Baofeng Energy is the largest private, high-end coal-based new materials and chemicals manufacturer in China, which was founded in 2005 and listed on the Shanghai Stock Exchange in 2019.In 2007, Baofeng Energy shifted from a traditional single refinery to modern coal chemical industry, and now its main business is to produce high-end chemical products by replacing oil with coal.
At a time when the profitability of many petroleum-based olefin projects has dropped sharply or even lost money, Baofeng Energy has achieved profitability with its coal-based polyolefin.In the first quarter of 2020, Baofeng Energy reported operating income of 3.61 billion yuan and net attributable profit of 820 million yuan. In addition, net cash flow from operating activities in the first quarter of 2020 amounted to 1.29 billion yuan, an increase of 411 million yuan from the same period last year.
Huaxia Energy Net learned that on July 2, Ningxia Baofeng Energy Group Co. The announcement shows: Baofeng Energy intends to RMB 950 million and the Company's wholly-owned subsidiary Ningxia Baofeng Energy Group Olefin Second Plant Co.
Announcement shows that the newly established subsidiary tentatively named Inner Mongolia Baofeng coal-based new materials limited company, registered capital of 1 billion yuan. Among them, Baofeng Energy contributed 950 million yuan, holding 95% equity; olefin two plant contributed 50 million yuan, holding 5% equity.
Baofeng Energy President Liu Yuan tube said: this time, the establishment of Inner Mongolia subsidiary is to optimize the company's strategic layout, consolidate the company's leading product olefin production capacity scale advantage, and further extend the company's coal chemical recycling economy industry chain, to promote the coal resources from the "fuel-type" to "raw material" change, the product from the "fuel-type" to "raw material" change, the product from the "fuel-type" to "raw material" change. The company will further extend its coal chemical recycling economic industry chain, promote the transformation of coal resources from "fuel type" to "raw material", and the transformation of products from "general processing" to "high-end manufacturing", and at the same time, strengthen and expand the coal-based olefin and downstream high-end materials and fine chemical industry.