Qiwei Gaoxin is expected to become the largest polyvinyl alcohol company

Securities Times News: Weiwei Hi-tech (600063) announced today that it will invest in Inner Mongolia Mengwei Science and Technology Co., Ltd. Through this investment, the company is expected to become the world's largest polyvinyl alcohol production company. On January 6, 2010, the company and Inner Mongolia Baiyanhu Chemical Co., Ltd. signed the "About Mengwei Technology Capital Increase Agreement", the two sides intend to jointly increase the capital increase of Montevideo Technology. After the capital increase and stock expansion, the registered capital of Mengwei Technology is planned to be 350 million, of which the company accounts for 65% and Baiyanhu Chemicals 35%. The company invested 200 million yuan in self-raised cash and evaluated 50.695 million yuan in total production technology of polyvinyl alcohol (PVA). Baiyanhu Chemicals invested in a total of 128 million yuan in the assessed physical assets.
Weiwei Gaoxin stated that after this capital increase and expansion, Mengwei Science and Technology will rely on abundant resources such as coal, electricity, and calcium carbide in Inner Mongolia to use the company's full-scale production technology of polyvinyl alcohol to build an annual output of 200,000 tons of vinyl acetate annually. Produce 100,000 tons of polyvinyl alcohol production equipment. The production of polyvinyl alcohol products in the resource-producing areas will be sold to the Bohai Bay Economic Circle and the conversion of energy resources will be realized in situ. The company's production capacity of polyvinyl alcohol products will be expanded to an annual output of 300,000 tons, becoming the largest polyvinyl alcohol in the world. Production companies enhance the company’s overall economic strength.

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