Jiangsu Sainty (company)
| Company type | Public |
|---|---|
| Industry | Apparel export |
| Founded | 1993 |
| Headquarters | Nanjing , China |
| Owner | Jiangsu Guoxin Investment Group (intermediate holding company) |
Jiangsu Sainty Corporation Limited is a publicly traded enterprise based in Nanjing, Jiangsu Province, China, primarily engaged in the export of apparel. Initially, the majority ownership belonged to Jiangsu Sainty International Group; however, in 2010, it merged with the state-owned Jiangsu Guoxin Investment Group, which now acts as its intermediate holding entity.
History
Established in 1993 through the restructuring of the state-owned Jiangsu Province Garments Import & Export (Group) Corporation, Jiangsu Sainty Corporation Limited was formed as a "company limited by shares," with employees holding a minority portion of equity at inception. In December 1996, Jiangsu Sainty International Group was created to serve as an intermediate holding company. The original entity was renamed Sainty International Group Jiangsu Garments Imp. & Exp. Co., Ltd. in 1997 and subsequently went public in 2000. Prior to the initial public offering, the Jiangsu Provincial Government controlled 81.81% of shares via Sainty International Group, which was later reduced to 60.38%.
The year 2010 marked the merger of Sainty International Group with the state-owned Jiangsu Guoxin Investment Group.
In 2013, Jiangsu Sainty purchased a controlling interest in Nanjing International Leasing (currently Jiangsu International Leasing) from Jiangsu Guoxin Group; however, this stake was divested in 2015 to a subsidiary affiliated with the state-owned Jiangsu Broadcasting Corporation.
Controversies
In 2013, Securities Daily reported concerns regarding substantial prepayments made by Jiangsu Sainty to a former related party. The company responded by explaining that such prepayments were part of routine business activities, despite the related party being linked to a previous employee.