Chlor-Alkali Chemical (600618) announced two asset consolidation plans today. Among them, the transfer of shares in the subsidiary to the controlling shareholder can return the cash, which is beneficial to the improvement of the capital aspect of the chlor-alkali chemical; cancelling the qualification of an independent legal person of a subsidiary can be used for the construction of the later stage project. Rationalize the financing channels so as to successfully implement the chlor-alkali chemical development strategy.
Chlor-Alkali Chemical will transfer 48.57% of the equity held by Shanghai Engineering Chemical Design Institute Co., Ltd. to Shanghai Huayi (Group) Company. The target equity transfer price is 44.52 million yuan, which has a certain premium.
Shanghai Engineering Chemical Design Institute's scope of business covers inorganic chemicals, fine chemicals, petrochemicals, plastics and rubber, environmental protection projects, chlor-alkali chemicals, synthetic fibers, non-standard chemical equipment design, industrial and civil construction and other fields. As of June 30, 2008, the company had total assets of 129 million yuan, total liabilities of 37.73 million yuan and net assets of 91.67 million yuan.
Chlor-Alkali Chemical Co., Ltd. said that the transfer of 48.57% equity of Shanghai Engineering Chemical Design Institute through premium would be able to recover the investment and obtain a certain amount of investment income due to the transfer of premium. Cash withdrawal would be beneficial to the improvement of the fund surface of chlor-alkali chemicals, and could better concentrate the main business. Expand and strengthen the project of the main battlefield of Shanghai Chemical Industry Park. Upon completion of the equity transfer, the chlor-alkali chemical industry can directly create an operating profit of approximately 30 million yuan in the year, which will contribute greatly to the current profits of chlor-alkali chemicals.
At the same time, chlor-alkali chemical plans to cancel the independent legal personality of Shanghai Tianyuan Huasheng Chemical Co., Ltd., a wholly-owned subsidiary, and establish a branch, all of the original Huasheng company, in view of the continuous development strategy and further consolidation of the status of the main battlefield in the chemical industry zone. The creditor's rights and debts were inherited by chlor-alkali chemicals and they carried out goods import and export activities in the Shanghai Chemical Industry Zone under the name of the branch.
Huasheng's business scope covers chemical production, equipment manufacturing and repair, self-owned equipment rental, warehousing, domestic trade, import and export of goods and technology. Chlor-Alkali Chemical Co., Ltd. stated that Shanghai Chemical Industry Park is the main battlefield for the development strategy of chlor-alkali chemical industry. Huasheng Company will also conduct a number of cooperation with international multinational companies in the Chemical Industry Zone. This requires a large amount of funds, and Hua Sheng Company’s current asset-liability ratio is as high as 73.12%. No longer have financing capabilities. The cancellation of Hua Sheng Company’s independent legal person qualification can rely on the chlor-alkali chemical industry platform to finance Hua Sheng Company's later-stage project construction, thus successfully implementing the chlor-alkali chemical development strategy.
In addition, the cancellation of Huasheng’s independent legal person status can reduce the tax burden caused by the mutual supply of materials in the daily production of chlor-alkali chemical and Huasheng Co., reduce costs and maximize economic efficiency; the company’s earnings are optimized for chlor-alkali chemicals. The financial statements of the parent company can further increase the competitiveness of the chlor-alkali chemical market.

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