China Everbright is now joint stock firm
Print Edition
CHINA Everbright Group, a solely state-owned enterprise, said yesterday it has completed a corporate restructuring by becoming a joint stock company.
Under the revamp, the finance ministry will hold a 44.33 percent stake in the new company, with Central Huijin Investment holding 55.67 percent. The new company will inherit all of the group’s assets, liabilities, organizations, and employees.
China Everbright Group managed assets worth almost 3 trillion yuan (US$486 million), with interests in banking, securities, insurance and asset management.
Central Huijin is a state-owned investment company that is authorized to make equity investments in major state-owned financial enterprises and exercise rights and obligations as an investor on behalf of the state.
The group said the restructuring was approved by the State Council, marking an end to restructuring efforts that spanned more than a decade.
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