Two Listed Chinese SOEs Will Reportedly Merge Into China Everbright Group for Free(Yicai Global) Dec. 7 -- Two listed state-owned enterprises, travel agency China CYTS Tours Holding Co. [SHA:600138] and pharmaceutical retailer Cachet Pharmaceutical Co. [SHE:002462] will become units of a central government-run bank, Sina Finance reported yesterday.
Authorities have allegedly already approved the deal, which will see China Everbright Group take over the two listed companies for free.
The public firms both issued statements on Nov. 21 to prepare investors for a major event, which could link to the latest speculation. However, the companies didn't disclose specific details of what was to come.
CYTS hasn't issued an internal announcement on the matter, according to a report that the 21st Century Business Herald published last night, which quoted an executive at the firm.
China Everbright Group is a state-owned conglomerate focused primarily on banking, securities, insurance and investment management. It owns six subsidiaries listed in the mainland and Hong Kong, and ranked 313th on the 2016 Fortune Global 500.
