State-owned enterprises are anxious to list all their core assets. But is whole listing a desirable endeavor for companies with varied corporate structure and fiscal performances?Policy and corporate interests are the two engines driving the wave of whole listings among state-owned enterprises. After China State Shipbuilding Corp (CSSC) acquired stakes from Hudong Heavy Machinery Co Ltd (HHM) as its biggest stakeholder on January 29th, Dongfeng Electric Machinery took a page from its book and is served as a whole listing platform for Dongfeng Electric Corporation shortly thereafter.Another state-owned enterprise, China Aerospace Science and Industry Corporation (CASIC) is also trying to promote stock reform by consolidating its assets. As the government levied regulatory restraints on the core military industry, CASIC's restructuring process has been relatively slow. A senior executive with CASIC said that, although the corporation does not have plans for a whole listing yet, it will select some listed companies or subsidiaries as platforms, and inject core assets into these companies with the intention of focusing on specialized areas. Irrelevant assets would not be assimilated with the respective listed companies.Sinosteel Corporation, one of China's largest steel traders, stated last November that it has no plans to list, but would promote the assets of its five major industries--equipment machinery, mining, carbon products, fireproofing materials and ferroalloy--to gradually enter the capital market in the next three to five years. The corporation currently owns two listed companies, Sinosteel Jilin Carbon Co Ltd,
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