Latest news of Anhui Annada 03-14-2024

Summary: In late Feb. 2024, Anhui Annada revealed the announcement concerning the alteration of controlling shareholder; the company's daily output of TiO2 hit new high in Feb.

On 27 Feb., 2024, Anhui Annada Titanium Industry Co., Ltd. (Anhui Annada) announced that its controlling shareholder Tongling Chemical Industry Group Co., Ltd. (Tonghua Group) planned to transfer 32.68 million shares (accounting for 15.20% of the total shares) to Wanhua Chemical Group Battery Technology Co., Ltd. (Wanhua Battery) at USD42.08 million (RMB299.05 million). Afterwards, Anhui Annada's controlling shareholder would become Wanhua Battery and the actual controller would become Yantai State-Owned Assets Supervision Committee.


Wanhua Battery, a wholly-owned subsidiary of Wanhua Chemical Group Co., Ltd., was founded in Nov. 2022 with registered capital of USD253.31 million (RMB1.80 billion). The company mainly engages in investment, production, development, and sales of Li-ion batteries used for new energy vehicles.


Anhui Annada said that this transaction would facilitate the smooth development of the company and enhance its governance and anti-risk abilities.


In terms of production, on 1 March, Anhui Annada disclosed on the company's official website that in Feb. 2024, the company overcame the influence of the Spring Festival holiday and low temperature as it pre-processed around 256.34 tonnes of titanium dioxide (TiO2) per day, edging up by 1.5% YoY and rising by 5% MoM, setting a new record.


In addition, in Feb., Anhui Annada's energy consumption of TiO2 production continued to hit a new low after the historic low level in Jan. Specifically, in Feb., the consumption of natural gas decreased by 0.6 m3/t over the previous month, down by 2.32% MoM; the consumption of water in workshop declined by 1.77 m3/t compared with Jan., slipping by 1.69% MoM.


More information can be found at CCM Titanium Dioxide China Monthly Report.

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