Hottest sunshine paper plans to establish a partne

Sunshine paper plans to establish a partnership to invest in Kemai pulping

release date: Source: Zhitong finance

sunshine paper issued an announcement. On September 25, 2020, Shanghai so Wang's and Changle Shengshi (both indirect non wholly owned subsidiaries of the company) Weifang Hengxin and Changle needless to say, Baodu (hereinafter referred to as "limited partner") and Shandong Xinjia (general partner) entered into a limited partnership agreement on the establishment of a partnership (Weifang century sunshine new and old kinetic energy conversion equity investment fund partnership). Achieve mutual benefit and win-win

according to the limited partnership agreement, the total capital commitment of the partnership is RMB 500million, of which Shandong Xinjia will contribute RMB 5million, while Shanghai Wangdi, Changle Shengshi, Weifang Hengxin and Changle Baodu will contribute RMB 100million, RMB 295million, RMB 50million and RMB 50million to the partnership respectively

on September 29, 2020, the partnership entered into an equity investment agreement with Kemai pulp and Shandong sunshine (the company's indirect non wholly owned subsidiary), and the partnership agreed to invest 500million in the pulp manufacturing project of Kemai pulp in exchange for equity by injecting cash into Kemai pulp

after the completion of the investment, Kemai pulping will be directly owned by the joint venture 47.37% and Shandong sunshine 52.63%. Since the partnership is not controlled by the group and its performance will not be consolidated into the performance of the group, according to Article 14.29 of the listing rules, the investment will be regarded as the sale of the group's interests in Kemai pulp to the partnership

after referring to the investment objectives of the partnership, the rich experience and skills of Shandong Xinjia as its general partner, and the injection of additional private and state-owned capital into Kemai pulping from the investment partnership, the board of Directors believes that the establishment of the partnership and investment in Kemai pulping will promote technological innovation and improve the pulping capacity of the group's biodegradable plant materials, which is conducive to the group. In addition, the direct injection of interest free state-owned capital through investment can be effectively used to supplement the design of komai paper jigs. 1. The funding source of pulp manufacturing projects has been in a passive situation, thus reducing the overall financing cost of the group