On November 28, Xinfengming Group Co., Ltd. (hereinafter referred to as “Xinfengming”) issued the “Announcement on the Termination of the Acquisition of Partial Equity Interests in Guangxi Tongkun Petrochemical Co., Ltd. (hereinafter referred to as “Guangxi Tongkun)” 》. According to the announcement, Xinfengming held the sixth meeting of the sixth board of directors on November 28, 2023, and reviewed and approved the “Proposal on Terminating the Acquisition of Partial Equity Interests in Guangxi Tongkun Petrochemical Co., Ltd.”
The announcement stated that due to the adjustment of the company’s business strategy, after friendly negotiation, it signed a “Rescission Agreement” with Tongkun Holding Group Co., Ltd. (hereinafter referred to as “Tongkun Holdings”) to terminate the original contract and terminate the acquisition of Guangxi Tongkun.
35% equity matters. As of the date of signing of the “Dissolution Agreement”, the company has paid 50% of the equity transfer price of RMB 56,465,761.36 on April 7, 2023, and the declaration of concentration of operators has not been completed and Guangxi Tongkun has not yet completed the equity change delivery. Tongkun Holdings returned the equity transfer payment of RMB 56.466 million and interest of RMB 1.338 million to the company within 10 working days after the signing of the “Dissolution Agreement”.
It was planned to purchase 35% of the shares for more than 100 million yuan
On March 27, 2023, Xinfengming issued an announcement stating that it signed an “Equity Transfer Contract” (hereinafter referred to as the “Original Contract”) with Tongkun Holdings. The two parties agreed that Xinfengming would purchase Tongkun with its own cash of RMB 113 million. 35% equity interest in Guangxi Tongkun Petrochemical Co., Ltd. (hereinafter referred to as “Guangxi Tongkun”), a wholly-owned subsidiary of Kun Holdings.
The announcement shows that Guangxi Tongkun was established in January 2019 and is located in Qinnan District, Qinzhou City, Guangxi Zhuang Autonomous Region. It is an enterprise mainly engaged in the manufacturing of chemical raw materials and chemical products.
The Guangxi Tongkun project is located in the Sandun area of Qinzhou Petrochemical Industrial Park, which is a comprehensive development zone obtained by reclamation. The project covers an area of about 3,500 acres, with a total planned investment of 32 billion yuan. It will mainly build an annual output of 6 million tons of PTA (terephthalic acid) and an olefin industry chain project, which will be constructed in two phases.
Among them, the first phase of the project mainly constructs 3 million tons/year PTA, 600,000 tons/year propane dehydrogenation, 400,000 tons/year polypropylene, 300,000 tons/year propylene oxide, 150,000 tons/year maleic anhydride, 30,000 tons/year tons/year methyl isobutyl ketone, 150,000 tons/year polyether polyol and other production equipment, as well as supporting power stations, docks and other auxiliary facilities.
“As the bridgehead between China and ASEAN, Qinzhou in Guangxi has become more and more obvious in its location advantages with the construction of the New Land-Sea Corridor in the west of the country, the construction of the Pinglu Canal and the entry into force of the RCEP agreement… Tongkun, Guangxi has a superior geographical location, which provides good opportunities for the company’s subsequent development of new material projects. Lay a solid foundation.” Xinfengming pointed out in its announcement in March that it had also placed high hopes on the project.
In addition to the above projects, Tongkun Co., Ltd. and Xinfengming also jointly invested in an integrated refining and chemical project in Indonesia.
On June 26, 2023, Tongkun Co., Ltd. and Xinfengming announced that they planned to jointly invest US$8.62 billion (approximately 62 billion yuan) to launch Taikun Petrochemical (Indonesia) Co., Ltd.’s refining and chemical integration project in Northern California, Indonesia. The main construction capacity of the project includes 4.3 million tons/year of refined oil, 4.85 million tons/year of paraxylene (PX), acetic acid (520,000 tons/year), etc. Among them, the refined oil production capacity is respectively supplied to the Indonesian gasoline market, and PX and acetic acid are supplied to the domestic PTA production capacity of the two companies as raw materials for polyester polyester filament.
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