China National Machinery Industry Corporation (Sinomach) merges with textile giant China Hi-Tech Group Corporation, The merger between the two groups was approved by Chinaâ€™s state council.
The textile conglomerate has become a wholly-owned subsidiary of Sinomach, an equipment manufacturing group, and will no longer be directly supervised by the State-owned Assets Supervision and Administration Commission (SASAC).
The SASAC has planned to reduce the number of central SOEs to under 100 as part of the ongoing reforms to improve efficiency of the companies.
Li Jin, chief researcher with the China Enterprise Research Institute said that the merger was in line with the country's aim to raise the competitiveness of SOEs, bringing technology and research capabilities to companies such as China Hi-Tech Group, which is in an industry with shrinking revenues
In afternoon trading, the shares of subsidiaries under the two companies soared as investors stay bullish on the synergy that the merger will bring.
Jingwei Textile Machinery Company, a subsidiary of China Hi-Tech Group, for example, jumped more than 5 percent on the news of the merger.
A report that is issued every week covers price statistics and objective analysis of the market trends on various textile value chains
A crisp report that is issued every month covers analysis of the price and market trends on various textile value chains
A weekly report covering market and price information on the entire chain of polyester along with online access to daily polyester chain prices.
One-time reports that are issued annually cover the demand and supply trends in individual products including polyester, nylon, acrylic, viscose, and cotton.
One-time reports that are issued annually cover the demand and supply trends in the individual country's natural and manmade fiber/filament industries.
Countries Served Worldwide