A new central government-owned China Power Equipment Group will be officially established in the next few days, consolidating several existing power equipment companies, a person participating in the reorganization told Caixin.
China Xidian Group, Xuji Group, Pinggao Group and Shaanxi Baoguang Vacuum Electronic Apparatus Co announced on Tuesday that the State Council approved their combination to establish a new power equipment company.
A management team of China Power Equipment Group made up of executives from the publicly traded companies as well as two outside directors named by the State-owned Assets Supervision and Administration Commission will also been announced soon, the person said.