Jiangsu Sainty (company)

Jiangsu Sainty Corporation Limited is a Chinese listed company based in Nanjing, Jiangsu Province. The company exported clothes to overseas.[4]

Jiangsu Sainty was majority owned by Jiangsu Sainty International Group. However, it was merged with fellow state-owned Jiangsu Guoxin Investment Group in 2010, becoming an intermediate holding company.

History

Jiangsu Sainty Corporation Limited was incorporated in 1993 as a "company limited by shares" (similar to public limited company), by transforming a state-owned enterprise namely 江苏省服装进出口（集团）公司 ( literally Jiangsu Province Garments Import & Export (Group) Corporation).[1] At that time employee owned a minority stake of the new legal person.[1] In December 1996, a new intermediate holding company, Jiangsu Sainty International Group was formed.[1] In the next year Jiangsu Garments Import & Export Co., Ltd. was renamed to [Jiangsu] '''Sainty International Group Jiangsu Garments Imp. & Exp. Co., Ltd.''' .[1] It became a listed company in 2000. Before the initial public offering, Jiangsu Provincial Government, via Sainty International Group, owned 81.81% shares and was proposed to diluted to 60.38%.[1]

In 2010, the parent company Sainty International Group was merged with fellow state-owned holding company Jiangsu Guoxin Investment Group.

Jiangsu Sainty also acquired a significant stake of a financial leasing company 南京国际租赁 (now 江苏省国际租赁) from parent company Jiangsu Guoxin Group in 2013 (announced in 2012[5]). However, in 2015 the stake was sold to a subsidiary of fellow state-owned enterprise Jiangsu Broadcasting Corporation.[6]

Controversies

In 2013 Securities Daily criticized Jiangsu Sainty had a large sum of prepayment to a former related parties. Jiangsu Sainty clarified that the prepayment to the business partner was part of a normal operation, despite that company was owned by a former employee of Jiangsu Sainty.[7]

External links