More than half of China's state-owned enterprises have transitioned to shareholder structures, according to Li Yizhong, secretary of the Committee of the Communist Party of China for the state-owned Assets Supervision and Administration Commission (SASAC). Of the 2,903 state enterprises holding 66.9 per cent of the SOEs' net assets, 1,464 have made the switch. More than 1,000 state firms are now listed overseas and have generated a market cap of US$120.9bn, Li said.