Tsinghua university cuts links with enterprises
( 2003-10-08 09:57) (Xinhua)
One of China's most
prestigious universities is to end its direct ownership of its business
enterprises and restrict its name to academic activities.
Qinghua (Tsinghua) University, based in Beijing, is to set up aholding
company to handle its stakes and rights in its companies before the end of the
year.
Rong Yonglin, president of the Qinghua Enterprise Group, said all the
companies would remove "Qinghua" from their titles and the university would no
longer take unlimited responsibility for them.
The Qinghua Stock Holding Co., Ltd. would be a state-owned limited company
and act as a "firewall" to protect the university from operational risks, he
said.
The companies should adopt modern corporate systems and make clear their
property rights.
A local analyst, who declined to be named, said the move would incur losses
for the former Qinghua assets which were already listed as public companies or
planned to do so. But in the long run, it would create a bigger stage for the
businesses to seek higher profits.
Many Chinese universities own enterprises, which attract investors. Qinghua's
enterprises include Qinghua Tongfang ComputerCompany and Qinghua Ziguang
Pharmaceutical Company.
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