Sinomach merges with state textile giant China Hi Tech Group Corp

China National Machinery Industry Corporation (Sinomach) merges with textile giant China Hi-Tech Group Corporation, The merger between the two groups was approved by China’s state council.

The textile conglomerate has become a wholly-owned subsidiary of Sinomach, an equipment manufacturing group, and will no longer be directly supervised by the State-owned Assets Supervision and Administration Commission (SASAC).

The SASAC has planned to reduce the number of central SOEs to under 100 as part of the ongoing reforms to improve efficiency of the companies.

Li Jin, chief researcher with the China Enterprise Research Institute said that the merger was in line with the country’s aim to raise the competitiveness of SOEs, bringing technology and research capabilities to companies such as China Hi-Tech Group, which is in an industry with shrinking revenues

In afternoon trading, the shares of subsidiaries under the two companies soared as investors stay bullish on the synergy that the merger will bring.
Jingwei Textile Machinery Company, a subsidiary of China Hi-Tech Group, for example, jumped more than 5 percent on the news of the merger.

Recent Posts

Swisstulle advances dyeing efficiency with JigMaster

Swisstulle adopted JigMaster for its dyeing and finishing operations, especially for high-quality technical textiles used in fashion and automotive industries.

3 days ago

Birla Cellulose and Circ partner to scale textile recycling

Birla Cellulose, a leader under the Aditya Birla Group, has announced a long-term partnership with Circ, a U.S.-based textile recycling…

3 days ago

CARBIOS unveils enzymatically recycled polyester t-shirt

CARBIOS has collaborated with leading brands Patagonia, PUMA, Salomon etc. to create a groundbreaking polyester garment made entirely from textile…

3 days ago

Yangi launches sustainable fiber-based food tray

Yangi, renowned for its renewable packaging solutions, has launched a fiber-based food tray as a sustainable alternative to plastic trays…

3 days ago

Tarpaulife Project develops alternative to PVC-coated fabrics

The European Tarpaulife Project is working on polyolefin-coated fabrics, such as polyethylene, that can be manufactured to compete with PVC-coated…

3 days ago

Better Cotton to standardise measurements for cotton production

Better Cotton has joined the global non-profit alliance, Cascale, in a three-year project aimed at standardising LCA methods across the…

3 days ago