China’s state-asset watchdog said Wednesday [21 November 2016] that China National Cotton Reserves Corporation will no longer be under its supervision and be merged with another state-owned company. The state cotton reserve manager will become a wholly-owned subsidiary of China Grain Reserves Corporation (Sinograin), the State-owned Assets Supervision and Administration Commission (SASAC) said in a statement…Full Article: ECNS.cn Nov 2016
- In July 2016, COFCO and Chinatex merged (both state-owned companies), with COFCO subsuming Chinatex within its corporate structure. As a result of the merger (Chinatex will be a subsidiary of COFCO), COFCO Group will have an 18% market share of China’s edible oil processing sector, and a 10% of the world’s cotton crop market. During the same month, according to a research fellow with the Guangdong Academy of Social Sciences, China’s SASAC hopes to reduce the number of 110 state-owned conglomerates under its management to less than 100.
- Founded in 2003 and headquartered in Beijing, China National Cotton Reserves Corporation (CNCRC) is a state-owned company that stores, imports, and distributes cotton. As of 2016, CNCRC had just under 200 storage depots located in 15 provinces, as well as a grain depot in Tianjin.
- Founded in 2000 and headquartered in Beijing, China Grain Reserves (Sinograin) is a state-owned corporation tasked with managing China’s grain reserves. The company has emerged as China’s leading grain storage and transportation company. When initially launched in 2000, Sinograin had a registered capital of CNY 16.68 billion (~US2.01 billion). By the end of 2012, Sinograin had CNY 415.4 billion (~US65.7 billion) in assets.
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