This is a debt-equity swap company jointly established by CITIC Heavy Machinery Corporation, China Huarong Asset Management Corporation, Xinda Asset Management Corporation and Orient Asset Management Corporation. It is also the first debt-to-equity conversion company established in the national machinery industry. As a symbol of this, CITIC Heavy Machinery Corporation's long-standing state-owned asset rights model has been broken down and restructured, achieving a diversified shareholding structure and making substantial steps toward the modern enterprise system.
Debt-to-equity swaps are a major measure taken by the Party Central Committee and the State Council to reduce the burden on enterprises and reduce the proportion of non-performing assets and to promote the three-year reform of state-owned enterprises. In order to successfully complete the task of debt-to-equity swaps, the state has established four major financial asset management companies to conduct specific operations. Luoyang is a relatively concentrated city with large and medium-sized state-owned enterprises. There are only seven companies led by China Huarong Asset Management Corporation to implement debt-to-equity swaps. CITIC Heavy Industries Machinery Co., Ltd. is the first debt-equity-to-equity company established.
CITIC Heavy Machinery Co., Ltd. is an enterprise group company with Luoyang Mining Machinery Factory as the core after Luoyang Mining Machinery Factory entered China International Trust and Investment Corporation in December 1993. It is one of 156 key projects during the national â€œ1st Five-yearâ€ period. After several generations of unremitting efforts for more than forty years, especially since the reform and opening up since the reform and opening up of the domestic and foreign markets tempered and forged, CITIC Heavy Machinery has now developed into one of the country's eight heavy machinery manufacturers, Central South heat treatment and casting and forging center, Machinery industry low-speed heavy-duty gears processing base, national key mechanical and electrical products export base enterprises, and one of the 50 batches of internationally-operated pilot companies determined by the Ministry of Foreign Trade and Economic Cooperation.
Recently, with the slow fall of the red silk cloth, CITIC Heavy Machinery Co., Ltd. was formally listed and announced.