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| Tuesday, 21 October 2014, 08:00 HKT/SGT | |
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HONG KONG, Oct 21, 2014 - (ACN Newswire) - Shanghai Tonva Petrochemical Co., Ltd. (the "Company", together with its subsidiaries, the "Group"; stock code: 1103.HK) is pleased to announce that the Group is fully capturing new market opportunities that arise with China's agricultural policy-reform and industry fine-tuning and has achieved substantial progress in expanding chemical fertilizer trading business within a short period while continuing to develop its core trading business in petrochemical products.
China's agricultural chemical fertilizer market is poising for sustained and steady growth with the implementation of State Grain Subsidy Policy, quickened pace of agricultural structural adjustment, further increase in the cultivated area of commercial crop, as well as lighter tax burdens and higher income for rural residents. Leveraging on the Group's extensive trading experience in petrochemical products, well-established market network, and management's expertise in the chemical fertilizer industry, the Group will seize the historical opportunity presented by China's rural development program, to vigorously developing chemical fertilizer trading business.
The Group has substantially devoted to chemical fertilizer trading business since the third quarter of 2014 and achieved substantial progress. Up to the date of this announcement, the Group has already signed sales orders in trading chemical fertilizer of approximately HK$480 million, where the business partners are mostly prestigious enterprises in the industry. It is expected that the aforesaid signed sales orders will be completed by end of 2014. The Group will continue striving for additional sales orders in this sector as the new business segment continues to expand.
The development of chemical fertilizer business, as an active expansion of the Group's downstream operations in petrochemical business, will further enrich its product portfolio, accelerate the vertical structural optimization of its petrochemical value chain, diversify its product category and prepare the Group to seize the robust market growth dynamic as China pushes forward its overall agricultural reform.
Looking into the future, the Group will take advantage of new momentum of China's agricultural reform and bring into full play its superior market resources and sectoral synergy in order to boost its expansion in chemical fertilizer trading business, enrich its trading business portfolio as well as improve its overall competitiveness.
About Shanghai Tonva Petrochemical Co., Ltd
Shanghai Tonva Petrochemical Co., Ltd., is a conglomerate incorporating the road and bridge construction and the petrochemical product trading services. The road and bridge construction business mainly comprises of construction of highways and municipal roads in the PRC. The petrochemical product trading service business mainly comprises fuel oil trading business and asphalt trading business. The Company was listed on GEM of Hong Kong Stock Exchange on 13 July 2005, and made successful transfer of listing on Main Board of Hong Kong Stock Exchange on 16 July, 2012.
Topic: Press release summary
Sectors: Daily Finance, Daily News
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