The story
Jiangsu Sainty Corporation Limited was incorporated in 1993 as a "company limited by shares" (Chinese: 股份有限公司; similar to public limited company), by transforming a state-owned enterprise namely 江苏省服装进出口（集团）公司 (literally Jiangsu Province Garments Import & Export (Group) Corporation). At that time employee owned a minority stake of the new legal person. In December 1996, a new intermediate holding company, Jiangsu Sainty International Group (Chinese: 江苏舜天国际集团) was formed. In the next year Jiangsu Garments Import & Export Co., Ltd. was renamed to [Jiangsu] Sainty International Group Jiangsu Garments Imp. & Exp. Co., Ltd. (Chinese: 江苏舜天国际集团服装进出口股份有限公司). It became a listed company in 2000. Before the initial public offering, Jiangsu Provincial Government, via Sainty International Group, owned 81.81% shares and was proposed to diluted to 60.38%.
In 2010, the parent company Sainty International Group was merged with fellow state-owned holding company Jiangsu Guoxin Group.
Jiangsu Sainty also acquired a significant stake of a financial leasing company 南京国际租赁 (now 江苏省国际租赁) from parent company Jiangsu Guoxin Group in 2013 (announced in 2012). However, in 2015 the stake was sold to a subsidiary of fellow state-owned enterprise Jiangsu Broadcasting Corporation.
From Wikipedia’s article on Jiangsu Sainty (company), shared under CC BY-SA 4.0.4