Synthetic Biology (non-pharma)▼2
Xinxiang Chemical Fiber's 98.85 mu of industrial land to be reclaimed with compensation; some production lines to halt
Xinxiang Chemical Fiber announced at midday on October 9 that the right to use approximately 98.85 mu of transferred industrial land, located at the northwest corner of Muye Avenue and Genghuang Avenue, is to be reclaimed with compensation by the Fengquan District Government of Xinxiang City. The company plans to sign a compensation agreement with the Fengquan District Government of Xinxiang City, with the first-phase compensation for the land and above-ground attachments totaling 51.2334 million yuan. Subsequent agreements will be signed separately based on demolition progress, asset disposal, and acceptance inspection. In view of the change in the aforementioned land use right, the company has decided to halt production at its northern district bio-based cellulose filament production line and its subsidiary Xinglu Technology starting from October 12. This is expected to reduce the company's operating revenue by approximately 260 million yuan and reduce total profit by approximately 40 million yuan. Apart from the production lines halted this time, the company's other major production facilities will continue normal operations.
About megatrends
Synthetic Biology (non-pharma) › Bio-Based Materials & Industrial Chemicals ▼Supply
000949.CS · Regulation · Negative Government reclamation of its industrial land forces halt of bio-based cellulose filament and Xinglu Technology lines, cutting revenue ~260M yuan and profit ~40M yuan.