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According to a report from Sinochem New Network, on December 21, Jinshi Resources issued a statement indicating its intention to acquire a portion of the shares in Zhejiang Noah Fluorine Chemical Co., Ltd. (hereinafter referred to as Noah Fluorine Chemical). Jinshi Resources stated that, as a leading enterprise in the upstream fluorine chemical industry, this move represents an important strategic step toward expanding into downstream fine fluorine chemicals, as well as toward deepening its value chain and integrating various industrial elements. The announcement states that Noah Fluorine Chemical’s fluorinated coolant products are manufactured through chemical synthesis methods, and they possess unique advantages in terms of product purification and testing technologies. In 2019, they were included for the first time in the procurement list of a state-owned enterprise, to be used in **supercomputing center projects. In recent years, Noah Fluorine Chemical’s products have been used by well-known internet companies and server manufacturers both domestically and internationally. The company now has an annual production capacity of 5,000 tons of fluorinated liquids, and it holds a leading position in China in terms of the scale of the immersion liquid cooling market as well as its market share. An introduction to Jinshi Resources: In recent years, its business has expanded from fluorite resources to basic fluorine chemical products such as anhydrous hydrogen fluoride and anhydrous aluminum fluoride, as well as downstream lithium battery materials like lithium hexafluorophosphate. The company plans to acquire 15.7147% of the shares in Noah Fluorine Chemicals for approximately 257 million yuan in cash. Following the completion of the transaction, Jinshi Resources will become Noah Fluorine Chemical’s second-largest shareholder, with a shareholding gap of only 0.1415 percentage points from the largest shareholder. Industry experts say that Jinshi Resources has gradually established a vertically integrated industrial chain that spans from fluorite mining to hydrofluoric acid production and the manufacture of fluorine-based fine chemicals. This transformation is not only an extension of the business operations but also represents a shift for Jinshi Resources from being a passive resource supplier to an active integrator within the industrial chain.