Today's Chinese Press Release......
Actually, it was a Media Release, and it came from SASAC......China’s State-Owned Assets Supervision and Administration Commission [description below]. But here are the points in today's release that stood out for me.....
- that the release actually came from the SASAC
- that the Hong Kong subsidiary is now established
- that there is now an initial $6 million [Canadian] sitting in the HK Corporation, ready to be released [I only bring this up, for someone was asking where the money is!]
- that this now established subsidiary accelerates the progress of the iron ore project of AEI
- that this new subsidiary will be the platform to stabilize XinXing's upstream raw material supply
- that this new entity will be vehicle to appoint directors to participate in the management and operation of foreign investment projects
- etc, etc, etc
China’s State-Owned Assets Supervision and Administration Commission (SASAC) is the world’s largest controlling shareholder. It controls 155 Chinese companies, which have combined 2006 revenues of $1.06 trillion and combined 2006 assets of $1.56 trillion. SASAC’s portfolio spans a broad range of industries—from energy to automotive—but does not include China’s banks or financial-services companies, which are controlled by other government entities. Its holdings include many of China’s largest companies, such as Air China, China Mobile Communications Corporation, China Petroleum & Chemical Corporation (Sinopec), PetroChina Company, and Shanghai Baosteel Group Corporation. Eight of the companies in its portfolio are among the Fortune 500. SASAC also indirectly controls the publicly traded subsidiaries of companies in its portfolio through its ownership of their parent holding companies. For example, Sinopec has 13 publicly traded subsidiaries on the Shenzhen and Hong Kong stock markets.
Established in 2003 to take over state-owned enterprises that had previously belonged to various ministries, SASAC reports directly to the State Council of the People’s Republic of China, the highest authority of the state. The chairman of SASAC, Li Rongrong, and his team of managers therefore have vast influence over a trillion-dollar state-corporate empire, despite having relatively little visibility in the global business media.