The State-owned Assets Supervision and Administration Commission (SASAC) has approved the merger of China National Machinery Industry Corp (Sinomach) and China High-Tech Group Corp, as it continues to reform the structure of state-owned enterprises (SOEs). Sinomach ranked 293rd in the Fortune 500 in 2016, with 2015 profit totaling CNY4.8 billion on revenue of CNY222.7 billion. China High-Tech’s main business is textile equipment making. it reaped CNY43.4 billion in sales and CNY100 million in profit last year. The merger brings down the number of China’s central SOEs to 101.