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Municipal SASAC meets to discuss the merger between Bright Food and Liangyou Group and associated reorganization

(People's Daily Online)    09:55, June 01, 2015
Municipal SASAC meets to discuss the merger between Bright Food and Liangyou Group and associated reorganization
Municipal SASAC meets to discuss the merger between Bright Food and Liangyou Group and associated reorganization

On the afternoon of May 7, 2015, the State-owned Assets Supervision and Administration Commission of Shanghai (or the Municipal SASAC for short) held a meeting about the planned merger between Bright Food (Group) Co., Ltd. (or Bright Food for short) and Liangyou Group and associated reorganization at Haitang Tower, Shanghai.

At the meeting, Zheng Yuanhu, Deputy Director of the Municipal SASAC, read out the "Announcement about the Merger between Bright Food and Liangyou Group and Associated Reorganization." To comply fully with the relevant requirements of the Municipal Party Committee and the Municipal Government of Shanghai, ensure a smooth merger between and a smooth reorganization of Bright Food and Liangyou Group, and give a big boost to Bright Food's effort to introduce reforms and achieve growth, the meeting laid down the following 3 requirements: 1) That a better understanding be gained of the importance of the success of the merger and reorganization effort. The effort to merge and reorganize the two companies represents a major move by Shanghai in its broad effort to push through fundamental reforms in its state-owned assets and enterprises. And it will be a landmark in the city's effort and is expected to have profound significance. In fact, the effort was made not only as a positive response to changes in market demand but also as a major move by the city to figure out a way to speed up the transformation and upgrading of edible agricultural product producers; it also reflects such producers' actual need to force drastic change in the way they operate and adjust their structures in an effort to become bigger, stronger, and more efficient; it will turn out to be an effective approach to solving problems left over by history in a single carefully-planned, well-coordinated move, to promoting enterprises' complementing each other with respect to resources, and to achieving healthy growth. 2) That greater confidence be placed in the merger and reorganization effort. It is imperative that everyone be full of confidence about the solid foundation that the company formed as a result of the merger will inherit from the two companies, about the excellent future prospects it has, and about the environment it enjoys as it seeks to introduce reforms and achieve growth. 3) That a forward-looking attitude be adopted by all. Treating the effort as a starting point for a renewed effort to encourage growth, Bright Food should focus on achieving excellent synergy and improving its core competitiveness and comprehensive strength. The meeting expressed the hope that, focusing on improving its quality and profitability, Bright Food will spare no effort to stabilize its growth by sticking to reform- and innovation-driven transformation as the two driving forces behind its development and by seizing the slew of opportunities opened up by the merger and reorganization effort; and that, by making the best use of the favorable situation presented by the effort, it will improve its efficiency and capability through innovation, revitalize itself by deepening its reforms, tighten its control to reduce risks, and by building up a highly capable team that attracts talents, accumulate strength to prepare for another leap on its path to success.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Yao Chun,Bianji)

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