zhejiang rongsheng holding group co ltd price

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Rongsheng Petrochemical Co., Ltd. engages in the research, development, production, and sale of chemical, oil, and polyester products. It offers gasoline, diesel fuel, kerosene, paraxylene, ethylene glycol, styrene 156, m-xylene, polyethylene, polypropylene, EVA, polycarbonate, ABS, PTA, PIA, filament, bottle flakes, and film. The company also offers olefins and their downstream, aromatics and their downstream, oil products, etc., which are widely used in covering new energy, new materials, organic chemicals, synthetic fibers, synthetic resins, Synthetic rubber, oil products, and other fields. The company was founded in 1995 and is based in Hangzhou, China. Rongsheng Petrochemical Co., Ltd. is a subsidiary of Zhejiang Rongsheng Holding Group Co., Ltd.

Zhejiang Rongsheng Holding Group Co., Ltd., through its subsidiaries, engages in the businesses of petrochemical, polyester, spinning, false-twisting, logistics, coal chemicals, real estate, and venture investment businesses.

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Zhejiang Rongsheng Holding Group Co., Ltd. signed an equity transfer agreement to acquire a 22.61% stake in RiseSun MGL New Energy Technology Co., Ltd. from CITIC Guoan Information Industry Co., Ltd. (SZSE:000839) for CNY 1 billion on July 27, 2020. As part of the transaction, Zhejiang Rongsheng Holding Group Co., Ltd. shall pay first equity transfer payment of CNY 509 million within 25 working days after the effective date of this agreement and entire remaining equity transfer payment no later than December 31, 2020. Zhejiang Rongsheng Holding Group Co., Ltd. will use its own funds or self raised funds. In the year ended December 31, 2019 RiseSun MGL New Energy Technology Co., Ltd. reported total assets of CNY 37.2 million, revenue of CNY 8.5 million and net loss of CNY 1.19 million. Post completion CITIC Guoan Information Industry Co., Ltd. holds no equity in RiseSun MGL New Energy Technology Co., Ltd. Board of directors of CITIC Guoan Information Industry Co., Ltd. approved the transaction.

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