Changshan'S North Ming Textile Sector Adjusts Its Structure To Enhance Its Ability To Resist Risks And Profitability.

Shijiazhuang Changshan North Ming Polytron Technologies Inc (hereinafter referred to as "Changshan North Ming") recently announced that due to changes in the market environment and the company's business strategy, the company intends to terminate investment in Xinjiang to build a comprehensive textile and clothing project (hereinafter referred to as "project").

According to the announcement, Changshan North Ming's above projects plan to invest 1 billion 311 million yuan, plan land requisition 676.6 mu, the construction scale is 200 thousand spindles spinning and the air-jet loom 1000 sets. Changshan North Ming said that along with the global economic downturn, the domestic and foreign textile markets were in a state of depression. Xinjiang's support policy for the textile industry has also been adjusted to some extent, and the investment risk of the project has increased. In addition, the company has increased investment and support for the software sector, and reduced the initial production of textile plates and the low added value production capacity, in order to reduce investment risks. The company intends to terminate the implementation of the project.

In 2020, Changshan North Ming textile plate will be adjusted through structural adjustment to eliminate varieties with low gross profit margins and poor market prospects, increase varieties with high profit margins and good market prospects, enhance enterprise's ability to resist risks and profitability. The company will also formulate management measures for cotton yarn futures delivery plant management, strengthen the technical strength of cotton yarn futures business, carry out the cotton yarn futures delivery plant library business, and help the main textile industry of the company. Improving quality and increasing efficiency.