Shanghai has stepped up the process to launch IPOs of 14 government-owned companies after the city reported lackluster economic growth in the first half, reported the South China Morning Post.
Bai Tinghui, head of Shanghai State-owned Assets Supervision and Administration Commission, said that a drastic reform to modify the share structure and management style of these companies was under way as the city embarks on an ambitious plan to building a word-class free-trade port at Lingang.
“We are making plans for each of the 14 companies,” he said. “We need to accelerate the pace [for stock market listing] and strengthen efforts to enforce mixed-ownership.”
Shanghai’s economic output expanded 5.9% between January and June, 0.4% lower than the national figure of 6.3%. The city’s economy grew 6.9% in the first six months of last year.