On December 20, the company announced that to promote its medium and long-term Global Strategy development planning, effectively implement the industrial layout, meet Business development needs, and enhance market competitiveness, after in-depth communication with the Nantong Rudong Yangkou Port Economic Development Zone Management Committee, the company will soon establish a wholly-owned subsidiary in the Rudong Yangkou Port Economic Development Zone - Nantong Nawei New Materials Co., Ltd., with a registered capital of 0.1 billion yuan. The business scope includes the manufacturing of bio-based materials; manufacturing of specialized Chemicals (excluding hazardous Chemicals); sales of specialized Chemicals (excluding hazardous Chemicals); technical services, technical development, technical consulting, technical communication, technical transfer, technical promotion; technology import and export; goods import and export; New Materials technology research and development; sales of synthetic materials; manufacturing of synthetic materials (excluding hazardous Chemicals) (the name and business scope are subject to the review opinions of the industrial and commercial authority).
The company plans to purchase the land use rights for the targeted plot in the Yangkou Port Lingang Industrial Zone Chemical Park in the name of Nantong Nawei New Materials Co., Ltd., using self-raised funds through the auction, listing, and other legal methods, with an area of approximately 120 acres.
