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Over the past ten years, as the SASAC’s pilot company for assets management, China Chengtong reorganized and integrated 664 central state-owned enterprises, military-industrial enterprises and local state-owned enterprises, cleared assets debt worth RMB 74.9 billion, and relocated 88.4 thousand employees. Through building professional business platform, receiving operating state-owned assets, assets stripped away from main business and enterprises suffering from financial difficulties, and applying mixed equity, business restricting, disposal of assets and debt restructuring, China Chengtong has achieved decomposition, reorganization and flow of production elements, explored an efficient way for enterprises to quit from the market or to be regenerated, and realized state assets’ value maintaining and increase.
Since April 2016, under China Chengtong’s trusteeship, in which China Chengtong serves as the state-owned capital operation platform, China Railway Materials Company Limited (CRMC) has realized ‘three-step strides’. By strengthening the activation of assets, CRMC has ensured the public offering bond paid on schedule; by sticking to the principle of marketization, the debt restructuring agreement was successfully reached; by improving communication and coordination, CRMC has fully realized the debt restructuring, all of which have helped CRMC ‘realize the invigoration of effective assets and relief from the debt crisis’. By focusing on productive service, CRMC has been comprehensively integrated into the railway economic cycle; by promoting business restructuring, CRMC has realized the joint development of its special zones; by adapting to national strategies, CRMC has improved its timeliness in operation and development; by striving for innovation in science and technology, CRMC has achieved innovation driven development, all of which have helped CRMC ‘activate production elements and revive internal demands’. By the deepening of institutional reform, CRMC has improved its overall efficiency of management and control; by optimizing the structure of enterprise, CRMC has removed the burden for its future development; by strengthening the system construction, discipline has been held in awe and respect in CMRC, all of which have helped CRMC ‘transform the system and mechanism and go back on track with a new self’. After the ‘three-step strides’, CRMC has been brought out of the crisis, improved its quality and efficiency, and ended losses in 47 successive months. CRMC has set itself on a new journey after gaining rebirth.
According to the SASAC work arrangements on establishing platform companies to help central state-owned enterprises cut overcapacity, China Chengtong has participated in the diversified transformation of Sinopec International Petroleum Exploration and Production Corporation, jointly founded the Guoyuan Coal Resources Integration Platform with China Reform Holdings Corporation Ltd., China National Coal Group Corp., and Shenhua Group to resolve the problem of overcapacity of coal, and reorganized Zhongxin Nenghua with China Datang Corporation and China Reform Holdings Corporation Ltd. to resolve the problem of overcapacity of coal chemical industry. By playing its role as the receiving platform of reformed assets from government agencies and state-owned enterprises’ training and convalescent homes, China Chengtong established the China Health and Elderly-Caring Group Ltd. based on the requirement of ‘centralized and unified supervision of management of state-owned assets’. >>Historical Review
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