On 14 Oct., 2023, SKSHU Paint Co., Ltd. (SKSHU Paint) announced that the company intended to set up a coating production and supporting facility project in Puyang Industrial Park, Puyang City, Henan Province.

Based on the announcement, this project will be conducted by Henan SKSHU New Material Technology Co., Ltd. and the construction period of the first stage of this project (phase I) is predicted to be 4.5 years. The investment of this project is USD193.00 million (RMB1.39 billion), USD106.41 million (RMB763.90 million) of which is fixed-asset investment. This project is expected to contain capacity of 150,000 t/a latex paint, 300,000 t/a true stone and textured paint, 15,000 t/a multi-colour paint, 10,000 t/a finish, 50,000 t/a waterproof auxiliary products, 300,000 t/a putty powder, 25.00 million m²/a waterproof membrane, 12,000 t/a non-curable asphalt coating, etc.

SKSHU Paint stated that this investment is aimed to optimise the company's product structure, enrich production line layout and increase market shares, thus improving its earning capacity. It is consistent with the company's development planning and in line with the national industrial policy for facilitating the development of environmental coating industry.

On the same day, SKSHU Paint disclosed its Q3 2023 report, showing that in Jan.–Sept. 2023, it achieved revenues of USD1.31 billion (RMB9.41 billion), up by 18.42% YoY; net profits attributed to shareholders of the listed company ascended by 84.44% YoY to USD77.25 million (RMB554.54 million). Specifically, in Q3 2023, SKSHU Paint's revenues reached USD0.51 billion (RMB3.67 billion), rising by 13.41% over the same period last year; net profits attributed to shareholders of the listed company climbed by 19.13% YoY to USD33.99 million (RMB243.98 million). SKSHU Paint said that its net profits went up YoY during the first three quarters this year mainly because sales volume of main business increased, gross profit margins edged up, and government subsidies also grew.