zhejiang rongsheng holding group quotation

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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.

Rongsheng Petrochemical Co., Ltd. (SZSE:002493) signed an equity transfer agreement to acquire 70% stake in Zhejiang Yongsheng Film Technology Co., Ltd. and Zhejiang Juxing Chemical Fiber Co., Ltd from Zhejiang Rongsheng Holding Group Co., Ltd for approximately CNY 610 million on September 27, 2018. Under the terms, the consideration will be paid in 2 installments in which first installment of 30% of the total consideration payable within 7 days since approval from the board of directors and the second installment for the remaining consideration payable within 7 days since completion of delivery of underlying equity.

As of December 31, 2017, Zhejiang Yongsheng Film Technology and Zhejiang Juxing Chemical Fiber Co., Ltd reported total assets of CNY 967.8 million, total common equity of CNY 138.5 million, operating revenue of CNY 1.5 billion and net profit of CNY 22 million. The transaction has been approved by the Board of Directors of Rongsheng Petrochemical at 19th meeting of the 4th directorate held on September 27, 2018.

Rongsheng Petrochemical Co., Ltd. (SZSE:002493) cancelled the acquisition of 70% stake in Zhejiang Yongsheng Film Technology Co., Ltd. and Zhejiang Juxing Chemical Fiber Co., Ltd from Zhejiang Rongsheng Holding Group Co., Ltd on September 27, 2019.

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.

Zhejiang Rongsheng Holding Group Co., Ltd. completed the acquisition of a 22.61% stake in RiseSun MGL New Energy Technology Co., Ltd. from CITIC Guoan Information Industry Co., Ltd. (SZSE:000839) on January 4, 2021.

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.

The company is headquartered in Xiaoshan District, Hangzhou, close to Hangzhou Xiaoshan International Airport and China Textile City. It is one of the leading enterprises in the Sinopec and chemical fiber industry. The company"s main business includes R&D, production and sales of various chemicals, oil products, and polyester products. The product range is rich and complete in specifications, covering various fields such as new energy, new materials, organic chemicals, synthetic fibers, synthetic resins, synthetic rubber, oil, etc., mainly including olefins and their downstream, aromatic hydrocarbons and their downstream, and oil products. The company"s main products are chemicals, oil and polyester products. The company"s honors include: Zhejiang Famous Brand Products, Outstanding Scientific and Technological Research and Development Enterprises in China"s Knitting Industry, Zhejiang Academician Expert Workstation, Zhejiang Trademark Brand Demonstration Enterprise, etc.

SINGAPORE, Dec 5 (Reuters) - Chinese conglomerate Zhejiang Rongsheng Holding Group has hired a senior crude oil trader to be based in its Singapore office, a company official said on Tuesday.

Trader Ray Liu, formerly from BB Energy and Sinochem Corp, will join Rongsheng International Trading Co in January, said the official who declined to be named.

Chinese private petrochemical group Zhejiang Rongsheng Holding has signed a framework agreement with state-run shipping conglomerate Cosco Shipping Group to form a strategic partnership.

The memorandum of understanding between the company and Zhejiang province included plans to invest in a new refinery and co-operate in crude oil supply, storage and trading, according to details released by the Zhoushan government after a signing ceremony in the city south of Shanghai.

Zhejiang Petrochemical, 51 percent owned by textile giant Zhejiang Rongsheng Holding Group, is building a 400,000-barrels-per-day refinery and associated petrochemical facilities that was expected to start operations by the end of this year.