China National Chemical Engineering Co., Ltd. (CNCEC) plans to raise RMB10 billion to invest in key engineering projects and to supplement its working capital. The company released a pre-arranged plan on April 23 to issue a maximum of 1.48 billion shares to no more than 35 specific targets, including the controlling shareholder China National Chemical Engineering Group Corporation, with a total raised capital of no more than RMB10 billion.

According to the plan, the total investment for new nylon materials project is RMB10.457 billion, with a planned raised fund of RMB3 billion. The project was put into construction and is expected to start up in 2022. By then, the project will break the technical barrier of adiponitrile (ADN), using domestic propylene, ammonia, methanol and butadiene (BD) to produce ADN and hexanediamine (HMDA) and form a complete nylon-66 chip industrial chain to break overseas monopoly. 

Key projects include Russia’s NFP 5400MTPD project, and demonstration project using coal based on different qualities to produce new chemical materials, with a total raised fund of RMB4 billion. NFP 5400MTPD is one of the world’s largest single methanol unit and the coal-based new chemical materials demonstration project is the world’s largest coal chemical project under construction. They have an estimated investment of RMB125 billion.