Chongqing Light Industrie and Textile (Co.) Ltd. - short: CQLT - is a 100% subsidiary of SASAC. SASAC is an acronym for State-owned Assets Supervision and Administration Commission of the State Council. It supervises and manages the state-owned assets of the enterprises under the supervision of the Central Government (excluding financial enterprises). The conglomerate CQLT is one of the top 500 enterprises in China with diverse investments, including those in the automotive industry. In 2005/2006, a joint marketing and development venture was established with SaarGummi. Beginning of June 2011, CQLT has assumed the SG Group out of insolvency. CQLT sees the acquisition as a strategic commitment. Post-insolvency the SaarGummi Group has managed to write solid black numbers within three years ever since.