China Silk Corp to join Poly Group in latest restructuring

The number of China's centrally administered State-owned enterprises has been reduced to 96 after the central government approved a restructuring plan involving Beijing-headquartered China Poly Group Corp and China Silk Corp, the country's top SOE regulator announced on Monday.

After the restructuring, China Silk Corp, an SOE previously managed by the State-owned Assets Supervision and Administration Commission of the State Council, will become part of China Poly Group Corp, SASAC said in an online statement.

The is the second move regarding the merger of central SOEs this year, after China State Shipbuilding Corp and China Shipbuilding Industry Corp, the country's two biggest State-owned shipbuilders by production capacity, announced that they were planning a strategic restructuring last week.