Corporate restructuring planned

 
 
Nanjing Panda Electronics Co, a Chinese telephone-equipment maker and partner of Ericsson AB, said the government plans to reorganize ownership of its parent.

The State-owned Assets Supervision and Administration Commission and the Jiangsu provincial government agreed to form a company that will own 47.98 percent of Panda Electronics Group Ltd, Nanjing Panda said yesterday in a statement.

China is reorganizing state-owned companies such as Panda Electronics to increase their competitiveness against foreign rivals including Ericsson and Nokia Oyj, Bloomberg News reported, citing Luo Yanjun, an analyst at Jianyin Investment Securities Ltd.

Panda Electronics owns 51.1 percent of Nanjing Panda, based in Nanjing city, capital of eastern China's Jiangsu Province.

Source:Shanghai Daily