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Logistics and delivery conglomerate China Chengtong Group (CCG) has taken over ownership of China International Enterprises Cooperation Corporation (CIECC) from the State-owned Assets Supervision and Administration Commission (SASAC), the China Securities Journal reported. CIECC, which was established in 1991 to facilitate economic and technical exchange, foreign trade, expos and human resource services, will be run as a wholly owned subsidiary of CCG. The conglomerate, which was established in 1992, has more than 100 subsidiaries worth a combined US$2.92 billion (RMB20 billion) in total assets, including Zhongchu Development Stock Co (600787.SH), Foshan Huaxin Packaging Co (200986.SH) and China Chengtong Development Group (0217.HK). China has stepped up the consolidation of its state-owned enterprises since the beginning of the year at the behest of Li Rongrong, the SASAC director. Last month, the commission merged China Tietong – a telecoms firm – with China Mobile as a w...

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