zhejiang rongsheng holding group in stock

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This company operates as a holding firm for a group of subsidiaries engaged in polyester, spinning, false-twisting, coal chemicals, real estate, venture investment business activities. It was incorporated in 2006 and has its registered office in Hangzhou, China. As a holding company, it handles the administrative affairs and services and grants management services to its subsidiaries, as well as provides financial support and control function for the board. Furthermore, the firm is responsible for managing the group and its overall legal structure, tax planning, financial and equity structures. It is also in -charge in various matters relating to policy, strategic planning, marketing, selecting and manning senior management positions, approving investments and budgets, and the overall ongoing monitoring of the group"s performance.

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.

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.

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.