Why did Zhongninghua Group become a private enterprise?

Reform of state-owned enterprises. Zhongninghua Group Co., Ltd. was established in 1987 and transferred to China Sinochem Group Corporation in 1993. In 2004, it was renamed Sinochem Ningbo Co., Ltd. Under the guidance of the spirit of "further deepening the reform of state-owned enterprises" at the Third Plenary Session of the 18th CPC Central Committee, the system reform was completed in 20 15, and the state-owned holding company was transformed into a private enterprise and renamed as Zhongninghua Group Co., Ltd. ..