Wanhua Industrial Group
Formerly | |||||||
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Company type | Mixed government-private ownership | ||||||
Industry | Holding company | ||||||
Founded | 29 October 2001Yantai | in||||||
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 | |||||||
Hanyu Pinyin | Yāntái wànhuá huáxìn héchénggé yǒuxiàn 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.
History[edit]
Predecessors[edit]
Yantai synthetic leather factory[edit]
The predecessor of Wanhua Group Corporation, was Yantai synthetic leather factory (Chinese:
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]
Wanhua Group Corporation[edit]
In 1995, the factory was re-incorporated as a limited company as
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]
Wanhua Industrial Group[edit]
Foundation and privatization[edit]
In October 2001, Wanhua Group Corporation formed another subsidiary Wanhua Industrial Group (founded as
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:
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]
BorsodChem acquisition[edit]
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.
split and reverse IPO[edit]
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:
In January 2018 Wanhua Industrial Group was split into two companies: the surviving Wanhua Industrial Group as well as
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]
Further reading[edit]
- Yang Bo (January 2015).
建 设烟台 合成 革 厂.熔炉 —从学徒 工 到 共和 国部 长 (memoir) (in Chinese (China)).中国 轻工业出版 社 [China Light Industry Press]. ISBN 9787501999170.
References[edit]
- ^ a b c d e 万华实业集团有限公司 (in Chinese (China)). SASAC of Yantai Government. 20 August 2019. Retrieved 15 January 2020.
- ^ a b c d e
烟 台 万华聚氨酯股份有限公司招股说明书概要 (prospectus) (in Chinese (China)). Yantai Wanhua Polyurethane. 13 December 2000. Retrieved 15 January 2020 – via jrj.com.cn. - ^ 发展历程 > 1978
年 -1998年 (in Chinese (China)). Wanhua Chemical Group. Retrieved 15 January 2020. - ^
大事 记.烟 台 市 志 (in Chinese (China)). 1994. - ^ Tremblay, Jean-François (23 May 2016). "C&EN profiles Wanhua Chemical, a Chinese firm that made it big in urethanes". Chemical & Engineering News. Vol. 94, no. 21. pp. 24–26. Retrieved 15 January 2020.
- ^ 轻工业.
烟 台 市 志 (in Chinese (China)). 1994. - ^ a b c d e 2006
年度 短期 融 资券募集 说明书 (in Chinese (China)). Wanhua Industrial Group. April 2006. Retrieved 16 January 2020 – via chinabond.com.cn. - ^
万 华化学 集 团股份有限 公司 关于控 股 股 东国有 股 权无偿划转的公告 (PDF) (Press release) (in Chinese (China)). Wanhua Chemical Group. 9 November 2015. Retrieved 15 January 2020. - ^
烟 台 万华合成革集团有限公司. SASAC of Yantai Government. 20 August 2019. Retrieved 15 January 2020. - ^ a b 万华实业集团有限公司跟踪评级分析报告 (PDF) (Press release) (in Chinese (China)). China Lianhe Credit Rating. 22 July 2008. Retrieved 15 January 2020.
- ^ a b c d
烟 台 万 华(600309)控 股 股 东股权发生 变更. Shanghai Securities News (in Chinese (China)). 23 December 2006. Retrieved 16 January 2020 – via stcn.com. - ^
股 本 变动及股东情况. 2002年 年度 报告 [2002 Annual Report] (PDF) (Report) (in Chinese (China)). Wanhua Chemical Group. 2003. p. 7. Retrieved 16 January 2020 – via Shanghai Stock Exchange website. - ^ a b
普通 股 股 份变动及股 东情况. 2017年 年度 报告 [2017 Annual Report] (PDF) (Report) (in Chinese (China)). Wanhua Chemical Group. 2018. p. 46. Retrieved 15 January 2020 – via Shanghai Stock Exchange website. - ^
重 要事 项. 2006年 年度 报告 [2006 Annual Report] (PDF) (Report) (in Chinese (China)). Wanhua Chemical Group. 2007. p. 23. Retrieved 16 January 2020 – via Shanghai Stock Exchange website. - ^ a b c
墨 西 哥石油 、德 意志 银行入 股 烟 台 万 华.第 一 财经日 报 (in Chinese (China)). 3 March 2007. Retrieved 15 January 2020 – via Sohu news portal. - ^ 关于
第 一大股东改制的提示性公告 (PDF) (Press release). Wanhua Chemical Group. 26 January 2007. Retrieved 16 January 2020 – via Shanghai Stock Exchange website. - ^ 鲁岩 (24 September 2008). Written at Beijing.
烟 台 万华管理层财富路径调查. 21世 纪经济报道 [21st Century Business Herald] (in Chinese (China)). Guangzhou. Retrieved 16 January 2020 – via Sohu news portal. - ^ 张卓冉 (9 April 2013).
万 华实业获40亿元增 资.山 东商报 (in Chinese (China)). Retrieved 16 January 2020 – via ifeng.com. - ^ Tucker, Sundeep; Arnold, Martin (9 September 2009). Written at Hong Kong and London. "Wanhua in talks with Permira over Borsodchem". Financial Times. London. Retrieved 16 January 2020.
- ^ Richburg, Keith B. (29 February 2012). Written at Beijing. "China wary of helping Europe weather its debt crisis". The Washington Post. Washington, D.C. Retrieved 15 January 2020.
The biggest deals included China's Wanhua industrial group taking full control of the Hungarian chemical maker BorsodChem for $1.6 billion
- ^ Bryant, Chris (2 February 2011). Written at Budapest. "Wanhua takes full control of Borsodchem". Financial Times. London. Retrieved 16 January 2020.
China's Wanhua Industrial Group has gained full control of Borsodchem, the Hungarian chemicals manufacturer, in a €1.2bn ($1.66bn) deal
- ^ 万华实业集团完成对匈牙利BorsodChem
公司 全面 收 购 (in Chinese (China)). Economic and Commercial Counselor's Office of the Embassy of the People's Republic of China in Hungary. 1 February 2011. Retrieved 15 January 2020. - ^ "Wanhua to the rescue of BorsodChem". Chemical Business NewsBase. 20 February 2012.
- ^ Gal, Janos (20 February 2012). "To the Rescue". ICIS Chemical Business. Archived from the original on 22 February 2012.
- ^
烟 台 万 华:万华实业收购BorsodChem公司 96%的 股 权. Guoyuan Securities. 15 February 2011. Retrieved 15 January 2020 – via qq.com. - ^
普通 股 股 份变动及股 东情况. 2018年 年度 报告 [2018 Annual Report] (PDF) (Report) (in Chinese (China)). Wanhua Chemical Group. 23 April 2019. p. 46. Retrieved 15 January 2020 – via Shanghai Stock Exchange website. - ^
万 华化学 集 团股份有限 公司 以新增 股 份吸收 合 并烟台 万华化工有限公司实施结果暨股份变动公告 (PDF) (Press release) (in Chinese (China)). Wanhua Chemical Group. 14 February 2019. Retrieved 15 January 2020. - ^ "About Wanhua". wanhuamp.com. Wanhua Group. Archived from the original on 27 July 2018. Retrieved 4 February 2021.
- ^ "
万 华节能 2017" (PDF) (in Chinese). Retrieved 29 November 2023. - ^ "
万 华节能 2018" (PDF) (in Chinese). Retrieved 29 November 2023. - ^ "In chinese" (PDF).