China Everbright Group completes reshuffle

BEIJING - China Everbright Group, a solely state-owned enterprise, announced on Monday that it has completed a corporate restructure by becoming a joint stock company.

The group said that the restructure was approved by the State Council, marking an end to restructuring efforts that spanned more than a decade.

Under the reshuffle plan, the finance ministry will hold a 44.33 percent stake in the new company, with Central Huijin Investment holding 55.67 percent. Meanwhile, the new company will inherit all of the group's assets, liabilities, organizations, and employees.

China Everbright Group managed assets worth almost 3 trillion yuan ($490 million), with business interests in banking, securities, insurance and asset management.

Central Huijin is a state-owned investment company that is authorized to make equity investments in major state-owned financial enterprises and exercise rights and obligations as an investor on behalf of the State.