For smaller and floundering Honghua Group, its strategy to return to profit was simple: secure the backing of a state-owned giant.
Now that it is integrated into the folds of China Aerospace Science and Industry Corp (CASIC) – one of the nation’s two main state-owned aerospace and defence equipment makers, Honghua, China’s largest onshore oil rigs exporter, says it is confident its fortunes will be turned.
For starters, the previously privately-held company would be able to…
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