Yip's Chemical to Establish R&D Centre in Shanghai    

On December 14th, 2010 Yip's Chemical Holdings Limited (HKEx: 0408), the world's largest manufacturer of acetate solvents and one of China's largest manufacturers of petrochemical products, announced it has signed a ten-year agreement with Shanghai Zhangjiang Biotech & Pharmaceutical Base Development Co Ltd to rent a four-storey building in Shanghai Zhangjiang Hi-Tech Park. The building with an area of 5 625 square meters floor space will serve as the Group's Research and Development Centre. The Centre is expected to commence operation in the second half of next year and the number of R&D professionals is expected to reach 100 by 2015. Investment for Phase I will be around US$5 million.
   Yip's Chemical CEO Mr. Wong Kam Yim hope the R&D Centre will become an advanced R&D institution in the industry in the coming three to five years. This will help the company achieve sales target of HK$10 billion by 2014.