Huaxing Group Likely to Become First COE to be Incorporated into Guoxin Asset Management Company

According to an authoritative source at the State-Owned Asset Supervision and Administration Commission (SASAC), the first centrally-onwed enterprises to be put under the management of Guoxin Asset Management Company, a new company which was frequently referred to in the local financial press as "CIC No. 2" in the lead-up to its official establishment last year, will be announced over coming days. It's rumored that Zhongguo Huaxing Group (中国华星集团公司) will be the first COE to be placed under the managment of the new asset management company. The source said the request had already been passed to the State Council and is waiting final approval. Guoxin is expected to take over management of the assets of many centrally-owned enterprises (COEs), the move is another step towards the central government's goal of reforming and consolidating the 100-plus COE under SASAC's control.

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