The plan for restructuring Shanghai-based State-owned financial enterprises was unveiled Thursday by the Shanghai government.

Measures include the municipal government supporting key financial enterprises to form capital supplementary mechanisms through IPO listings and assets replacements, expand market share, and improve efficiency through mergers with other financial companies.

A source close to the matter says reforms were recently implemented on financial industry restructuring, transformation of functions, and other relevant measures. The total amount of capital from State-owned financial enterprises is about 70 billion yuan.

The notice was a guideline describing concepts, strategy and leadership.

The goal of the restructuring plan is to help stimulate investment from home and abroad, foster local key enterprises in financial industry, and improve management and services.

The notice also disclosed that the strategic positioning of some State-owned financial enterprises have been established, and these enterprises include Shanghai Pudong Development Bank (SPD), CPIC, Bank of Shanghai, Shanghai International Group (SIG), and Haitong Securities.

According to the plan, SIG will transform from an investment group into a strategic financial control one, and relevant departments have begun to adjust their ownership structures.

SPD aims to develop into a more competitive financial services enterprise and strives to become the world’s top bank, while Bank of Shanghai will accelerate cross-regional development and the pace of listings to be the top commercial bank. Haitong Securities will focus on the integration of the finance industry and international strategy.

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