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February 17, 2017

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Shanghai to list 2-3 SOEs this year

SHANGHAI will list two to three state-owned enterprises this year to boost SOE mixed-ownership reform, and will provide 400 billion yuan (US$58 billion) to help SOEs develop advanced technologies, said the Shanghai State-owned Assets Supervision and Administration Commission yesterday.

The city government will attract capital from the public to “revive” SOEs, especially those providing public services, according to the commission. Another “five to 10 SOEs will be selected to share ownership with their employees to boost efficiency,” the commission added.

Over 80 percent of the 400 billion yuan “will be invested in SOEs” in strategic emerging industries such as Big Data, Internet of Things, new materials and biomedical engineering, which would “enhance their competitiveness,” said Jin Xingming, deputy secretary-general of the commission.


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