With the State Council SASAC performing the investor’s duty on behalf of the State Council, China Chengtong Holdings Group Co Ltd is among the first batch of pilot enterprises for establishing standard board-of-directors and the first pilot of state-owned assets operation enterprise. In February, 2016, China Chengtong was identified as central enterprise pilot for state-owned capital operation.
Founded in 1992, China Chengtong merged the material and circulation enterprises directly under the former Department of Materials. During the period of planned economy, the corporation undertook the responsibility of planned purchase, allocation, storage and delivery of significant means of production and played the role of a major channel and “reservoir” for national economy.
In 2005, China Chengtong was identified by SASAC as pilot of state-owned assets operation corporations and launched the platform for state-owned assets reorganization and capital operation based on market principals to probe the methods to operate and deal with minor or non-performing assets of central enterprises in a market-oriented and professional way. China Chengtong reorganized and integrated central enterprises including China Huandao Group, China Record Corporation, CIECCO, Hua Cheng Investment Management Company, China National Packaging Corporation, Chinese Commerce Enterprise Group Co Ltd, and affiliated enterprises of central enterprises including 8 enterprises under Putian Group, MCC Paper, and Sino Steel Raw Materials Co Ltd by way of trusteeship and transfer of state-owned property.
Entering a new era, the group’s major businesses include equity operation, financial service, assets management, integrated logistics, trade in means of production, as well as development and utilization of forestry pulp paper.
In 2016, entrusted by the State Council SASAC, the group got engaged in the diversified transformation of Sinopec International Petroleum Exploration and Production Corporation, the trusteeship of China Railway Materials Company Limited, and the shareholding of Guoyuan Coal Assets Management Co Ltd. Approved by the State Council and entrusted by the State Council SASAC, China Chengtong joined hands with Postal Savings Bank of China Co Ltd, China Merchants Group Limited, China North Industries Group Corporation, China Petrochemical Corporation, Shenhua Group Corporation Limited, China Mobile Communications Corporation, CRRC, China Communications Construction Group Co Ltd, and Beijing Financial Street Investment Co Ltd to initiate the establishment of SOE Structural Reform Fund Co Ltd. China Chengtong also established China Chengtong Fund Management Co Ltd to execute fund management issues.
China Chengtong has opened a new journey of state-owned capital operation. The group’s goals during the 13th Five Year Plan period are to establish a state-owned capital operation platform of market-oriented operation and professional management that aims at enhancing efficiency of state-owned operation and serving the state’s strategy, and to promote appropriate flow of state-owned capital and optimized employment in a system and model that meet the demand of state-owned capital operation via stock share operation, value management, and transfer.
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