On March 31, with the approval of the State Council, China Sinochem Group Co., Ltd. (hereinafter referred to as “Sinochem Group”) and China National Chemical Corporation (hereinafter referred to as “China Chemical industry”) implement joint reorganization, and establish a new company with the State-owned Assets Supervision and Administration Commission of the State Council performing the investor’s duties on behalf of the State Council. Sinochem Group and ChemChina are integrated into the new company. This joint reorganization will better integrate resources, exert synergistic effects, build 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 sector of the modern economic system. The world chemical industry has the characteristics of high industrial concentration, prominent scale effect, and dominance of large enterprises. In recent years, international chemical giants have promoted reorganization and integration one after another. All developed economies in the world have large-scale comprehensive chemical companies, which play an important leading role in basic chemical research and development, new product creation, and value creation of the industrial chain. This joint reorganization and establishment of a new company will help build an industry-leading comprehensive chemical group, accelerate the structural reform of the supply side of the chemical industry and the transformation and upgrading of the industry; it will help further optimize the allocation of corporate resources and form an organic industrial chain. Collaborate and complement each other, enhance scientific and technological research and development and innovation capabilities, and release corporate vitality.
After the reorganization, the new company will continue to thoroughly implement the innovation-driven development strategy, adhere to the concept of “scientific supremacy, unity of knowledge and action”, adhere to the globalization and market-oriented operation mode, Committed to building “a world-class comprehensive chemical enterprise led by life science and material science, supported by basic chemical industry, guaranteed by environmental science, driven by science and technology, and sustainable development”, creating greater value for customers, shareholders and employees , to promote sustainable social development.
The new company covers life science, material science, basic chemical industry, environmental science, rubber tire, machinery equipment, urban operation, industrial finance and other business fields, and will do a solid job in business Improve coordination and management, gather innovative resources, open up the industrial chain, and enhance industry competitiveness, especially in the application fields of construction, transportation, and the new generation of information industry, to break through the bottleneck of key materials and provide comprehensive solutions for chemical materials; in the field of agriculture, provide high-tech The level of agricultural materials and agricultural comprehensive services promotes the transformation and upgrading of China’s agriculture; in the field of chemical environmental protection business, vigorously promotes energy conservation and emission reduction, and contributes to the realization of China’s carbon peak and carbon neutral goals.
Following up, Sinochem Group and ChemChina will actively and steadily advance this joint reorganization in compliance with relevant laws and regulations and the requirements of regulatory agencies.
