Bailian Group, one of the country's largest conglomerates, condensed seven of its listed companies into five, Caijing Magazine reported on November 6.
The Shanghai No.1 Department Store, Hualian Commercial Building, Hualian Supermarket, Friendship Co. Ltd, Lianhua Supermarket, Material Trading Center and Shanghai No.1 Pharmacy Co., Ltd were merged into Shanghai Bailian Group Co. Ltd., Shanghai Material Trading Co. Ltd, Friendship Co. Ltd, Lianhua Supermarket, and Shanghai No.1 Pharmacy Co., Ltd during the restructuring starting more than four years ago. The Shanghai-based conglomerate denied it would conduct an overall listing after the restructure.
Caijing Magazine did not reveal the purpose of the restructure but said the group is planning to expand its market in undeveloped cities apart from the metropolises including Beijing and Shanghai as well as start its own real estate business.
Bailian netted a profit of about 900 million yuan (US$121 million) from its 60 billion yuan in major business revenue last year, registering a ratio of sales (ROS) less than 1.5 percent.
For more details, please read the full story in Chinese. (http://www.caijing.com.cn/home/headline/2007-11-06/36676.shtml)
(China.org.cn November 6, 2007)