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    china chengtong holdings group ltd. (hereinafter referred to as “china chengtong”), a central state-owned enterprise supervised by the state-owned assets supervision and administration commission of the state council (sasac), is among the first batch of pilot enterprises for establishing standard board of directors, the first pilot of state-owned assets management company, and the pilot unit of a state-owned capital operation company of a central enterprise. since it was identified as a pilot state-owned capital operation company in february 2016, the group’s net assets have increased by 5.9 times and its net profits by 9.1 times. in addition, china chengtong was rated as a-level in both party building assessment and business performance assessment of central soes by sasac.

    founded in 1992, china chengtong merged the material and circulation enterprises directly under the former department of materials, and undertook the responsibility of planned purchase, allocation, storage and delivery of significant means of production and played the role of a major channel and “reservoir” for national economy. in 2005, china chengtong was identified by sasac as a pilot of state-owned asset operation company to explore the market-oriented, professional operation and disposal of non-primary businesses and non-performing assets of central enterprises. by 2016, the group reorganized and integrated 6 first-level central soes, 14 second-level central soes and 182 affiliated enterprises, involving more than 800 legal entities, assets and debts of nearly 100 billion yuan, and 88,000 resettled employees.

    as a central state-owned capital operation company, china chengtong focuses on the new mission of “promoting the reform of authorized operation mechanism for state-owned capital and improving the efficiency of state-owned capital allocation and operation”; adheres to the main direction of “serving the national strategies and central soes” supported by its “state capital operation platform featuring market-oriented operation and professional management”, and builds a new business pattern for state-owned capital operation companies that features “4 1” (fund investment, equity management, asset management, financial services cultivation and incubation of strategic emerging industries).

    in the “4 1” business pattern, the fund investment of china chengtong exceeds 660 billion yuan, dominated by two national-level funds, namely, the china structural reform fund and the china state-owned enterprise mixed-ownership reform fund, including specialist funds such as debt-to-equity swap, aiming to promote the layout and structural optimization of state-owned capital. china chengtong operates over 70 billion yuan equity of listed companies, and plays an active role as a major shareholder of five first-level central soes. china chengtong builds an “upgraded version of asset management”, and established china logistics group by reorganizing china railway materials group corporation under china chengtong’s trusteeship. meanwhile, china chengtong led the disposal of central soes’ offshore equipment assets and overseas oil & gas assets, dealt with non-principal or non-dominant assets of central soes, and received operational assets of training and convalescent institutions from the party and government agencies to be transformed into health and elderly care services. by leveraging the functions of finance, leasing, factoring, securities and publicly offered funds, china chengtong has improved financial service capabilities, and developed financial services with china chengtong characteristics. based on its resource endowment, china chengtong will vigorously foster and incubate strategic emerging industries, and promote the high-quality development of china paper, tianjin lishen battery joint-stock co., ltd. and other invested enterprises to establish themselves as “industry chain chiefs” and “banners”.

    during the 14th five-year plan period, china chengtong will, under the guidance of xi jinping thought on socialism with chinese characteristics for a new era, strive to write a new chapter of high-quality development of state-owned capital operation by sparing no effort in fulfilling its “351 strategic goals” (new achievements in pilot operation, new breakthroughs in reform and innovation and new elevation in the quality of development; strengthening party’s leadership, operation, capital strength, risk control ability and corporate culture; securing and maintaining the grade a mark in central soes’ annual business performance assessment) and “153 operational targets” (registering total consolidated assets of 1 trillion yuan, net assets of 500 billion yuan and net profit of 30 billion yuan by the end of 2025), and by leveraging the “reform toolkit” for central soes to implement the new concept for development, serve the establishment of a new development pattern and achieve high-quality development, to contribute to building china chengtong into a top state-owned capital operation company with international competitiveness.