According to Shandong Provincial State-owned Assets Supervision and Administration Commission, two pairs of Shandong provincial enterprises -- Shandong Energy Group Co., Ltd. and Yankuang Group, Shandong Hi-speed Group and Qilu Transportation Development Group Co. Ltd. will be reorganized.
In accordance with the requirements of Shandong Provincial Party Committee and Shandong Provincial People’s Government, the province is vigorously pushing forward the reform of state-owned assets and enterprises, promoting state-owned capital to concentrate on key industries, superior enterprises, and core business, and striving to reduce the number of provincial state-owned enterprises by more than 30% while improving the efficiency of assets by more than 30% in three years.
The four enterprises are key backbone enterprises of Shandong province. Shandong Energy Group Co. Ltd. and Yankuang Group, Shandong Hi-speed Group and Qilu Transportation Development Group Co. Ltd. have similar main business. The integration of similar industries is conducive to optimizing resource allocation, promoting industrial transformation and upgrading, and jointly creating first-class enterprises with global competitiveness. After the reorganization, the new Shandong Energy Group and new Shandong Hi-speed Group will be formed.
The new Shandong Energy Group, positioned as a state-owned capital investment company of the energy industry in Shandong, will step up efforts to develop the three major emerging industries of high-end equipment manufacturing, new energy and materials, and modern logistics trade while consolidating and developing the three traditional industries of coal, coal power, and coal chemical, and actively foster a supplier of clean energy and a world-class energy enterprise.
Defined as a state-owned capital investment company in the field of transport infrastructure of Shandong province, the new Shandong Hi-speed Group will develop the core business of transport infrastructure, and build a service provider and a leading enterprise with prominent main business and strong core competitiveness in transport infrastructure investment and construction.
According to the 2019 financial data, after the reorganization, the total assets of Shandong Energy Group and Shandong Hi-speed Group will reach 637.9 billion yuan and 945.2 billion yuan respectively, and the operation revenue 637.1 billion yuan and 123.7 billion yuan respectively.