According to official website's inquiry, the privatization of Wei Qiao Textile Co., Ltd. was proposed by the major shareholder, and the company was privatized by merger. In this process, all the rights and obligations of Wei Qiao Textile such as assets, liabilities, rights and interests, business, employees and contracts will be taken over by Wei Qiao Textile Science and Technology, and Wei Qiao Textile will eventually cancel its registration. Wei Qiao Textile Co., Ltd. is a fortune 500 enterprise and a listed subsidiary of Shandong Wei Qiao Venture Group. Mainly engaged in the production, sales and distribution of cotton yarn, grey cloth, denim and electric steam, it is a cotton textile enterprise with global competitiveness.