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Shanghai Electric starts restructuring
By Liang Yu (China Daily)
Updated: 2004-03-03 11:14

The new company, Shanghai Electric Group Co. Ltd, was formed through the combination of 6.5 billion yuan (US$756.9 million) worth of SEC core assets and joint cash investments of 2.75 billion yuan (US$332 million), newly absorbed from five domestic investors.

Establishment of the new firm is also expected to be the prelude to the further reorganization of many State-owned enterprises (SOEs) in the city.

Vice Seretary General of the Shanghai Committee of the Chinese Communist Party Wang Anshun (left) and Shanghai's Vice Mayor Feng Guoqin unveil Shanghai Electric Group Co Ltd logo and name yesterday.[eastday.com]

SEC owns the biggest stake in the new firm, 69.48 per cent, while the remaining 30.52 per cent goes to five domestic companies, called "strategic investors" by SEC.

Guangdong Zhujiang Investment Co. Ltd holds an almost 10 per cent share in the new company, followed by the 5.55 per cent share of Shanghai-based Fuxi Investment Holding Co Ltd, 5.55 per cent held by the Shenergy (Group) Co. Ltd, a 5 per cent share held by Shanghai Baosteel (Group) Corp, and about 4.5 per cent held by the Shantou Mingguang Investment Co. Ltd.

While Shenergy and Baosteel are well known local State companies, Fuxi, Guangdong Zhujiang and Shantou Mingguang the latter two both from South China's Guangdong Province are all private businesses.

Media reports revealed that Zhu Mengyi and Zhang Rongkun, the heads of Guangdong Zhujiang and Fuxi, ranked 15th and 35th on last year's Forbes list of the 100 richest Chinese people.

Among the new investors, Baosteel is a raw material provider for SEC, while Zhujiang Investment and Shenergy are potential buyers of SEC products.

SEC officials maintain that such up- and down-stream industrial links would benefit the company, which is determined to develop its modern equipment manufacturing industry.

"The new business marks a key step in SEC's restructuring as a multi-invested mixed-ownership equity structure," said Wang Chengming, chairman of the new company.

Shanghai Electric will focus on developing several core industrial sectors including the manufacturing of mechanical and electronic equipment, as well as equipment used in power, transport and environmental protection industries, said Wang.

As SEC's plan is to eventually forge a globally competitive joint-stock company, the next step after the establishment of the new firm is to seek further overseas and domestic investors, and talks for this are well under way, said company officials.

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