On April 12^th, SDIC and Shandong Special Equipment Inspection and Testing Group (SDSEI) held a ceremony for SDIC’s recapitalization of 750 million RMB yuan which made SDIC control 51% of SDSEI’s share.

Before the ceremony, SDIC Chairman Bai Tao called on Liu Jiayi, the Party Secretary of Shandong Provincial CPC Committee. The two sides exchanged views on how to serve the high quality development of Shandong Province. Liu Qiang, Secretary-General of Shandon CPC Party Committee, Vice Governor Ling Wen, SDIC Vice President Yang Xiaohui attended the meeting.

Liu Jiayi said that in recent years, Shandong had been committed to the transformation of driving forces and the promotion of high-quality development which led to pleasing achievements in economic restructuring, development quality and commercial environment. He hoped that SDIC could take an active part in Shandong’s development

Bai Tao said that as a big province in economic volume, Shandong was an important province of SIDC’s investment. We thought highly of Shandong’s future development. We would strengthened our cooperation with Shandong, promote more projected to be initiated and make profits with a view to making more contribution to Shandong’s high-quality development.

After the meeting, the two sides held the signing ceremony of SDIC’s recapitalization of SDSEI.

Bai Tao pointed out that based on its own advantage and reform experience, SDIC would continuously strengthen the innovative capability, value-making capability, capability for sustainable development and serving the national strategies to make SDSEI a world-leading testing and inspection organ.

Ling Wen said that it was a big event of SDIC being a majority share-holder of SDSEI which would bring beneficial example for SOE reforms in Shandong. He hoped that SDIC would give full play to its comprehensive advantage in helping SDSEI to fine-tune its governance and mechanism as well as innovation & reform with a view to enhancing SDSEI’s influence and competitiveness and make more contribution to people’s safety and Shandong’s economic development.

In the ceremony, Yang Xiaohui and Shao Zewu signed recapitalization agreement on behalf of the two sides.

The success of the SDIC’s recapitalization of SDSEI was an important achievement in the reform of mixed ownership of SOEs. It also marked a new step towards marketization of testing and inspection groups through industrial and financial means.