Sinopec Oilfield Service Corp, a Shanghai-listed unit of state-owned Sinopec, the top Asian crude refiner, is now the forerunner with an estimated loss of 16 billion yuan (US$2.3 billion).
China`s state owned enterprise (SOE) reform is facing fresh questioning as a state controlled company is almost certain to post the greatest financial loss among the country`s nearly 2,800 A-share listed firms in 2016.
More from the South China Morning Post:Could SOE reform in China usher in the next economic revolution?
The preliminary result, released in its exchange filing on January 20, is very close to the record high 16.3 billion yuan loss registered by Chalco, the listed unit of China`s second largest aluminium producer Chinalco, in 2014.
China has launched a series of reforms since 2014, including experiments with mixed ownership, state asset investment holding groups, salary controls and merging SOEs in similar industries.
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