Thirty central Stated-owned enterprises (SOEs) are planning
overall listing, the China Business today cited an insider
close to the State-owned Asset Supervision and Administration
Commission of the State Council (SASAC) as saying.
The central SOEs mentioned include China National Nuclear
Corporation, China National Aviation Holding Company and China
Minmetals Corporation.
Dongfang Electric Corporation, whose overall listing is nearing
completion, is also among the 30 central SOEs planning overall
listing.
Senior finance officials of these companies were called together
and trained in September this year to make preparations for the
listing, the insider said.
All the enterprises are large-sized Chinese enterprises in
energy, resources, and other key industries, according to the
insider.
Chinese central SOEs' overall listing plans were postponed as
the process will involve many listed companies-related major asset
reorganization and mergers and acquisitions. Even the macro-economy
will be impacted, an insider with the SASAC's reform department
said.
China currently has 159 central SOEs. The SASAC said it plans to
reduce their number to 100 by as early as 2010 through mergers and
takeovers, and then further cut their number to 50 while calling
for more links to the capital market.
The SASAC said at a meeting at the end of July this year that
the eligible central SOEs should speed up reorganization and
overall listing and then it will support their listing plans.
The 30 central SOEs' overall listings will be complete before
2010, according to Zhang Weiming, vice general manager of the
research and development department of Pacific Securities.
(Chinadaily.com.cn October 15, 2007)
