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On March 31, with the approval of the State Council, Sinochem Corporation (hereinafter referred to as "Sinochem Group") and China National Chemical Corporation (hereinafter referred to as "China National Chemical") implemented a joint reorganization, and the newly established State-owned Assets Supervision and Administration Department of the State Council The committee represents the new company that the State Council performs as an investor.
The chemical industry is the basic and pillar industry of the national economy and an important sector of the modern economic system.
After the reorganization, the new company will continue to thoroughly implement the innovation-driven development strategy, adhere to the concept of “science first, the unity of knowledge and action”, adhere to a global and market-oriented operation model, and strive to create a “life science and material science as the lead, based on the foundation”.
The new company covers life sciences, material sciences, basic chemicals, environmental sciences, rubber tires, machinery and equipment, urban operations, industrial finance and other business areas.
In the future, Sinochem Group and ChemChina will actively and steadily advance this joint reorganization in compliance with relevant laws and regulations and the requirements of regulatory agencies.
