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On April 28, 2021, Huitong New Materials Co., Ltd. (hereinafter referred to as “Huitong Shares”) held a signing ceremony for the “350,000-ton per year polylactic acid production project” at its headquarters, in presence of the Management Committee of Sanshan Economic Development Zone in Wuhu, Anhui, and Hefei Langrun Asset Management Co., Ltd. (hereinafter referred to as “Langrun Asset Management”). The total investment for the project is 8.6 billion yuan, with a planned land area of 1,800 mu. The project is planned in one go and will be constructed in two phases; Phase 1 requires an investment of 2 billion yuan, covers an area of about 300 mu, and involves the construction of a facility with an annual production capacity of 50,000 tons of polylactic acid ； The second phase involves a total investment of 6.6 billion yuan, covers an area of 1,500 mu, and aims to build a facility with an annual production capacity of 300,000 tons of polylactic acid. Li Jianyi, chairman of Huitong Shares, said that Wuhu is the location where this project will ultimately be implemented. The reason for choosing Wuhu is its excellent and efficient business environment, as well as the professionalism, commitment, and sincerity shown by leaders at all levels throughout the project’s progression; these factors made us feel that starting a business in such a place is a true blessing. As one of the key cities in the middle and lower reaches of the Yangtze River, Wuhu enjoys a favorable geographical location. In recent years, it has made remarkable progress in urban development, economic growth, and the establishment of strategic industries, all of which make the company highly optimistic about the prospects for implementing projects there. As one of the leading companies in China’s modified materials industry, Huitong Co., Ltd. has always pursued a strategic plan to expand its operations upstream in the industrial chain. The polylactic acid project is well in line with the company’s strategic objectives and also aligns with the broader strategies of \"carbon neutrality\" and environmental protection. At the same time, polylactic acid has huge application prospects and market potential, possessing very high social and economic value. Source: Refining and Petrochemical News