Unlock idle assets
Inventory buildings, land and equity, package what can generate cash, and put a verifiable asset base under later rating and financing work.
Local SOE Restructuring
LOCAL SOE RESTRUCTURING
- Unlock idle assets
- SOE restructuring
- Optimise credit ratings
- Widen funding channels
- Related industry enablement
Unlock idle assets, SOE restructuring, optimise credit ratings, widen funding channels, related industry enablement.
Through Sigma Consulting, our onshore advisory subsidiary, we advise local SOE platforms on an integrated mandate of asset-restructuring reform plus industrial transformation. Unlocking idle assets is the base; from there we undertake systematic SOE restructuring and reform, credit-rating optimisation and wider funding channels. In some regions, related industry enablement can be added where local resources allow. Service modules are set out below under “Our services”.
SOE restructuring
Map, reorganise and consolidate state-owned assets and enterprises: separate government from enterprise, clarify core mandates, compress platforms, ring-fence public-service from commercial businesses, and modernise the management system so the unlocked issuer is runnable and accountable before rating and financing.
Optimise credit ratings
Use the rebuilt assets, industry logic and governance to improve the issuer’s rating so the market can read the credit and banks and bond investors can re-engage.
Widen funding channels
Match loans, bonds, ABS and offshore notes to the improved credit, turning the restructuring into usable cash at a tighter cost.
Related industry enablement
Match digital, agriculture and energy-management partners to local endowments so platforms move from holding assets to running businesses.
Local SOE industrial transformation
Local LGFV platforms face concentrated refinancing pressure as the land-finance model fades. Building operating cash flow and market-based financing capacity is now essential to resolving debt risk and sustaining development.
Policy continues to steer platforms toward industrial, market-oriented transformation. For local SOEs this is no longer optional.
Three pressures sit on top of that: large stocks of buildings, land and equity that generate little cash; tighter implicit-debt rules that force new funding onto real asset credit and industrial logic; and sharper regional competition, where platforms without distinctive clusters struggle to generate cash internally.
What is required is a system built on asset unlocking, SOE restructuring, rating optimisation, wider funding channels and related industry enablement — unlocking the balance sheet, locking in runnable governance, opening financing room, using new quality funding to nurture industry, and then generating cash from that industry. The five steps lock together. That is the starting point of our advisory work.
How it is delivered
Service model and partner ecosystem
Resources are sequenced around the full transformation cycle. We coordinate specialists so asset work stays orderly, SOE restructuring lands in parallel, financing can close, and industry enablement is executable — a single, end-to-end, implementable mandate.
We design the overall transformation path for regional SOEs, run the case through decision and coordinate the full sequence; integrate regional resources, work with professional institutions for review, and embed SOE restructuring and industry resources by stage — forming an implementable programme and seeing it through.
Map, reorganise and consolidate state-owned assets and enterprises: separate government from enterprise, clarify core mandates, compress platforms, ring-fence public-service from commercial businesses, and modernise the management system so the unlocked issuer is runnable and accountable before rating and financing.
Securities-qualified auditors inventory assets, verify capital and issue attestations. Early mapping classifies inefficient, unlockable and injectable holdings into a clear ledger; audit then runs through the restructuring so title and process remain defensible.
Securities-qualified valuers appraise the package in parallel with the restructuring, so pricing and title are defensible for later credit work and financing.
National feasibility houses prepare market, technical, capex, financial and risk analysis that meets policy-bank, commercial-bank and industrial-fund standards. Commercial banks and onshore/offshore houses then cover credit lines, bond underwriting and securitisation — onshore exchange and interbank products including corporate bonds, enterprise bonds and ABS; offshore desks support cross-border issuance — grafting rebuilt assets and credit onto capital markets.
A bench across digital economy, modern agriculture and integrated energy management is matched to local endowments and plans. Partners bring not only projects and capital but technology, markets and operating skill, moving platforms from holding assets to running businesses.
Our services
Restructuring advisory
We map assets, clarify mandates and design an integrated path of asset restructuring plus industrial transformation — for a single platform or for a city-/county-wide pool of operating assets — working with audit, valuation and feasibility houses through approval and implementation.
Asset unlocking
Idle buildings, land and equity are inventoried, classified and packaged so inefficient, unlockable and injectable assets sit on a clear ledger. Fragmented holdings become cash-generative packages that can support later credit work and financing.
SOE restructuring
We map, reorganise and consolidate state-owned assets and enterprises: separate government from enterprise, clarify core mandates, compress platforms, ring-fence public-service from commercial businesses, and modernise the management system so the unlocked issuer is runnable and accountable — the governance base for later rating and financing.
Credit-rating optimisation
On the rebuilt asset, industry and governance base we run rating research, peer analysis and programme design, and coordinate data rooms, interviews and follow-up so the issuer’s rating can improve and bank lines, bonds and other funding can reopen.
Widen funding channels
With credit improved, we match working-capital and project loans, special-purpose bonds, corporate/enterprise bonds, ABS and offshore notes to the issuer — widening channels, tightening pricing and turning restructured credit into usable cash.
Related industry enablement
Partners in digital economy, modern agriculture and integrated energy management are matched to local endowments, bringing projects, capital, technology and operating skill so platforms move from holding assets to running businesses.
Digital economy Informatisation and internet-plus implementation — archives digitisation, compute and urban data assets — turning idle rooms and venues into billable digital services.
Modern agriculture Facility agriculture, park operations and regional produce supply, creating stable farm-to-canteen cash flow on land and supporting assets.
Energy management Contract energy hosting, efficiency retrofits and microgrids, with savings-sharing and green-power wheeling so platforms can operate regional energy.
Financing steward
A full-cycle strategic partner to regional SOEs, with capabilities across advisory, restructuring, financing and operating improvement. After a programme lands, ongoing support can continue as the client requires — including introducing funding channels, tracking refinance windows, and recommending industry-enablement opportunities.
- Advisory
- Restructuring
- Financing
- Operations