On February 28, Jinneng Science and Technology Company Limited signed an agreement with the Administration Committee of the West Coast New Area of Qingdao, according to which it would invest RMB 20.3 Billion Yuan in building the project of comprehensive utilization of new materials and hydrogen energy, including the project of cyclic utilization of green carbon black of 8×60 thousand tons/year.

This project will be constructed in phases, covering an area of about 2,300 mu. Among which, RMB 9 Billion Yuan is planned to be invested in Phase-1 project, which primarily involves the project of cyclic utilization of green carbon black of 8×60 thousand tons/year and other petrochemical engineering projects. Efforts will be made to get the project finished and to enter the pilot production phase by the end of June 2020. Globally advanced technologies and the cyclic production model will be adopted in the project to build green and intelligent factories.

It is learned that this project is close to the Industry 4.0 smart factory of Doublestar Tire. Doublestar Tire, Sailun Jinyu, Qingdao Sentury Tire and Bridgestone are all major clients of Jinneng Science and Technology.

In addition, on February 25, the Board of Directors of Jinneng Science and Technology voted unanimously to approve the decision to invest RMB One Billion Yuan in setting up a wholly-owned subsidiary in Qingdao.