New central SOEs merger deal announced

China may speed up its pace of integrating central State-owned enterprises as it announced it will merge two central SOEs, reducing the total number of such companies to 116, the Securities Daily reported on Monday.

IT conglomerate China Electronics Corp acquired Irico Group Corp, said the State-owned Assets Supervision and Administration Commission, the watchdog of the SOE sector.

After the merger, Irico Group will become a fully owned subsidiary of China Electronics Corp.

Irico Group makes photovoltaic equipment, TV picture tubes and organic light-emitting diodes.

"Based on the moves made by the supervisor in 2012, China is likely to make more similar integrations in the future," the newspaper said.