Caofeidian Holding Group Co., Ltd. (hereinafter referred to as the Company) was established during China's 11th Five-Year Plan period when the country decided to build an economic circle surrounding Beijing, Tianjin and Bohai Sea. This initiative was supported by Hebei Provincial government and Tangshan Municipal government in their efforts to accelerate the development of Caofeidian area. In this context, the Company has taken shape as a joint-stock limited company with the state as the controlling shareholder and private investors as contributors. The registered capital of the Company is RMB 1.47390 billion, of which the State-owned Assets Supervision and Administration Commission of Tangshan Municipal Government invested RMB 825.75 million, accounting for 56.02 percent, the remaining capital being contributed by seven influential private investors from Beijing and Tangshan. In other words, the Company is a state-holding enterprise with legal person status. The controlling shareholder assumes limited liability to the Company within the limits of its capital contribution. The Company assumes responsibility for its debts with all assets.
In order to strengthen personnel management, the company will follow the modern enterprise system, establish the competitive and incentive system in which administrative staff can be promoted or demoted, employees can join and leave the company, incomes can be increased or reduced, and improve economic efficiency and market competitiveness. The company takes “Integrity, Pragmatism, Harmony, Reciprocity” as business philosophy, strives to build a capable, efficient and standardized team, gradually forms the professional, modern, international investment holding management pattern, and rapidly becomes the first-class domestic investment holding company.