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       Recently, with the approval of the State Council, China National Chemical Corporation Limited and China National Chemical Corporation Limited implemented a joint restructuring. A reporter from China Securities News learned that in the future, a new company will be established, with the State owned Assets Supervision and Administration Commission of the State Council representing the State Council to fulfill the responsibilities of investors. China National Chemical Corporation and China National Chemical Corporation will be integrated, and the new company will have more than 220000 employees.

      Sinochem Group has five major business units: energy, chemical, agriculture, real estate, and finance. It is a leading comprehensive operator of the petroleum and chemical industry, an integrated operator of agricultural inputs (seeds, pesticides, fertilizers), and modern agricultural services. It has a strong influence in urban development and operation as well as non bank finance. China National Chemical Corporation is a professional chemical company with six business segments: chemical new materials and special chemicals, agricultural chemicals, petroleum processing and refining products, rubber tires, chemical equipment, and scientific research and design.

       It is understood that the newly established company's business scope covers eight major fields, including life sciences, materials science, basic chemical engineering, environmental science, tire rubber, mechanical equipment, urban operations, and industrial finance. At present, there are 17 domestic and foreign listed companies under the "Two Chemicals", including Sinochem International, Luxi Chemical, Yangnong Chemical, Sinochem Fertilizer, China Jinmao, Far East Hongxin, Andomai, Andosu, Haohua Technology, Aiken, Pirelli, etc.

       Li Shousheng, President of the China Petroleum and Chemical Industry Federation, stated that the restructuring of China National Chemical Corporation and China National Chemical Corporation to form a new group is a landmark event in the strategic restructuring of China's petroleum and chemical industry. The restructuring of China National Chemical Corporation and China National Chemical Corporation will accelerate the growth of China's world-class enterprises with international competitiveness and enhance the core competitiveness of China's petroleum and chemical industries.

       Xu Baoli, a researcher at the Research Center of the State owned Assets Supervision and Administration Commission, stated that the new company formed after the "two modernizations" restructuring, as a leading enterprise in China's chemical industry, has a good industrial foundation, research and development strength, and application scenarios in strategic emerging industries such as new materials, life sciences, and digital economy. Through this restructuring, the adaptability of the relevant supply system to demand can be improved, playing a greater role in innovation leadership, and playing a leading role in improving the level of the industrial chain supply chain.