| Formerly | 烟台万华华信合成革有限公司 | ||||||
|---|---|---|---|---|---|---|---|
| Company type | Mixed government-private ownership | ||||||
| Industry | Holding company | ||||||
| Founded | 29 October 2001 in Yantai | ||||||
| Founder |
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| Headquarters | Yantai , China | ||||||
Area served | China | ||||||
| Total assets | RMB6.774 billion (2018) | ||||||
| Total equity | RMB4.930 billion (2018) | ||||||
| Owner | Yantai Guofeng (39.497%) | ||||||
| Subsidiaries |
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| Chinese name | |||||||
| Simplified Chinese | 万华实业集团有限公司 | ||||||
| Hanyu Pinyin | Wànhuá shíyè jítuán yǒuxiàn gōngsī | ||||||
| Literal meaning | Wanhua Industrial Group, limited company | ||||||
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| former name | |||||||
| Simplified Chinese | 烟台万华华信合成革有限公司 | ||||||
| Hanyu Pinyin | Yāntái wànhuáhuáxìn héchénggéyǒuxiàn gōngsī | ||||||
| Literal meaning | Yantai Wanhua Hua[rong]–Cin[da] synthetic leather limited company | ||||||
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| Website | wanhuagroup | ||||||
| Footnotes /references source of data:Yantai's SASAC [1] | |||||||
Wanhua Industrial Group Co.,Ltd. is a Chinese holding company. It was the parent company of Wanhua Chemical Group and BorsodChem until 2018. Yantai Municipal People's Government,via Yantai Guofeng,still owned 39.497% stake of the company as of 2017. The government also sold 25% stake of the company to a consortium of Pemex and Deutsche Bank in 2007.
The predecessor of Wanhua Group Corporation,was Yantai synthetic leather factory (Chinese :烟台合成革总厂 or Chinese :烟台合成革厂). [2] The plan to build the factory was approved by the State Development Planning Commission in 1978. [3] The construction started in 1980 and completed in 1983. [4] The manufacturing technology was imported from Japan (from Nippon Polyurethane Industry according to C&EN [5] ) and was the first synthetic polyurethane leather factory of China. [6]
In 1988,the ownership of the factory was transferred from the Ministry of Light Industry of the People's Republic of China to the Yantai Municipal People's Government. [2]
In 1995,the factory was re-incorporated as a limited company as 烟台万华合成革集团有限公司, [7] or in short,Wanhua Group Corporation (Chinese :万华集团公司). [2]
In 1998,a subsidiary Yantai Wanhua Polyurethane (now Wanhua Chemical Group) was formed. The subsidiary owned the methylene diphenyl diisocyanate production line of the factory. [2] However,Wanhua Group Corporation retained several production line such as the supply chain of liquid chlorine,sodium hydroxide,pure water,steam vapour and electricity. [2] The subsidiary became a listed company in January 2001.
In October 2001,Wanhua Group Corporation formed another subsidiary Wanhua Industrial Group (see section below). In 2015,39.497% shares of Wanhua Industrial Group was transferred from Wanhua Group Corporation to its parent State-owned Assets Supervision and Administration Commission (SASAC) of the Yantai Municipal People's Government,making Wanhua Group Corporation and Wanhua Industrial Group were sister companies. [8]
As of 2019,Wanhua Group is a live company. It owned the shares of Yantai Wanhua Hospital as well as other assets. [9]
In October 2001,Wanhua Group Corporation formed another subsidiary Wanhua Industrial Group (founded as 烟台万华华信合成革有限公司,known as 烟台万华实业集团有限公司 since 2008) as part of a debt-to-equity swap. Central Government owned bad banks managers China Huarong (Chinese :华融; pinyin :Huáróng) and China Cinda (Chinese :信达; pinyin :Xìndá) were the minority shareholders. [10] Cinda [11] and Huarong [7] later sold the shares of Wanhua Industrial Group.
According to the company itself,Wanhua Group Corporation injected all the assets to Wanhua Industrial Group at the time of the debt-to-equity swap,which including the shares of Yantai Wanhua Polyurethane,Yantai Huali (Chinese :烟台华力热电股份有限公司; pinyin :Yāntái huálìrèdiàn gǔfèn yǒuxiàn gōngsī),Wanhua Microfiber (Chinese :万华超纤),etc. [7]
Wanhua Industrial Group was the direct parent company of the listed company Yantai Wanhua Polyurethane since 2001 and effective in March 2003. [12] Wanhua Industrial Group still owned 47.92% shares of the listed company as of 31 December 2017,before another company shake up in January 2018. [13]
Yantai Huali was a combined steam and electric power supplier of the listed company. [14]
In 2007,the Yantai city-owned Wanhua Group Corporation sold a further 25% stake of Wanhua Industrial Group to a consortium of Pemex,Deutsche Bank and one other investor. [10] [15] After the deal,as of 2007,Wanhua Group Corporation owned 50.50% shares of Wanhua Industrial Group,the aforementioned consortium,via a BVI company Prime Partner International Limited,owned 25%, [15] [16] and the rest (24.58%) was owned by Yantai Huali. [15]
By 2005,Yantai Huali was significantly (37.60%) owned by Wanhua Industrial Group. It was followed by Wanhua Group Corporation for 31.94% shares as well as employee stock ownership for the rest of the shares. [7] : 19 But since December 2006,Yantai Huali was majority owned by the managers of the listed company. [11] Yantai Huali acquired 15.04% shares of Wanhua Industrial Group from Huarong in 2005 [7] and 9.54% shares from Cinda in 2006. [11] The change in ownership of Yantai Huali,as well as acquiring the shares of Wanhua Industrial Group,was considered as an indirect employee stock ownership of the listed company. [11] [17]
In 2013,Wanhua Industrial Group recapitalized another RMB4 billion and diluting the stake of the existing shareholders. [18]
Wanhua Industrial Group was interested to buy Hungarian company BorsodChem in the late 2000s. By 2009,Wanhua Industrial Group already acquired about two-thirds of mezzanine capital of the BorsodChem. [19]
In 2011,Wanhua Industrial Group formally acquired BorsodChem. [20] [21] It was the biggest Chinese outbound investment deal in Hungary. [22] The buyout of BorsodChem from private equity firms Permira and Vienna Capital Partners came at a financially bleak time for BorsodChem and allowed the company to avoid laying off its 2700 employees. [23] [24] The parent companies of the listed company,also hired the listed company to manage BorsodChem from 2011 [25] to circa 2019.
In 2017,the State-owned Assets Supervision and Administration Commission (SASAC) of the Yantai Municipal People's Government,transferred 39.497% stake of Wanhua Industrial Group to another city government-owned company Yantai Guofeng (Chinese :烟台国丰投资控股有限公司; pinyin :Yāntái guófēng tóuzīkònggǔyǒuxiàn gōngsī). [13] Yantai's SASAC acquired the aforementioned stake from its subsidiary Wanhua Group Corporation in 2015. (see above section)
In January 2018 Wanhua Industrial Group was split into two companies:the surviving Wanhua Industrial Group as well as 烟台万华化工有限公司 (pinyin :Yāntái wànhuáhuàgōng;lit.'Wanhua chemical industry','limited company'). The latter became the new largest shareholder of the listed company instead. [26] The latter also owned the assets that directly related to polyurethane production, [1] including BorsodChem. However,the latter also reverse merged with the listed company in February 2019. [27]
As of 31 December 2018,after the split,Wanhua Industrial Group had a net assets of RMB4.930 billion. [1] It owned 33.07% shares of Wanhua EnergySave Science and Technical Group [1] [28] (Chinese :万华节能科技集团 or known as WanhuaEnergySav Science Technical Group [29] [30] ) The shares of that company were formerly traded in Chinese OTC system National Equities Exchange and Quotations as NEEQ:838261 until June 2018. [31]
The company also owned 15.56% shares of Wanhua Microfiber as of 2018. [1]
The biggest deals included China's Wanhua industrial group taking full control of the Hungarian chemical maker BorsodChem for $1.6 billion
China's Wanhua Industrial Group has gained full control of Borsodchem, the Hungarian chemicals manufacturer, in a €1.2bn ($1.66bn) deal
