Number of central SOEs edges below 100 | Updated: 2017-08-22 14:21

Number of central SOEs edges below 100

An image shows the mergers between Sinolight Corporation, China National Arts & Crafts (Group) Corp and China Poly Group Corporation. [Photo/VCG]

Sinolight Corporation and China National Arts & Crafts (Group) Corp will become wholly owned subsidiaries of China Poly Group Corporation, said the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) on its website Monday.

The regulator added that it will not have direct supervision of these companies any more. A catalogue published on the website of SASAC also showed that the number of centrally administrated State-owned enterprises is 99 now.

An unidentified analyst told Shanghai Securities News that currently regrouping in SOEs is aimed at absorbing companies in difficulties.

This is also a market-oriented acquisition for Poly Group which had contacted other central SOEs prior to this deal and Poly's global sales network can also help the trade business of Sinolight, which runs a variety of business including paper-making, according to the finance newspaper.

China National Arts & Crafts (Group) Corp was established in 2017 after the merger of two central SOEs, China National Arts and Crafts Import & Export Corporation and the China National Arts & Grafts (Group) Corporation.

Poly Group runs business covering international trade, real estate, culture, civilian explosives production and investment in resource exploitation. Under its arm, there are four listed companies: Poly Real Estate (Group) Co Ltd, Poly Property Group Co Ltd, Poly Culture Group Co Ltd and Guizhou Jiulian Industrial Explosive Materials Development Co Ltd.

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349