Major SOEs lay foundations of merger

Two State-owned building materials firms - China National Building Materials Group Corporation and China National Materials Group Corporation Ltd - started merger preparations in the latest move of SOE consolidation and shedding of cement industry overcapacity.

The State-owned Assets Supervision and Administration Commission gave the green light to their merger on Monday.

The share price of fiberglass manufacturer China Jushi Co Ltd rose 0.62 percent on Tuesday, with the largest increase of 4.79 percent in the morning, driven by the merger news of its parent company China National Building Materials Group Corporation with Sinoma.