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Entity launched to trim SOEs
Source: Xinhua |
December 23, 2010, Thursday
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Print Edition
Print Edition
CHINA yesterday unveiled a new assets management company that aims to restructure and merge small, non-competitive state-owned enterprises.
The new firm, China Reform Holdings Corp Ltd, will focus on "reorganizing small-sized SOEs which do not affect national security and are not crucial to the national economy," the State-owned Assets Supervision and Administration Commission said in a statement.
The first-phase registered capital of the new company, which is wholly owned by SASAC, is 4.5 billion yuan (US$681 million). SASAC has not yet revealed which companies will be involved in the restructuring.
Xie Qihua, former chairman of the Baosteel Group Corp, China's largest steel maker, has been appointed board chairman of the new company. Liu Dongsheng, an SASAC official, will act as general manager, it said.
"The launch of the new company marks an important move to optimize the relocation of state economic resources and to give state capital more vitality, control and impact on key sectors," Wang Yong, deputy director of SASAC, said at the launch ceremony.
According to SASAC's plan, the company will participate in the share-holding reform of the reshuffled firms, and will also invest in emerging industries with strategic importance.
Wang also stressed that the newly-formed entity is an assets management company rather than an investment group, ending rumors that it will become China's second sovereign fund after the China Investment Corp.
In order to enhance the state-owned companies' efficiency and competitiveness, SASAC has cut the number of SOEs under its direct control from 196 to 122 over the last seven years. They are expected to be further consolidated into around 100 by the end of 2010, according to SASAC plans.
The new company is the third oversight assets management company under SASAC, after the China Chengtong Group and the State Development & Investment Corp.
The new firm, China Reform Holdings Corp Ltd, will focus on "reorganizing small-sized SOEs which do not affect national security and are not crucial to the national economy," the State-owned Assets Supervision and Administration Commission said in a statement.
The first-phase registered capital of the new company, which is wholly owned by SASAC, is 4.5 billion yuan (US$681 million). SASAC has not yet revealed which companies will be involved in the restructuring.
Xie Qihua, former chairman of the Baosteel Group Corp, China's largest steel maker, has been appointed board chairman of the new company. Liu Dongsheng, an SASAC official, will act as general manager, it said.
"The launch of the new company marks an important move to optimize the relocation of state economic resources and to give state capital more vitality, control and impact on key sectors," Wang Yong, deputy director of SASAC, said at the launch ceremony.
According to SASAC's plan, the company will participate in the share-holding reform of the reshuffled firms, and will also invest in emerging industries with strategic importance.
Wang also stressed that the newly-formed entity is an assets management company rather than an investment group, ending rumors that it will become China's second sovereign fund after the China Investment Corp.
In order to enhance the state-owned companies' efficiency and competitiveness, SASAC has cut the number of SOEs under its direct control from 196 to 122 over the last seven years. They are expected to be further consolidated into around 100 by the end of 2010, according to SASAC plans.
The new company is the third oversight assets management company under SASAC, after the China Chengtong Group and the State Development & Investment Corp.
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