Sichuan Nitrocell to Become World-Class Cellulose Group      

The share of Sichuan Nitrocell Co., Ltd. (Sichuan Nitrocell SZ: 002246), the first company in Sichuan province that got listed in the stock market after the Wenchuan earthquake, has recently been traded in the stock market. At the listing ceremony, Board Chairman Wen Gang said that the company has set a target to become a world-class cellulose group.
   The company owns three production bases in Luzhou, Sichuan province, Xi'an of Shaanxi province and Taihe of Jiangxi province. The output and the sales amount of nitro-cotton in the company have held the leading place in the world since 2004. The company holds 42% share in domestic market in 2007 and nearly 18% in the international market.
   Sichuan Nitrocell Co., Ltd. has made an initial public offering of 49.50 million domestic RMB-shares. The issuing price is RMB6.95 per share. RMB473.40 million raised will be used in the Xi'an site expansion, a 15 000 t/a high-quality wood pulp nitro-cotton project, an 11 500 t/a polyanionic cellulose (PAC) project and a R & D center.