Number of central SOEs edges below 100

Updated 2017-08-22 15:00:37 chinadaily.com.cn

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.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58September 25 2017 17:52:14

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16September 25 2017 17:52:14

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18September 25 2017 17:52:14

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords