Wanwei High-Tech: Plans to build a production facility for ethylene-based functional polyvinyl alcohol resins

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According to a news report on August 15, Wanwei High-Tech (600063) announced in the evening of the same day that it plans to invest in the construction of a production facility for ethylene-based functional polyvinyl alcohol resins in the Binhai Coastal Industrial Park. The total planned investment is around 10 billion yuan. The project is to be constructed in two phases; the first phase involves a facility for producing functional polyvinyl alcohol resin via the ethylene process, with an annual production capacity of 200,000 tons – this is the project under consideration here. It also includes associated facilities for producing 360,000 tons of vinyl acetate and 300,000 tons of methyl acetate per year. To leverage the advantages of the project, secure more support policies from local authorities, and attract investment from private sector entities, the company plans to invest in establishing \"Jiangsu Wanwei New Materials Co., Ltd.\" as the entity responsible for implementing the project. “Jiangsu Wanwei New Materials Co., Ltd. has a registered capital of 1 billion yuan; the company contributes 800 million yuan to hold a controlling stake in it, owning 80% of the equity ； Binhai County Coastal Investment and Development Co., Ltd., a state-owned company under the Management Committee of Jiangsu Binhai Economic Development Zone, has invested 200 million yuan and holds a 20% stake.