How about Ningxia Baofeng Energy Group Co., Ltd.?

Baofeng Energy is the largest private high-end coal-based new material and chemical manufacturer in China. Established in 2005 and listed on Shanghai Stock Exchange, 20 19. In 2007, Baofeng Energy changed from a traditional single refinery to a modern coal chemical industry. At present, the main business is to replace oil with coal and produce high-end chemical products.

When the profits of many petroleum-to-olefin projects dropped sharply or even lost money, Baofeng Energy realized profits by producing polyolefins from coal. In the first quarter of 2020, Baofeng Energy's operating income was 36 1 100 million yuan, and its net profit returned to its mother was 820 million yuan. In addition, the net cash flow from operating activities in the first quarter of 2020 was 654.38+0.29 billion yuan, an increase of 4654.38+0./kloc-0.0 billion yuan year-on-year.

Huaxia Energy Network was informed that on July 2, Ningxia Baofeng Energy Group Co., Ltd. (referred to as "Baofeng Energy") issued the "Announcement on Establishing a Subsidiary with Foreign Investment". According to the announcement, Baofeng Energy plans to set up a subsidiary and Ningxia Baofeng Energy Group Olefin No.2 Factory Co., Ltd., a wholly-owned subsidiary of the company, in Inner Mongolia for 950 million yuan.

The announcement shows that the newly established subsidiary is tentatively named Inner Mongolia Baofeng Coal-based New Materials Co., Ltd. with a registered capital of 654.38 billion yuan. Among them, Baofeng Energy invested 950 million yuan, holding 95% of the shares; The second olefin plant invested 50 million yuan and held 5% shares.

Liu Yuanguan, president of Baofeng Energy, said: The purpose of setting up the Inner Mongolia subsidiary this time is to optimize the strategic layout of the company, consolidate the scale advantage of the company's leading product olefin, further extend the circular economy industrial chain of the company's coal chemical industry, and promote the transformation of coal resources from "fuel type" to "raw material type", and the transformation of products from "general processing type" to "high-end manufacturing type", while strengthening and expanding the downstream high-end materials and fine chemical industries.