Jinneng Science and Technology Increased Investment to New Carbon Black Project

Recently, Jinneng Science and Technology made a capital increase announcement that it would increase 1 Billion Yuan to its wholly-owned subsidiary, Qingdao West Coast Jinneng Investment Co., Ltd., by raised funds and owned funds. The raised funds are 89.3123 Million Yuan, while the rest of the total 1 Billion Yuan will be paid by the company with its own funds. 

Meanwhile, the company will invest 1.397 Billion Yuan to Qingdao Jinneng Investment Company as the paid-in registered capital by the raised funds, thus upon the completion of the capital increase and paid-in registered capital, Qingdao Jinneng Investment Company will increase investment of total 2 Billion Yuan into its wholly-owned subsidiary, Qingdao Jinneng New Materials Co., Ltd., with raised funds and owned funds.

It is reported that Jinneng Science and Technology issued bonds on October 14 and raised net funds of 1.486 Billion Yuan, which would be applied to the 900-thousand tons/year propane dehydrogenation and 8×60-thousand tons/year green carbon black recycling project. The total investment of the project is 6.836 Billion Yuan, of which 1.5 Billion Yuan has been raised and invested into the project.

Jinneng Science and Technology is a chemical enterprise featuring comprehensive utilization of resources and recycle economy, and its carbon black products are supplied to major tire companies.

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