On March 31, at the approval of the State Council, Sinochem Group Co., Ltd. ( “Sinochem”) and China National Chemical Corporation Ltd. ( “ChemChina”) will undertake a joint restructuring. Under such a joint restructuring plan, the equity interests of both Sinochem and ChemChina will be owned by a newly-incorporated company (the “New Holding Company”), which will be established and wholly owned by the State-owned Assets Supervision and Administration Commission on behalf of the State Council. Sinochem and ChemChina will become the wholly-owned subsidiaries of the New Holding Company. This joint restructuring will create synergy, build up a world-class chemical company, and promote a high-quality development of the chemical industry in China.

On the latest annual list of the Fortune Global 500 released worldwide on the evening of July 19, ChemChina ranks 167th, up by 44 places over 2017, the third biggest producer of chemicals.