OnMarch31,withtheapprovaloftheStateCouncil,ChinaSinochemGroupCo.,Ltd.(hereinafterreferredtoas”SinochemGroup”) and China National Chemical Corporation (hereinafter referred to as “ChemChina”) implemented a joint reorganization and established a new company with the State-owned Assets Supervision and Administration Commission of the State Council performing investor duties on behalf of the State Council. Sinochem Group and ChemChina as a whole Enter a new company. This joint reorganization will better integrate resources, exert synergy, create a world-class comprehensive chemical enterprise, and promote the high-quality development of my country’s chemical industry.
The chemical industry is the basic and pillar industry of the national economy and an important department of the modern economic system. The world’s chemical industry is characterized by high industrial concentration, outstanding scale effects, and dominance by large enterprises. In recent years, international chemical giants have promoted restructuring and integration. All developed economies in the world have large-scale comprehensive chemical enterprises, which play an important leading role in basic chemical research and development, new product creation, and value creation in the industrial chain. This joint reorganization and formation of a new company will help create an industry-leading comprehensive chemical group, accelerate the supply-side structural reform and industry transformation and upgrading of the chemical industry; help further optimize the allocation of corporate resources and form an organic structure of the industrial chain. Collaborate and complement each other to enhance technological R&D and innovation capabilities and release corporate vitality.
After the reorganization, the new company will continue to implement the innovation-driven development strategy in depth, adhere to the concept of “science first, integration of knowledge and action”, adhere to the globalization and market-oriented operation model, and strive to Create a “world-class comprehensive chemical enterprise with life science and material science as the guide, basic chemical industry as the support, environmental science as the guarantee, science and technology drive, and sustainable development” to create greater value for customers, shareholders, and employees, and promote Sustainable social development.
The new company covers life sciences, materials science, basic chemicals, environmental sciences, rubber tires, machinery and equipment, urban operations, industrial finance and other business fields, and will do a solid job in business collaboration and Improve management, gather innovative resources, open up the industrial chain, and enhance industry competitiveness, especially in application fields such as construction, transportation, and new generation information industries, break through key material bottlenecks, and provide comprehensive solutions for chemical materials; in the agricultural field, provide high-level Agricultural inputs and comprehensive agricultural services promote the transformation and upgrading of my country’s agriculture; in the field of chemical environmental protection business, we vigorously promote energy conservation and emission reduction, contributing to the chemical industry’s efforts to achieve my country’s carbon peak and carbon neutrality goals.
Going forward, Sinochem Group and ChemChina will actively and steadily advance this joint reorganization in compliance with relevant laws, regulations and the requirements of regulatory agencies.
</p
