Related Keywords: become a wholly-owned subsidiary of Sinomach, China Enterprise Research Institute, China Hi-Tech Group Corporation, China National Machinery Industry Corporation, equipment manufacturing group, merges, SASAC, Sinomach, State-owned Assets Supervision and Administration Commission, textile giant, The merger approved by China’s state council
China National Machinery Industry Corporation (Sinomach) merges with textile giant China Hi-Tech Group Corporation, The merger between the two groups was approved by China’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.
