China'S Most Dominant Textile And Chemical Giant Has Made A New Contribution Today.

The Limited by Share Ltd of the Tong Kun group (hereinafter referred to as "Tong Kun") announced today (June 4th) that the company would continue to invest 2 billion 500 million yuan in the investment of Tong Kun on the basis of its registered capital of 8 billion yuan. After the completion of the capital increase, the registered capital of Tong Kun changed to 10 billion 500 million yuan, and Tong Kun shares continued to hold a 100% stake in Tong Kun's investment.

　　 ? ? The announcement shows that in May 11, 2017, Tong Kun held the seven three board meeting, and deliberated the adoption of the motion on setting up investment companies. Based on the needs of future development strategy, the company set up Zhejiang Tong Kun Investment Co., Ltd. (hereinafter referred to as "Tong Kun investment") with its own funds in Tongxiang, mainly for the acquisition of Zhejiang Tong Kun Holdings Limited. The company holds 20% stake in Zhejiang Petrochemical Company Limited (hereinafter referred to as "Zhejiang Petrochemical") and fulfil its obligations to invest in Zhejiang Petrochemical Company.

After the establishment of Zhejiang Petrochemical Company, the shareholders gradually increased their capital share in proportion to the proportion of the above shareholdings. The subsequent shareholders will also fulfill their obligations to shareholders and provide their own funds for the construction of Zhejiang Petrochemical Project.

Tong Kun shares said that taking into account the first phase of the project put into operation, Zhejiang Petrochemical is actively promoting the two phase of the project construction, followed by a large amount of capital, in addition to bank matching project loan funds, but also need to continue to invest in Zhejiang Petrochemical Company in the form of capital invested in project construction. In order to support the construction of Zhejiang Petrochemical Project and fully fulfill its obligations as shareholders of Zhejiang Petrochemical Company, we need to increase capital to invest in Tung Kun to meet its investment needs.

　　 Public information shows that Zhejiang Petrochemical 40 million ton / year refining and chemical integration project is located in Zhoushan green petrochemical base, with a total investment of 173 billion 100 million yuan. The project is divided into two phases. The total scale is 40 million ton / year refining, 8 million ton / year para xylene, 2 million 800 thousand ton / year ethylene. The scale of each phase is 20 million tons / year refining, 4 million ton / year para xylene, 1 million 400 thousand ton / year ethylene and downstream chemical plant.

The first phase of the project invested 90 billion 155 million 500 thousand yuan, the main projects mainly include 20 million tons / year atmospheric vacuum distillation, 3 million tons / young hydrocarbon recovery, 3 million tons / year delayed coking, 5 million tons / year residue hydrodesulfurization, 3 million 800 thousand ton / year wax oil hydrocracking, 8 million ton / year diesel hydrocracking, 4 million 200 thousand ton / year heavy oil catalytic cracking, 2 million ton / year catalytic gasoline hydrogenation, 1 million 500 thousand ton / year aviation coal refining. 3 million 200 thousand tons / year naphtha hydrogenation, 8 million tons / year continuous reforming, 5 million 200 thousand tons / year aromatics, 450 thousand tons / year alkylation, 480 thousand tons / year sulfur recovery, 1 million 400 thousand ton / year ethylene, 600 thousand ton / year propane dehydrogenation, 900 thousand ton / year polypropylene, 260 thousand ton / year polycarbonate, 260 thousand ton / year acrylonitrile, 90 thousand ton / year methyl methacrylate (MMA) and other devices.

The main works of the two phase project include 20 million tons / year atmospheric vacuum distillation, 3 million 600 thousand tons / young hydrocarbon recovery, 1 million 200 thousand tons / year delayed coking, 5 million tons / year residue hydrodesulfurization, 3 million 800 thousand ton / year wax oil hydrocracking, 8 million ton / year diesel hydrocracking, 4 million 200 thousand ton / year heavy oil catalytic cracking, 2 million ton / year catalytic gasoline hydrogenation, 1 million 500 thousand ton / year aviation coal refining, 3 million 200 thousand ton / year stone brain. Oil hydrogenation, 8 million tons / year continuous reforming, 5 million 200 thousand tons / year aromatics, 600 thousand tons / year alkylation, 600 thousand tons / year sulfur recovery, 1 million 400 thousand tons / year ethylene, 600 thousand ton / year propane dehydrogenation, 900 thousand ton / year polypropylene, 260 thousand ton / year polycarbonate and other devices.

In the future, Zhejiang Petrochemical will also plan the third phase of the construction project (20 million tons), which will form a 60 million ton / year crude processing capacity and become the world's largest petrochemical industrial base.

The first textile net understands that the first phase of China's largest refining and chemical project, Zhejiang Petrochemical, includes 20 million tons of crude oil processing capacity and 1 million 400 thousand tons of ethylene. The project is planned and constructed according to the principles of "refining and chemical integration, large-scale installation, cleaner production and high-end products". The total refining process is as follows: "residue hydrodesulfurization / heavy oil catalytic cracking + hydrocracking + delayed coking" nuclear processing flow. Under the principle of PX production, the production of gasoline and aviation products with good market prospects is enhanced, and the large-scale ethylene plant is used to solve the problem of light hydrocarbon resource utilization in integrated projects, so as to have complementary advantages in the three industrial chains of refined oil, aromatics and ethylene. 。 The project was put into operation in May 2019. At the end of 2019, the whole process of refining, aromatics, ethylene and downstream chemical equipment was put into operation. After the commissioning period, the release date of the project will be released in 2020. The company holds 20% equity interest in Zhejiang Petrochemical Company, and the performance of Zhejiang Petrochemical Company will become an important performance growth point of the company.

Insiders said that at present, the 40 million ton / year integrated refining and chemical integration project of Zhejiang Petrochemical has achieved stable operation and can produce more than 15 qualified petrochemical products including p-xylene (PX), ethylene, propylene and naphtha. According to the proportion of 20% of the shareholding held, Tung Kun shares will receive 4 million tons of refinery rights and interests, 800 thousand tons of PX rights and interests, and stable supply of raw materials. The commissioning of the project will help Tung Kun to build an integrated industrial chain of "crude oil aromatics (PX), olefin PTA, MEG polyester - spinning and blasting" to achieve high quality and efficient scale production, reduce product costs and further enhance the profitability of the company.

And Tong Kun shares entered the upstream refining and chemical sector by participating in the way of Zhejiang petrochemical. From the observation, the two phases of Zhejiang petrochemical in the construction period totaled 40 million tons of oil refining, 8 million tons of p-xylene and 2 million 800 thousand tons of ethylene, of which 20 million tons were produced in 2019, and the net profit was 665 million yuan in the same year, which brought 135 million yuan investment income for Tong Kun stock. In 2020, Zhejiang Petrochemical Company will contribute the whole year. Performance, reference to Hengli petrochemical refining and petrochemical project profitability, in March 2019, to achieve profits of more than 10 billion, in 2020, Zhejiang Petrochemical is expected to have a positive impact on the company's performance.

Tianfeng securities analyst Zhang Xixi believes that Zhejiang Petrochemical Project has four advantages: first, processing medium quality and heavy crude oil, with cost advantages; two, producing more PX and supporting ethylene, positioning high-end chemical products; three, holding hands to Zhejiang Province, ensuring oil sales; four, policy dividends, and obtaining fuel oil export qualification. Compared to the volume of refineries in the country.

According to the financial report, in 2019, when Zhejiang Petrochemical Company debugged along the border, the annual oil EBT was 297 yuan / ton, and the Shanghai petrochemical plant was running steadily throughout the year. The tonnage oil EBT was 115 yuan / ton. In the first quarter of 2020, Shanghai Petrochemical achieved a net profit of -12.2 billion yuan, and Hua Jin shares realized a net profit of -8.8 billion yuan, and Zhejiang Petrochemical achieved a net profit of 1 billion 820 million yuan. Under the external environment, Zhejiang Petrochemical's profitability is very outstanding.

Zhang Xixi said that according to the annual price of oil price, exchange rate, main products and raw materials during the 2013-2019 period, the profitability of Zhejiang Petrochemical Project has been traced back. During the period, oil price has been over 100 US dollars / barrel for a long time, and it has been below the level of 30 US dollars / barrel. Historical backtracking results also show that the annual profit of Zhejiang Petrochemical refinery project is 50% (12 billion 600 million) (normal profit), and the annual profit of 20% is 6 billion 300 million.

In addition, in the long run, Tong Kun shares and Jiangsu Rudong Port Economic Development Zone Management Committee signed the "cooperation agreement". It plans to jointly invest 1 billion yuan with Peng Yu Trade to set up Jiangsu jinton Energy Co., Ltd. (Tong Kun share accounted for 95%), and build 2 sets of 2 million 500 thousand tons of PTA installations, 900 thousand tons of FDY projects and 1 million 500 thousand tons of POY projects, including 2 sets of 2 million 500 thousand tons PTA, 300 thousand tons FDY, 900 thousand tons P. OY is scheduled to be put into operation at the end of 2022, and 600 thousand tons of FDY and 600 thousand tons of POY will be built in the two phase. The plan is to be put into operation by the end of 2025. In the future, the production and marketing scale of PTA and polyester filament will be further increased with the completion of the planning projects. The first position of the company's production and sales scale will be consolidated.

Public information shows that Tong Kun shares is a large joint-stock listed company based on PTA, polyester and polyester fiber manufacturing, and is located in the hinterland of Hangzhou Jiaxu Lake Plain, Tongxiang. The predecessor of the enterprise was Tongxiang chemical fiber factory established in 1982. From the field of polypropylene fiber cutting into polyester filament, it has been developing steadily through technological upgrading and low cost expansion, building PTA project to realize the extension of industrial chain, and entering the private refining and chemical industry to participate in Zhejiang Petrochemical industry. After nearly 40 years of unremitting development, by the end of 2019, the company has total assets of over 40 billion yuan, and has 6 million 900 thousand tons of polyester filament production capacity. Annual production capacity of 4 million 200 thousand tons PTA.

According to the financial report, in 2019, Tong Kun realized its operating income of 50 billion 600 million yuan, an increase of 22% over the previous year, and realized a net profit of 2 billion 880 million yuan attributable to the parent company, an increase of 36% over the previous year. During the reporting period, the number of employees reached 18368, compared with 15547 people in 2018, an increase of 2821. In the first quarter of 2020, the total income of Tong Kun shares was 7 billion 694 million yuan, down 34% from the same period last year. The net profit of the parent company was 429 million yuan, down 18% compared to the same period last year.

As of the first textile network reporter today (June 4th) evening dispatch, Tong Kun shares closed at 12.69 yuan / share, a decrease of 1.17%, the market value of 23 billion 500 million yuan, as of March 31, 2020, Tung Kun shares reached 56947 households, compared with December 31, 2019 increased by 14720 households, the shareholding ratio of 34.86%, an average of 32450.08 shares per household.