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)
