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600444 - Sinomach General Machinery Science & Technology Co News Story

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UPDATE 1-China's Sinomach to merge with China Hi-Tech Group - state asset regulator

(Adds context, details on share price moves) 
    SHANGHAI, June 29 (Reuters) - The China National Machinery 
Industry Corp (Sinomach) will merge with The China High-Tech 
Group, the country's state asset regulator said on Thursday, 
part of China's ongoing efforts to slim down its bloated state 
sector. 
    China's cabinet had already approved the merger plan, which 
will make China High-Tech a subsidiary of Sinomach, the State 
Asset Supervision and Administration Commission (SASAC) said in 
a notice. Sinomach makes construction and agriculture equipment, 
while China High-Tech is a textile machinery manufacturer.  
    The merger comes as Beijing looks to streamline the number 
of state-owned enterprises (SOEs) and to create globally 
competitive conglomerates in sectors including power generation, 
railways, shipping and chemicals. 
    The latest move reduces the number of enterprises under the 
direct administration of the central government to 101, down 
from 117 since 2012. The number of SOEs could eventually fall to 
about 40, state media has reported. 
    Sinomac's listed subsidiaries rose on the news of the 
merger, with Sinomach Automobile Co Ltd  600335.SS  up over 5 
percent and Luoyang Bearing Science & Technology Co Ltd 
 002046.SZ  up over 4 percent. 
    China Camc Engineering Co Ltd  002051.SZ , First Tractor Co 
Ltd  601038.SS , Sinomach General Machinery Science & Technology 
Co Ltd  600444.SS , Linhai Co Ltd  600099.SS  and Lanpec 
Technologies Ltd  601798.SS  were all up around 2 percent. 
     
 
 (Reporting by David Stanway and Adam Jourdan; Editing by 
Richard Pullin & Shri Navaratnam) 
 ((david.stanway@thomsonreuters.com; +86 21 6104 1799; Reuters 
Messaging: david.stanway.thomsonreuters.com@reuters.net)) 
 
Keywords: CHINA SOE/M&A
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