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Yankuang Entered into an Agreement on Shandong Yankuang International Coking Company’s Equity Restructuring with Yongfeng

2018-06-20 16:20:00

On June 19, the signing ceremony between Yankuang Group and Yongfeng Group for Equity Restructure of Shandong Yankuang International Coking Company’s was held in Jinan. This marked a milestone for Yankuang to promote SOE mixed ownership reform and  transformational development and upgrading of its chemical business.

Mr. Li Xiyong, Secretary of the Party Committee and Chairman of the Group, said in his speech that the signing of the agreement was a successful exploration of building a common body to share interest and bear risks between the capital owner and the laborer, which would be conducive to amplifying the function of state-owned capital and encouraging different ownerships of capital to equally use of factors of production and fairly participate in market competition in accordance with law. This will surely set a good example for the SOEs of Shandong Province in implementing mixed ownership reforms and accelerating the replacement of old growth drives with new ones, and also provide successful experience for accelerating the reform and updating of coking and steel industries in Shandong.

Mr. Li Xiyong also hoped that the two parties would make best use of the scale advantages, technological advantages, and management advantages of state-owned capital, give full play to the vitality and creativity of non-state-owned capital, strengthen policy communication, capital financing, and smooth channels, and build a model of win-win development.

Mr. Shao Zewu, deputy director of the Shandong Provincial State-owned Assets Supervision and Administration Commission (Shandong SASAC) and member of the Party Committee, congratulated the cooperation partners on behalf of the Shandong SASAC. He said that Yankuang, as one of the first batch of provincial key enterprises restructured into state-owned capital investment companies, has actively promoted and led the reforms and innovations in the optimization and adjustment of the state-owned capital structure, cultivation of core advantages in technological innovation, mixed ownership reform, and other reforms. Yongfeng Group was one of the well-known top 100 private enterprises in Shandong. It was the largest steel production base for construction in our province and had mature experience in mixed ownership reform. This cooperation is of positive significance in stimulating the vitality of state-owned capital, enhancing the efficiency of enterprises, and promoting the integration of advanced production capacity for coking coal and steel, and would have a far-reaching influence on the transformation and upgrading of the chemical industry in Shandong.

Yongfeng Group was founded in August 2002 and had developed into a diversified industrial group with a total asset of RMB50 billion, an annual output value of over RMB40 billion, and an annual profit of over RMB7 billion. It mainly engages in industry, real estate, finance, people's livelihood, resources, trade, logistics and other fields.