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Unit of China's largest gold producer unveils mixed-ownership reforms: Xinhua
August 24, 2017 / 10:04 AM / 3 months ago

Unit of China's largest gold producer unveils mixed-ownership reforms: Xinhua

SHANGHAI (Reuters) - A unit of China’s largest gold producer is the latest state-owned enterprise to announce mixed-ownership reforms to raise $338 million from investors including Chinese e-commerce platform JD.com, the official Xinhua news agency said.

Staff wait for customers inside an empty gold and jewellery store in Shenzhen’s Shuibei district, one of China’s biggest jewellery retail and production hubs, in the southern Chinese city of Shenzhen December 17, 2015. REUTERS/James Pomfret

China National Gold Group Gold Jewellery Co, which supplies precious metal items to shops, unveiled the plan on Thursday to raise 2.25 billion yuan ($337.86 million) by offloading a 41 percent stake to investors, Xinhua said, citing the company.

Seven firms including JD, Citic Securities and Industrial Bank will take a 24.52 percent stake, while management, staff and other investors will also be allowed shares in the firm, whose parent is the China National Gold Group Corp [CNGGC.UL].

China has pledged to allow private capital to invest in government-run enterprises as part of a “mixed ownership” reform programme aimed at rejuvenating the country’s bloated and inefficient state sector.

Telecoms group China Unicom last week announced a $11.7 billion ownership reform plan which was later mired in confusion about fundraising details.

Reporting by Brenda Goh; Additional Reporting by Cate Cadell in BEIJING; Editing by Christian Schmollinger

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