Shandong Chemicals Benefits Hong Kong Platform

China Drying Network News “2012 Hong Kong Shandong Week” ended in Hong Kong a few days ago. During the week of the event, a total of 267 major cooperation projects covering new energy, new materials, marine technology development and other fields were signed, which deepened the overall strategic cooperation of Lugang. Through the Hong Kong platform, Shandong enterprises have gone out of the country to participate in overseas mergers and acquisitions, and the level of internationalization has improved by leaps and bounds. As of 2011, 97 companies in Shandong have successfully achieved overseas mergers and acquisitions. A group of large companies such as Shandong Gold, Shansteel Group, Weichai Power, and Yankuang Group have completed cross-border mergers and acquisitions through Hong Kong.

The contracted projects included the cooperation between Korea Lishu Group and Dongming Petrochemical Group. Kim Sang-Fang, chairman of Korea's Lishu Group, made a special trip to Hong Kong to participate in the "2012 Shandong Hong Kong Week," and he is looking forward to working with Dongming Petrochemical Group to build a petrochemical industrial park. This project, with a total investment of 600 million U.S. dollars, will have an annual sales income of 370 million U.S. dollars and a profit of 150 million U.S. dollars. Kim Sang-Fan said that using the advantages of Hong Kong’s platform to achieve cooperation with Shandong enterprises has broad prospects.

During the activity week, Taiyin Ganghua Gas Co., Ltd. of Taiyin County of Pingyin County of Shandong Province was supported by Hong Kong and China Hong Kong Investment Co., Ltd. and plans to invest US$20 million to establish a new company with independent legal personality in Pingyin – Pingyin Hong Kong Gas Co., Ltd. The company integrates the Pingyin gas market. The group has accumulated a total of 65 projects invested in Shandong, with a total investment of over 37 billion yuan, involving pharmaceutical, textile, gas, chemical , logistics and other fields.

Jiang Daming, deputy secretary and governor of Shandong Province, said that Hong Kong’s platform has attracted foreign companies to cooperate with Shandong companies and promoted the injection of offshore funds into Shandong enterprises. It has also attracted the attention of many Shandong companies. At present, Hong Kong has become the largest overseas investment destination in Shandong. As of the end of 2011, Shandong had 424 investment companies in Hong Kong, and 37 Shandong companies were listed in Hong Kong.