On the evening of January 5, the official websites of China national chemical corporation (chemchina) and China national chemical corporation (sinochem) were both released with heavy news.
Sinochem said major assets in its agricultural unit would be injected into chemchina's syngenta group co., now known as chemchina (Shanghai) agricultural technology co., LTD.
The company was founded in June 2019, with ning gaoning, co-chairman of sinochem and chemchina, as chairman and general manager, according to tianyan.
Chemchina said the group's 100 percent stake in syngenta.a.g. and 74.02 percent stake in andolm would also be transferred to Syngenta.
Both chemchina and sinochem said the move is aimed at further deepening the reform of state-owned enterprises and optimizing resource allocation, which is also a sign of their closer cooperation.
According to the website of China national chemical corporation, the chairman of syngenta group is ning gao-ning. The board of directors of syngenta group will appoint ErikFyrwald as the chief executive officer of syngenta group, and Mr. ChenLichtenstein will be nominated as the chief financial officer of syngenta group. Syngenta's board of directors will subsequently complete the appointment of the relevant senior executives of the company. In addition, upon the completion of the transfer of shares in andormac inc., syngenta group intends to recommend to the board of directors of andormac inc. Mr. ErikFyrwald as a candidate for director and chairman of the company.
A new agricultural giant - syngenta group was born!
On the evening of Jan. 5, four listed agrochemical subsidiaries of sinochem and chemchina also issued a statement, saying that the assets of the four companies will be transferred to China national science and technology, completing the integration of the two agricultural businesses.
The four subsidiaries are sinochem (00297.hk), yannong chemical (600486.sh), quanyin hi-tech (300087.sz) and chemchina's andoumai A (000553.sz), which are related to the agricultural business sectors of chemical fertilizers, pesticides and seeds.
Sinofert is a comprehensive chemical fertilizer company oriented by distribution service and operating upstream and downstream. It is the first Chinese chemical fertilizer company listed in Hong Kong. With an annual capacity of more than 10 million tons, sinofert is one of the largest fertilizer distribution service providers in China, the largest supplier of imported fertilizer products in China and one of the largest fertilizer producers in China.
Established in 1999, yannong chemical is the production base of pyrethroid pesticides in China, and the only listed company that mainly produces pyrethroid insecticides in China. In addition, yannong science and technology has a market share of 70% in domestic sanitary insecticides, ranking the second in global sales volume.
Quanyin gaoko is a high-tech seed company, which integrates crop seed research, production, processing and marketing at home and abroad.
In December 2018, sinochem group became a strategic shareholder of quanyin hi-tech. Sinochem modern agriculture co., LTD., a wholly-owned subsidiary of sinochem, received 21.5% of the shares of quanyin hi-tech and became the largest shareholder of the latter.
Andomai started in Israel and is a global giant in plant protection industry. In 2011 and 2016, chemchina bought 60 per cent and the remaining 40 per cent of andomai, respectively. In 2017, hubei shallunda group, an important producer of active pesticide under chemchina, acquired andomei and renamed the company as a whole.
In June 2017, chemchina bought Swiss agricultural chemical and seed company syngenta for $43 billion, setting a record for a single overseas acquisition by a Chinese company.
