State-owned group to make electrical equipment founded in Shanghai

A new State-owned group specializing in electrical equipment manufacturing was officially established in Shanghai on Thursday, according to The Paper, a Shanghai-based media company.

The new group was formed by a number of subsidiaries owned by the Xi'an-based China XD Group Corp and the Beijing-headquartered State Grid Corp of China - two centrally-administered State-owned enterprises.

Bai Zhongquan, China XD Group Corp's chairman, has been appointed as the new group's chairman.

The State-owned Assets Supervision and Administration Commission of the State Council owns about 66.67 percent of the new group's shareholdings, with the rest owned by Beijing-based China Chengtong Holdings Group Ltd and China Reform Holdings Corp Ltd, two State-owned asset-operating companies.

The subsidiaries of China XD Group Corp and State Grid Corp of China involved in this reorganization move include Shandong Electrical Engineering & Equipment Group Co Ltd, Henan-province based Pinggao Group Co Ltd and a number of manufacturers across China.