Why did a financial company close down?

Reasons for the dissolution of China Yi Tuo Group Finance Co., Ltd.: In order to implement the financial supervision requirement that an enterprise group can only set up one financial company. China Yi Tuo Group Finance Company plans to reorganize and integrate with SINOMACH to dissolve and cancel. On the premise that China Yi Tuo Group Finance Company sells its assets to SINOMACH and Yi Tuo shares increase their capital to SINOMACH, the China Yi Tuo Group Finance Company will terminate its operation and be dissolved and cancelled. According to industrial and commercial data, the major shareholder of China Yi Tuo Group Finance Company is First Tractor Co., Ltd. (hereinafter referred to as Yi Tuo), and the major shareholder of Yi Tuo Co., Ltd. is China Yi Tuo Group Co., Ltd., formerly known as First Tractor Factory, which is one of the key construction projects during the First Five-Year Plan period 156. 1955 started construction, and 1959 was completed and put into operation. Now, in March this year, the announcement of Yi Tuo Co., Ltd. shows that China Yi Tuo Group Finance Company is a non-bank financial institution approved by the People's Bank of China 1992, and SINOMACH is a non-bank financial institution established by China Machinery Industry Group Co., Ltd. (hereinafter referred to as SINOMACH) in 2003 through the reorganization of the former SINOMACH Trust and Investment Co., Ltd. and approved by the China Banking Regulatory Commission, and is a company controlled by SINOMACH. In 2008, China Yi Tuo Group Finance Company and China Yi Tuo reorganized and merged into SINOMACH, forming a situation in which SINOMACH controlled two finance companies.