State-Owned Chinese Mining Firm, Power Producer Merge as Country Looks to Cut Back on SOEs
Xu Wei
/SOURCE : Yicai
State-Owned Chinese Mining Firm, Power Producer Merge as Country Looks to Cut Back on SOEs

(Yicai Global) Aug. 28 -- With approval from China's Cabinet, the State Council, China Guodian Corp. and Shenhua Group Corp. have merged and reorganized as State Energy Investment Co., the State-Owned Assets Supervision and Administration Commission said online today.

There were 196 companies owned by the central government when the administration was founded in 2003. They have since been reorganized and cut down to just 99, hitting its goal of below 100 ahead of schedule.

In other recent trimmings, China United Network Communications Ltd. [SHA:600050] released its mixed-ownership reform plan and Sinolight Corp. and China National Arts & Crafts Group Corp. have merged into China Poly Group Corp.

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Keywords: MSCI , Shenhua Group , MERGERS , SASAC , SOEs