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The restructuring of State-owned enterprises in the information and electronics industry entered a new stage with the China National Computer Software and Technology Service Corp (CS&S) was acquired by its Shanghai-listed subsidiary CS&S Network Technology Co Ltd.

"It is a milestone in the development of CS&S, since we will be no more a wholly State-owned enterprise but a public company,'' said Tang Min, president of CS&S and CS&S Network chairman.

She said yesterday that CS&S had split off millions of dollars of bad debts to its parent China Electronics Industry Corp (CEIC) and disposed of 47 subsidiaries and joint ventures by sales or cancellations.

All the rest of the firm's assets, including 42 million ordinary shares of CS&S Network, will be transferred to CEIC. Then, CS&S Network will acquire all the assets -- including the intangible assets of CS&S -- based on an audited value tomorrow.

After the deal, CS&S Network will be changed to CS&S Co Ltd, or China Soft.

CS&S was the 62th biggest information and electronics company in China last year.

This year, with the restructuring of State-owned enterprises, it has picked up speed and all those areas not related to military or State-monopolized industries are open to foreign and private investment.

The transfer of the CS&S assets is the biggest restructuring in the information industry this year.

With the restructuring, CS&S will have bigger room for development, since the company needs to improve its management and has more resources for mergers and acquisitions, Tang Min said.

She revealed the company also decided yesterday to spend about 16 million yuan (US$1.93 million) to acquire 72 per cent of the stakes of a Shenzhen-based management solutions provider for the power sector.

Guo Xianchen, vice-president of CS&S and general manager of CS&S said software outsourcing will also become a main direction of the new company.

According to Guo, software exports of CS&S might reach US$3 million this year, which will more than triple to US$10 million in 2004.

CS&S Network's revenues were forecast to be between 500 million to 600 million yuan (US$60-72 million) this year.

Dong Zhiqiang, an analyst with China Securities, believes that the restructuring might bring little change to the listed company and the industry.

However, he said that since China Soft will become much bigger than CS&S Network, it might have more resources to raise more capital for development.

The brand and trade mark of CS&S will also bring some help to the listed company, he added.

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