State to give up controlling stake in SOEs

Under new guidelines drawn up by the State Economic and Trading Commission, private and foreign investors are to be allowed to take controlling shares in state-owned enterprises when they launch initial public offerings, Hong Kong Standard said. However, the state will retain control of companies in military and other important public service industries. It will also keep control of a small number of backbone state-owned enterprises in petrochemicals, motor vehicles, machinery, information and high technology.