Sinolight, Poly agree to merge
March 27, 2017 Category Mergers & Acquisitions, Weekly
China moved one step closer to reducing the number of centrally-administered state-owned enterprises to 100, after Sinolight Corp agreed to merge with China Poly Group Corp. China Haisum Engineering Co, a listed arm of Sinolight, said in a regulatory filing that the latter had signed a restructuring framework agreement with property group China Poly. The move comes as the country drives through consolidation in many of its SOEs, including the railway, shipping, construction materials, and steel sectors. The merger requires regulatory approval, but would not affect normal operations. Two of China’s nuclear power developers also announced plans to merge. The Shanghai-listed units of China National Nuclear Corp, a holding company for reactor design and technology, and China Nuclear Engineering Corp Group, a company focusing on construction, said in regulatory filings that a strategic reorganization was under way. After the two mergers are completed, the number of enterprises listed under the State-owned Assets Supervision and Administration Commission (SASAC) will be reduced to 100 from the current 102. China’s centrally-administered SOEs performed well in the first two months of this year with combined profits surging 29.1% year-on-year to CNY168.6 billion, the China Daily reports.
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