Kailuan (Group) Co. Ltd. held its opening ceremony on December 8. This marks the initial establishment of a modern enterprise system in the Kailuan Mining Administration, the oldest coal enterprise of China. Founded in 1878, Kailuan Coal Mine has a history of more than 120 years. At present, the mine has a total State-owned asset value of nearly 10 billion yuan with a 50 percent asset-liabilities rate. After the reform, Kailuan will establish a corporate management system, under which it will transform its affiliated factories and mines into branch companies or subsidiaries in line with a modern enterprise system.