Most Mixed-Ownership Reform Fails to Bring Meaningful Change, Expert Says
Most projects under the government’s program to attract private investment into the lumbering state sector are failing to bring meaningful changes to how the inefficient companies work, the boss of a state-private investment fund set up to salvage underperforming assets said.
Siyuanhe Equity Investment Management Co. Ltd, also known as Four Rivers Investment Management Co., was set up in April 2017 with 40 billion yuan ($5.9 billion) to 80 billion yuan to invest in underperforming assets. It has overhauled money-losing Chongqing Iron & Steel Co. Ltd., turning it from a company on the brink of bankruptcy into a streamlined operation that took in a net profit of 1.48 billion yuan in the first three quarters of last year, highlighting a path for other mixed-reform efforts.
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