Shanghai Textile Group's Reform and Development Plan Formed to Promote Overall Listing

According to reports, the Shanghai State-owned Assets Supervision and Administration Commission Party Committee recently went to the Shanghai Textile Group to conduct research. The group launched a party-building theme activity centering on a new round of state-owned assets reform and development center.

According to news from the Shanghai government website, according to the spirit of the “Outline for the Reform and Development of Shanghai Textile (Group) Co., Ltd.”, the group’s leadership team has drawn up 11 research topics and established five working research teams led by vice presidents and vice presidents of the party committee. In-depth research on the subject has led to the formation of a group reform and development plan.

Through investigations, mobilization, and training, the two-level team members made it clear that they must fight for the six major battles, namely: “Implementation of the group's business internationalization”, “Transformation and upgrading of trade”, “Development of science and technology manufacturing”, “Brand fashion and asset management” , "Overall listing and capital management" and "Human resources guarantee" to ensure the realization of reform and development goals.

Earlier, it was learned from the Textile Group that the group's reform and development plan was in accordance with the spirit of “20 State-owned and State-owned Enterprise Reforms in Shanghai” to promote the overall listing of the Group, increase the proportion of asset securitization, and enhance the vitality and efficiency of the enterprise. As for the two listed companies Shenda (600626.SH) and the leading shares (600630.SH), which will serve as an overall listing platform, relevant sources said that there is no specific consideration. It was previously passed that Shenda intends to introduce strategic investors, but the company denied it and stated that it will not conduct related operations within the next three months.