On February 16, Changhong Hi-Tech released the announcement of the resolution of the first extraordinary general meeting of shareholders in 2023. The general meeting of shareholders voted and passed the "Agreement on Signing the Investment Agreement of Changhong Biodegradable Masterbatch Industrial Park Project" >Cumulative Proposal on the Establishment of a Wholly-owned Subsidiary with Foreign Investment. Changhong Hi-Tech has made substantial progress in the integrated layout of the upstream and downstream of the whole industrial chain of degradable plastics.
It is understood that at the end of 2022, Changhong Hi-Tech announced the above proposal. Changhong Biology, a wholly-owned subsidiary of Changhong Hi-Tech, intends to sign an "Investment Agreement" with the Hezhou Municipal People's Government, and plans to establish a subsidiary, Guangxi Changhong Biomaterials Co., Ltd. as the main investor to invest in the construction of a biodegradable masterbatch industrial park project. The total amount is 3 billion yuan.
It is reported that this investment is another major investment in the field of degradable plastics by Changhong Hi-Tech following the 5 billion yuan "lost" in Shengzhou, Zhejiang and the planned 11.2 billion yuan to promote the layout of the degradable industrial chain in Qingyang, Gansu. According to the announcement, the Changhong Biodegradable Masterbatch Industrial Park project is planned to be equipped with a high-quality mine of 100 million cubic meters. Relying on the advantages of calcium carbonate mine resources in Hezhou City, it will extend Changhong Hi-Tech from 1,4-butanediol (BDO) to polyparaphenylene Diformic acid-butanediol adipate (PBAT) products, calcium carbonate masterbatch, PBAT modification and the whole industrial chain layout of degradable products.
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