China forming plane engine conglomerate
China is forming a plane engine conglomerate by teaming up three listed engine makers.
According to the firms' disclosures to the Shanghai and Shenzhen stock exchanges on Thursday, authorities have appointed heads of the new giant.
The appointments include the chair, Party secretary, general manager and deputy Party secretary. The names of the appointees were not disclosed.
The three listed firms are Sichuan Chengfa Aero Science & Technology Co, Avic Aviation Engine Corp and Avic Aero-Engine Controls Co.
The three, already major players in their own right, are now obliged to make coordinated disclosures to shareholders via stock exchanges.
New companies created by central Chinese authorities generally become heavyweights in their industry.
The move will improve China's standing in plane design and manufacturing. Though one of the biggest aviation markets, the country is still heavily reliant on imported engines.
The appointments include the chair, Party secretary, general manager and deputy Party secretary. The names of the appointees were not disclosed.
The three listed firms are Sichuan Chengfa Aero Science & Technology Co, Avic Aviation Engine Corp and Avic Aero-Engine Controls Co.
The three, already major players in their own right, are now obliged to make coordinated disclosures to shareholders via stock exchanges.
New companies created by central Chinese authorities generally become heavyweights in their industry.
The move will improve China's standing in plane design and manufacturing. Though one of the biggest aviation markets, the country is still heavily reliant on imported engines.
