Swan Group Is Reorganized Or Held By Heng Tian Group.

China Hengtian Group Co will replace China Hi tech group to promote the restructuring of Swan Group.

Baoding Swan announced last night that it was informed by the controlling shareholder of Baoding Swan Chemical Fiber Group Co., Ltd. (hereinafter referred to as Swan Group), the Baoding SASAC sent a letter to Swan Group in March 4th, saying that it had received a letter from the high and new group in March 3rd. The state owned assets supervision and Administration Commission of the State Council has accelerated the pace of restructuring and restructuring of the central enterprises. The development direction of the main business of the new high-tech group will be adjusted and no longer involved in the textile industry.

Therefore, the restructuring of Swan Group can not be pushed forward.

The announcement also revealed that in the implementation plan of the 2009 Baoding municipal government work report, the Swan Group has implemented the strategic reorganization as the main point of work.

Baoding SASAC has been in touch with China Hengtian Group Co for the first time. As one of the central enterprises, its main textile field is similar to the Swan Group's industrial structure. Its continued restructuring of Swan Group will be conducive to healthy and sustainable development of Swan Group.

The Swan Group was formerly a Baoding chemical fiber joint factory. In 1998, it absorbed the Shijiazhuang chemical and chemical fiber company and reorganized the Baoding Swan Chemical Fiber Group Co., Ltd. as one of the 520 key enterprises in the country.

As early as in February 2008, the Baoding swan's actual controller, the Baoding SASAC signed a letter of intent on cooperation with the high tech group on Swan Group's reorganization. The two sides agreed to build a high-tech industrial park in Baoding by reorganizing Swan Group.

However, the high tech group was commissioned by State Development Investment Corp in September 2008.

The China Hi-Tech Group Corporation, replacing the high tech group, is a wholly state-owned large enterprise group supervised by the state owned assets supervision and Administration Commission under the State Council. It takes textile machinery, textiles, clothing and trade as its main business, and applies real estate and securities as strategic businesses to implement an appropriate diversification strategy.

At present, the company has two subsidiaries directly under 10, three or more wholly owned and holding enterprises 88, including Jingwei spinning machine and ST Kaiming B.

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