China Military Space Industry Report,2007

China Military Space Industry Report,2007

China Military Space Industry Report, 2007 2007Aug, 2007

China Military Space Industry Report,2007

China Military Space Industry Report, 2007Content 1 Development of China Military Space Industry in 2007H1 ..........................................3 1.1 Unprecedented Approval and Policy Analysis ....................................................3 1.2 Military Enterprises Utilize Capital Market ........................................................4 1.3 Profitability of Military Assets.........................................................................5 2 Sub-industries.....................................................................................................7 2.1 Aviation .....................................................................................................7 2.1.1 “Big Airplane” Strategy.........................................................................7 2.1.2 Aviation Foreign Trade Warms up ...........................................................8 2.1.3 State Procurement drives Domestic Demand ......................................... 10 2.2 Aviation ................................................................................................... 12 2.2.1 Aviation Industry Development analysis................................................ 12 2.2.2 Developing from Inward Expansion to Outward Expansion ....................... 12 2.2.3 Huge Opportunities Hidden in Satellite Application Field .......................... 13 3 Industrial development forecast in 2007H2............................................................ 15 3.1 Input assets continuously ........................................................................... 15 3.2 Industry integration may occur .................................................................... 15 4 Industrial Enterprises Development Analysis .......................................................... 18 4.1 Long March Launch Vehicle Technology Co., Ltd (CASC)................................... 18 4.2 China Spacesat ......................................................................................... 18 Charts ................................................................................................................ 202

China Military Space Industry Report,2007

China Military Space Industry Report, 20071 Development of China Military Space Industry in 2007H11.1 Unprecedented Approval and Policy AnalysisThe assets injection program of Xi'An Aircraft International Corporation (XAC) passed the approval in principal by the Commission of Science Technology and Industry for National Defense, which set a good example for military assets injecting into listed companies. Since the announcement of XAC issuing new rationed shares in October 2006, as some parts of XAC’s injected assets is involved with the assets of the state security and the Commission of Science Technology and Industry for National Defense didn’t exam and approve the similar programs before, adding the imperfections of the information disclosure of the company, these factors resulted in the delay of the approval of this program. However, this trial has cleared away some obstacles to the future approval of similar programs.Since the beginning of this year, the Commission of Science Technology and Industry for National Defense continuously issued a series of documents, aiming to intensify the integration of military industrial source and realize the persification of investment bodies.On May 30, 2007, the State Council held an executive meeting to comprehensively deploy the trial operation of the state-owned capital operating budget system, which means the state-owned capital operating budget system entering an implementation stage. Chinese government began to ask central enterprises to pay capital bonus, while military enterprises will be exempted from payment in 2007. As military industry belongs to a strategic industry supported by Chinese government and most military enterprises assumed heavy historical burdens, so it is normal to exempt these enterprise from paying capital bonus. At the same time, currently Chinese government greatly supports the development of science technology and industry for national defense, so the state treasury will be likely to allot other levied bonuses from other fields into the R&D of military industry, so as to promote the better and faster development of military industry.3

China Military Space Industry Report,2007

China Military Space Industry Report, 20071.2 Military Enterprises Utilize Capital MarketSince the early this year, there are several military listed companies issuing financing announcement to purchase the assets of big shareholders or construct new projects. No matter what the number of financing or financing amount, it reached a new high level. Seen from the changes of number of financing, amount of rationed shares and additional shares issues from 1993 to 2007, the year 2007 witnessed a rocketing boom. The raised capitals are mainly used for the acquisition of operating assets of the controlling shareholders to improve their strengths.Figure: Refinancing Statistics of Military Listed Company in the Capital Market, 1993-2007Source: WindSeen from the recent moves of major military enterprises, they are focusing on the operations of capital market. As for the capital operation, China Aviation Industry Corporation I (AVIC-I) run the first in the same circle. AVIC-I plans to complete IPOs of its four affiliated4

China Military Space Industry Report,2007

China Military Space Industry Report, 2007companies this year, aiming to financing over RMB 30 billion in domestic market and RMB 10 billion in overseas market by 2010, and forming the operations of ten big business fields-national defense, civil aviation, power, finance, heavy machinery, automobile, real es …… 此处隐藏：21836字，全部文档内容请下载后查看。喜欢就下载吧 ……