Businesses . . . Baofeng Energy's controlling shareholder cashs in $500 million increase

May 18, Baofeng Energy (600898SH) issued a notice that the company's controlling shareholders, the actual controller of one of the action persons have fulfilled the commitment to increase the holding, the total amount of the increase of more than 500 million yuan, the plan has been implementedAccording to the Announcement on the Results of The Increase of Shareholdings of Controlling Shareholders and Their Related Parties, Baofeng Energy's controlling shareholder Baofeng Group and its affiliates have implemented the plan to increase their holdings of the Company by about 54.52 million shares, accounting for 0.74% of the company's total share capital, with an increase of more than 500 million yuanNot long ago, Baofeng Energy also announced that in the first quarter of 2020, operating income was RMB3.61 billion, up 13.01% YoYAmong them, the company's olefin products realized operating income of 2,085 million yuan, an increase of 46.51 percent year-on-yearAlthough the entire petrochemical industry suffered the first quarter of the outbreak and oil price decline of the double impact, the company's main product polyolefin prices fell year-on-year, but due to the company's coke gasification 600,000 tons / year olefin project after the end of the product end in October 2019 successfully put into operation, to achieve 1.2 million tons per year polyfin oleic production capacity, production doubled, so the company's overall olefin product revenue growth, exceeding market expectationsat the same time, in order to achieve the further extension of the industrial chain, Baofeng Energy is in the existing plant to build a special furnace production line, the raw materials used in the production line are all from Baofeng Energy's own production of high-melting finger fiber polypropylene productsThe company plans to build a total of 7 production lines, the plan of melting material daily production can reach 80 tonsAt present, the first batch of 2 production lines have been launched on May 16, a single production line capacity of up to 500 kg / hourBaofeng Energy is a leading domestic high-end coal-based new materials and chemicals manufacturing industry, the company to modern coal chemical industry as the core, the formation of olefin products, coking products, fine chemical products, including the circular economy industry chainDue to the resource reserve characteristics of "oil shortage, coal-rich and less gas" in China, the development of coal deep processing industry is an important measure of national energy strategic technology reserve and production capacity reserve