 ("the Company") and its subsidiary ("the Group") is one of the largest modernized manufacturing station of chemical fibre and chemical fibre raw materials in the People's Republic of China (the "PRC"). In terms of polyester capacity in 2010, the Group ranks the sixth largest polyester manufacturer in the world. (Source: PCI Magazine 2010)
The Company was located in Yizheng City, Jiangsu Province, and was established on 31 December 1993 following a reorganization of Yizheng Joint Corporation of Chemical Fibre Industry (currently Sinopec Asset Management Corporation Yizheng Branch ("Yihua")) and an injection of the entire polyester production units and the ancillary production lines by Yihua. The Company issued 1 billion "H" shares in March 1994, 200 million "A" shares in January 1995 and a further 400 million new "H" shares in April 1995. The Company's "H" shares and new "H" shares were listed and commenced trading on The Stock Exchange of Hong Kong Limited (the "HKSE") on 29 March 1994 and 26 April 1995 respectively. The Company’s "A" shares were listed and commenced trading on the Shanghai Stock Exchange (the "SSE") on 11 April 1995. China Petroleum & Chemical Corporation ("Sinopec") is the current controlling shareholder of the Company.
The Company is principally engaged in the production and sales of polyester chips and polyester fibre, and production of its raw materials purified terepthatic acid ("PTA"). Its principal activities include production and distribution of chemical fibre and petrochemical products, production of ancillary raw materials and textile machinery, research and development ("R&D") in textile technology, transportation and technological support for products manufactured by the Company.
The Company was a major construction project under the PRC's Sixth to Tenth Five-Year Plans. Its production facilities were imported from Germany, Japan, Italy and France etc. The Company’s technology has reached an advanced level in the polyester industry through continuous technological improvements. The quality system of the Company’s products received an international certificate in respect of ISO9001, and its product quality commands a leading position in the industry. The Company also received an international certificate in respect of ISO14001 environmental management system. At the end of 2010, the Group owned polymerization facilities with an annual capacity of 1,754,000 tonnes, solid-state-polymerization (“SSP”) facilities with an annual capacity of 455,000 tonnes, spinning and drawing facilities for polyester fibre with an annual capacity of 747,000 tonnes, texturing facilities for polyester filament with an annual capacity of 69,000 tonnes, oxidation and purification facilities for PTA with an annual capacity of 1,000,000 tonnes and ancillary public utility facilities, which had a great advantage on the economies of scale. |
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