Companies

China's CNSC merges with Sinopharm

(Xinhua)
Updated: 2010-10-19 10:28

BEIJING -?The China National Service Corporation for Chinese Personnel Working Abroad (CNSC), a centrally-administered State-owned enterprise (SOE), has merged with the China National Pharmaceutical Group Corporation (Sinopharm), the country's State-assets authority said Monday.

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The merger comes after the approval by the State Council, China's Cabinet, and it would make CNSC a wholly-owned subsidiary of Sinopharm, said a statement on the website of the State-Assets Supervision and Administration Commission (SASAC), without providing more details concerning the management changes.

With this merger, the number of the centrally-administered SOEs under the SASAC is reduced to 122.

Sinopharm is the largest pharmaceutical and healthcare group under the SASAC, while the CNSC, established in 1983, was a State-owned comprehensive enterprise of international trade and economic cooperation.