Summary:
In late Nov. 2023, CNNC TD announced that it planned to adjust
ownership structure of Hecheng Titanium and Goldstar Titanium.
On
25 Nov., 2023, CNNC Hua Yuan Titanium Dioxide Co., Ltd. (CNNC TD)
announced that the company intended to transfer 100% shares of Gansu
Hecheng Titanium Industry Co., Ltd. (Hecheng Titanium) to its
wholly-owned subsidiary, Anhui Goldstar Titanium Dioxide (Group) Co.,
Ltd. (Goldstar Titanium) out of operation and development needs. The
base date of this transfer is 30 Sept., 2023. Afterwards, Goldstar
Titanium will directly hold 100% shares of Hecheng Titanium and Hecheng
Titanium will become the wholly-owned sub-subsidiary of CNNC TD.
Hecheng
Titanium was founded on 18 Dec., 2014 with registered capital of
USD28.13 million (RMB200.00 million). The company mainly engages in
production of titanium dioxide (TiO2) and ferrous sulphate (FeSO4),
R&D, production and design of chemical new products, technical
development, consultation, transfer, import and export, etc.
Financial situation of Hecheng Titanium:
In
2022, Hecheng Titanium achieved revenues of USD0.15 billion (RMB1.09
billion), total profits of USD5.18 million (RMB36.85 million), and net
profits of USD3.86 million (RMB27.47 million);
In
Jan.–Sept. 2023, Hecheng Titanium's revenues, total profits, and net
profits reached USD80.59 million (RMB573.04 million), -USD4.38 million
(-RMB31.16 million), and -USD3.31 million (-RMB23.50 million)
respectively.
CNNC
TD stated that this adjustment of ownership structure will help the
company integrate internal resources, optimise business structure,
improve management and operation efficiency, and reduce operation costs.
Besides, it is consistent with the company's overall strategic planning
and is conductive to the company's long-term development and business
layout.
Source:CCM
More information can be found at CCM Titanium Dioxide China Monthly Report.
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