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COMPANY NEWS

SPIC Transformed into Wholly State-owned Company

According to the requirement of the CPC Central Committee and the State Council on corporate system reform work of centrally-administered SOEs, State Power Investment Corporation has completed the registration changes and the reform of corporate system on schedule recently, as approved by the SASAC. Following the reform, the company has become a wholly state-owned company, with its name changed into "State Power Investment Corporation Limited" (SPIC), which indicates that the company's work of deepening reform has entered a new stage, laying a solid foundation for improving its corporate governance structure and enhancing market-oriented mechanism.

 

Following the company name change, the original businesses, assets, qualifications, claims and debts will be assumed by the new SPIC after reform.

 

The corporate system reform of SOEs is an important content of deepening SOE reform as well as a major policy arrangement by the CPC Central Committee and the State Council. The Party Group of SPIC paid special attention to the task, established a reform work coordination and leading team to organize and promote the corporate system reform work in a unified manner, and completed the reform task on schedule successfully.

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