stage, foreign companies are no longer the main players.”
(Original title: "The Matthew Effect" in the water market has been fulfilled?)
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