Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (6332)	8/26/2006 11:23:12 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

China's central SOEs reduced to 165 english.people.com.cn The number of China's state-owned enterprises (SOEs) affiliated to the central government, or the country's central SOEs, has decreased from 166 to 165 with a latest merger between two companies. The State-owned Assets Supervision and Administration Commission (SASAC) on Friday announced the China Chengtong Holding Corporation has ended its trusteeship of the China Huandao Group, saying Huandao has become a wholly-owned subsidiary of Chengtong. Shao Ning, Vice Chairman of the SASAC, said that as the first successful trusteeship case under the SASAC, the merger of Huandao into Chengtong marks a successful asset operation of the central SOEs. Insiders said that to enhance the total profits of China's central SOEs, the SASAC will endeavor to make structural adjustment by closing losing enterprises and converging state assets to key sectors or enterprises with good profits. Once an enterprise directly affiliated to the Ministry of Public Security, Huandao was put under the administration of the SASAC in 1999 after integrating with some other enterprises. By the end of 2004, Huandao had reported losses of 303 million yuan (37.875 million US dollars) and the SASAC decided last August to put it in the trust of Chengtong, an SOE in logistics. According to statistics released by the SASAC, 11 central SOEs suffered a total of 2.52 billion yuan (315 million U.S. dollars) losses in the first six months of this year, 470 million yuan more than the same period of last year. Source: Xinhua