Northwest Yongxin Sells State-Owned Equity

October 2004
China Chemical Reporter;10/26/2004, Vol. 15 Issue 30, p14
Trade Publication
The article informs that the Northwest Yongxin Group, the parent company of Northwest Yongxin Chemical Industry Co. that raised funds and got listed in Shenzhen Securities Exchange in 1997, has decided to give up its control on its subsidiary. At the beginning of August this year, Yongxin Group decided to sell 80 million shares it held in Northwest Yongxin Chemical Industry Co. and reduced its equity from 58.09% to 15.76%. Buyers include Chengdu Chengdian Zhengyuan (Group) Co., Ltd. (30 million shares) and Guangdong Jianlibao Group Co., Ltd. (50 million shares). The failure in the payment of compensations has led to the difficulty in status replacement and institutional reform and the lack of competitive vigor.


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