Shanghai's SOEs post 30% jump in H1 net
By Richard Fu |
July 14, 2011, Thursday
|
Print Edition
Print Edition
SHANGHAI'S state-owned enterprises have posted a 30 percent jump in half-year earnings as the city continues to promote reforms such as opening-up of markets and restructuring the SOEs.
Local SOEs reported a 30.2 percent annual increase in combined net profit of 21.57 billion yuan (US$3.33 billion) in the first half of this year, Liu Xie, a spokeswoman for the Shanghai State-owned Assets Supervision and Administration Commission, said yesterday.
A number of local SOEs have completed market-oriented restructuring in the first six months, most notably Shanghai Pharmaceuticals Holding's HK$16 billion (US$2 billion) initial public offering in Hong Kong, which set a record among local state groups in terms of raising funds overseas.
In the current quarter, the local state-owned asset regulator will encourage companies, including SAIC Motor Corp and Shanghai Tunnel Engineering Co, to restructure. The city has a target to increase the asset securitization ratio in local government-owned firms to 35 percent this year from 30.5 percent in 2010.
Local SOEs reported a 30.2 percent annual increase in combined net profit of 21.57 billion yuan (US$3.33 billion) in the first half of this year, Liu Xie, a spokeswoman for the Shanghai State-owned Assets Supervision and Administration Commission, said yesterday.
A number of local SOEs have completed market-oriented restructuring in the first six months, most notably Shanghai Pharmaceuticals Holding's HK$16 billion (US$2 billion) initial public offering in Hong Kong, which set a record among local state groups in terms of raising funds overseas.
In the current quarter, the local state-owned asset regulator will encourage companies, including SAIC Motor Corp and Shanghai Tunnel Engineering Co, to restructure. The city has a target to increase the asset securitization ratio in local government-owned firms to 35 percent this year from 30.5 percent in 2010.
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