China XD Group

China National Electrical Equipment Group was formally established in Shanghai, formed by the reorganization and integration of China XD Group Co., Ltd. and State Grid Corporation subsidiaries including XJ Group, Pinggao Group, Shandong Electric Group, NARI Hengchi, NARI Telstar, and Chongqing Borui. It is now a state-owned key enterprise supervised by SASAC.

Three unlisted units of State Grid (Xuji Group, Ping Gao Group, Shandong Electrical Engineering and Equipment Group) will merge with China XD Group to create an electrical equipment company with combined assets over CNY 100 billion.

China XD Group Co. plans to combine electricity transmission and distribution equipment makers, including units of China XD and State Grid Corporation of China, to create a $17 billion (110 billion yuan) behemoth. The subsidiaries will be spun off from parent firms by the end of 2021 to allow consolidation.

Pinggao Electric's controlling shareholder Pinggao Group announced it is planning a strategic restructuring with China XD Group. The plan is not yet finalized and requires regulatory approval.