Nanjing CEC Panda Information Industry Co., Ltd. Established
In this restructure, CEC invests 700 million RMB as the majority shareholder. Cashes contributed from 3 enterprises under CEC, including Nanjing Yangtze River Electronics Information Industry Group Co., Ltd., Nanjing SANLE Electronics Information Industry Group Co., Ltd. and Nanjing CEC Information Industrial Development Co., Ltd., representing 70% of the share capital; Jiangsu Guoxin Assets Management Group Company Limited and State-owned Assets Supervision and Administration Commission of Nanjing Municipal Government invest with the pricing by the shareholding of Nanjing Panda Electronics Group Co., Ltd., Nanjing Huadong Electronics Group Co., Ltd., Nanjing Jinning Electronics Group Co., Ltd., and CREATOR Electronics Equipment Company of Limited Liability, representing respectively 15% of the share capital. Thus, seven electronics enterprises mentioned-above, which includes Nanjing Panda electronics, are normal merged into Nanjing CEC Panda Information Industry Co., Ltd., brought into the flag of CEC, re-entered into the large family of the central enterprises. Chairman Xiong Qunli said “The reorganization of seven State-owned electronics enterprises in Nanjing is the need of reforming and development of the central enterprises and doing big and strong, the need of CEC’s industrial structure and distribution adjustment, also the strategic need of self-development of electronics enterprises in Nanjing. The restructure will be completed gradually by taking the international and domestic markets as the background in the range of resources of the whole group of CEC. It has not only vital significance for CEC to enlarge the industrial scale, improve the industrial distribution and promote the industrial development, but also has the actively meaning for promoting the adjustment of the electronics information industrial structure in the Nanjing area and driving the development of the local economy”. According to the Xiong Qunli, Chine electronics is a State-owned large-sized backbone enterprise directly managed by the central government, also the largest State-owned IT enterprise. Its main business covers the multi-field of integrated circuits & components, computer & key parts, software & integration system, communication & 3C terminal, special-purposed electronics information equipment as well as commerce logistics. CEC’s revenue reached RMB 61 billion and net profit exceeded RMB 1.8 billion in 2006. CEC Nanjing Panda Company will establish normative legal person administration structure according to the requirements of modern enterprise system, revitalize the stock assets by internal integration and reorganization of the enterprise, enlarge the fund investment,establish a new business mechanism. It’s planed to solve basically the historic problems of enterprise-reorganized in three years, finish basically the adjustment of the existing enterprise structure and product structure, establish gradually a new scientific & technical innovation system, new business mechanism, new personnel’s mechanism and new income distribution system. According to the primary plan of Nanjing CEC Panda Company, A total of RMB 5 billion will be invested to focus on doing big and strong the leading industries such as new and high electronics, display device, household appliances, system integration and electronics engineering in the next three years. CEC Nanjing Panda Company will strive to quadruple sale revenue and net profit compared to the before reorganization by 2009. Finally sale revenue will reach RMB 20 billion to 30 billion and net profit to increase by between RMB 500 million to 1 billion. It will be a key industrial base of CEC and a new pivot of the development of group, general manager of CEC and chairman of Nanjing CEC Panda Information Industry co., Ltd., Cheng Zhaoxiong, said. It’s said that CEC’s capability in massive production and manufacturing of electronics information industry, scientific & technical innovation and technical R & D, system equipment as well as system engineering would be further strengthened after having reorganized the enterprises in the Nanjing area; at the same time, the reorganization also made the CEC’s assets scale to be enlarged again, with the addition of two listed companies of Nanjing Panda and Huadong Science and Technology, The figure of the listed companies controlled by CEC is up to 13.