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China Poly Group Corporation

The China Poly Group is a large central state-owned enterprise. Poly was founded by Wang Jun, the son of a famous Chinese general. The company initially sold weapons to Iran, Burma, and Pakistan in the 1980s and then expanded into various other industries, including coal mines, real estate, movie theaters, and travel televisions. Relatives of China’s "Eight Immortal" revolutionaries have an interest in the company. China Poly Group is the General Staff Department's (GSD) primary arms trading and business conglomerate.

Through its subsidiaries, it engages in the businesses of trading, real estate, security, culture and arts, mineral resources and explosives. China Poly Group Corporation offers international trade services and other services. China Poly Group Corporation is a large central state-owned enterprise under the supervision and administration of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC). It was founded in February 1992 with the approval of the State Council and the Central Military Commission. In July 2015, with the revenue of $ 26.05 billion (total assets of $89.41 billion, total profit of $3.55 billion), Poly Group ranked 457th in the world the "Fortune" 500 list.

Poly Group, the predecessor of China Poly Group Corporation, was founded in January 1984 as a subsidiary of the state-owned investment company China International Trust and Investment Corporation (CITIC). Establishd at the direction of Deng Xiaoping in 1979, CITIC soon became one of China’s most influential financial and industrial conglomerates. In 1997 the Rand Corporation, called the investment firm “a front company for the PLA” (the Chinese People’s Liberation Army). Deng’s son-in-law, He Ping, a former army major general, was made president of Poly.

Over the past three decades, Poly Group has established a developing pattern featuring “simultaneous development of 5 pillar industries”, namely, international trade , real estate development, culture and arts business, investment and exploitation in resource field, civilian explosive materials and blasting service, with its business covering over 100 countries worldwide and over 100 domestic cities.

At present, Poly Group has more than 600 enterprises of various levels and over 60,000 employees. It has 4 listed holding companies, namely: Poly Real Estate (Group) Co., Ltd. (ticker symbol: S.H.600048), Poly Property Group Co., Ltd. (ticker symbol: H.K.00119), Poly Culture Group Co., Ltd. (ticker symbol: H.K.03636), and Guizhou Jiulian Industrial Explosive Materials Development Co., Ltd. (ticker symbol: S.Z.002037).

Poly Technologies, the predecessor of China Poly Group and an important part of the group, is an international engineering and contracting firm that has been authorized by the Chinese government to engage in the import and export of specialized equipment and technologies as well as commodities. Based on the firm's good relationships with over 100 countries and regions worldwide in the field of defense and security, energy and mining, project contracting and exports of civil technologies, the company has built a strong brand image and reputation globally. US intelligence is said to suspect that China Poly Ventures Company delivered, perhaps in 1999, US-made specialized metal-working presses and a special furnace to Pakistan’s National Development Center, a missile plant.

Poly Technologies, which has established extensive relationships with several hundred companies and government institutions in nearly 100 countries and regions worldwide, is now among China's top 100foreign trade companies with aggregate foreign trade reaching tens of billions of US dollars. The firm has developed a reputation as a trusted Chinese company with global influence. In addition, Poly Technologies has undertaken over 40 engineering, procurement and construction (EPC) projects across a number of overseas markets and has been active in conducting collaboration in EPC, build-transfer (BT), build-operate-transfer (BOT) and public-private partnerships (PPP) projects worldwide, making great contributions to the economic development and industrial transformation of the countries where its customers are based.

Poly-Hong Kong is the subsidiary of China Poly Group Corp., a business group that operates in dozens of industries in China. According to a groundbreaking report by Bloomberg published in 2012, the group is operated by the son of a Chinese revolutionary general and has close links to other members of the leadership.xxxiii In 2009, CIC became the second-largest shareholder of GCL Poly (Hong Kong) Energy Ltd., China’s largest producer of polysilicon, a chemical material that is used for solar panels and other industrial applications. The two sides also agreed to set up an additional joint venture company with registered capital of $500 million to invest in solar power projects, in which GCL would own the 51 percent majority stake.

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Page last modified: 23-09-2016 19:28:23 ZULU