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On the evening of January 2, 2023, Rongsheng Petrochemical issued a announcement stating that in order to further expand its high-end chemical industry chain, its wholly-owned subsidiary Rongsheng New Materials (Zhoushan) Co., Ltd. plans to invest in the Jintang New Materials project, with an estimated total investment of 67.5 billion yuan. The project plans to build a catalytic cracking unit with an annual capacity of 3 million tons, a gas separation unit with an annual capacity of 1 million tons, an aromatic extraction complex with an annual capacity of 600,000 tons, and a PEO production unit with an annual capacity of 300,000 tons, among other facilities. Upon completion of the project, it is expected to generate annual operating revenue of 86,877,140,000 yuan, with an annual net profit of 15,463,030,000 yuan. The project’s after-tax internal rate of return is 24.81%, and the after-tax payback period is 6.11 years (including a 3-year construction period). On November 30, 2023, the main construction project of Jintang New Materials officially commenced. The total investment in the first batch of projects launched is 26.24 billion yuan, with a land area of 3,500 mu. The construction scope includes 10 main processing units and a control center, as well as 12 utility facilities such as roll-on/roll-off docks. It is expected that by the end of 2024, the first 10 sets of main units will be completed ； The relevant facilities will come online in June 2025. The project is invested and constructed by Rongsheng Holding Group, with a focus on developing high-end chemical industry chains such as low-carbon polyolefins, fine chemicals, high-performance resins, engineering plastics, biodegradable plastics, special polyurethanes, and new fiber materials. It involves the construction of 27 main production units and 16 utility systems. The project is located in the Jintang New Materials Park, which is situated in the reclamation area to the north of Jintang Island. It forms part of the upgraded zone of the Zhoushan Green Petrochemical Base (in April 2021, the Zhoushan Green Petrochemical Base was expanded by 17 square kilometers to include the reclamation areas of Dinghai Industrial Park, Zhoushan High-Tech Industrial Park, Jintang, and Liuheng). The total planned area of the park is approximately 7.13 square kilometers, divided into an eastern and a western section, with the eastern section covering about 3.59 square kilometers ； The western area covers approximately 3.54 square kilometers. The project makes use of the Zhosan Green Petrochemical Base’s refining capacity of 40 million tons per year, and primarily involves investments in the construction of 7 chemical industry chain projects as well as supporting facilities; the total output is expected to reach 4.5 million tons.