China Poly merger to drive overseas expansion

State-owned China Poly Group Corp said its merger with Sinolight Corp and China National Arts and Crafts Group last year has given the company more momentum to expand its business abroad.

The merger enables Poly to further diversify its investment landscape and extend the scope of business abroad as Sinolight and CNACGC, which are no longer directly supervised by the State asset regulator since the merger, have overlapping business interests with Poly, said Xu Niansha, chairman of the Poly Group.

The State-owned Assets Supervision and Administration Commission announced that Sinolight and CNACGC would be merged into China Poly Group Corp and become the latter's wholly owned subsidiaries last August, bringing the number of central SOEs down to 99, from 196 in 2003.