China Chemical Group executives consider the introduction of strategic investors

On November 17, the management of China National Chemical Corporation (hereinafter referred to as “Sinochem”) revealed that China National Chemical Corporation considered introducing strategic investors or financial investors, but it is still in the internal discussion stage.
Fan Danyi, chief executive of China Chemical Industry Finance Co., Ltd., said at the annual meeting of the Chinese financial market that Sinochem considers the introduction of strategic investors or financial investors, but it is still in the internal discussion stage.
Fan Danyi also said, "We are considering replicating, just like the United States Blackstone and Bluestar. We may look for other strategic or financial investors."
Prior to this, in October this year, Sinochem announced that it had officially completed the delivery of a joint venture project with Blackstone Group of the United States. Blackstone holds a 20% stake in the joint venture company. That is, Sinochem has introduced Blackstone Group as a strategic investor to its wholly-owned subsidiary China Bluestar (Group) Corporation. Blackstone's affiliates will invest US$600 million to subscribe for 20% of Bluestar Group's shares.
According to statistics, Blackstone Group invested US$600 million to reorganize China Bluestar (Group) Corporation, one of the eight major companies of China National Chemical Corporation, through an overall restructuring. After the company's restructuring, it became a Sino-foreign joint venture company.
China National Chemical Corporation is a state-owned large-scale enterprise newly established on the basis of the reorganization of the former Ministry of Chemical Industry under the China National Bluestar (Group) Corporation and China Shenghua Chemical (Group) Corporation. It was formally launched on May 9, 2004. , affiliated to the State Council SASAC management. According to statistics, Sinochem’s total assets and sales revenue exceed 100 billion yuan.

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