Trusted Market and Commodities-Trade Intelligence


Think Real News


Think Real press releases and industry coverage

Zhejiang Wynca clarified: it was a misinformation that subordinate factories were written off

Zhejiang Wynca Chemical Group Co., Ltd. (hereinafter referred to as " Zhejiang Wynca ") recently issued a clarification announcement on untrue rumors.


The announcement stated that some websites had previously reprinted news that the safety production licenses of several subordinae factories were cancelled, and some investors also called for related information.


According to this rumors, Zhejiang Wynca clarified that the production facilities on Bainanshan Park (including 30,000 t/a glyphosate TC, 60,000 t/a silicone monomer and product equipments of some silicone downstream products) was relocated to Manan High-tech Industrial Park, Xiaya Town, Jiande. Recently, Zhejiang Administration of work safety [Letter 2018 No. 4 of Zhejiang Safety Supervision and Dangerous Chemicals] has written off the safety production licenses of dangerous chemicals of Chemical Plant No. 2 and Silicone Plant at original site. It was a misinformation that subordinate factories were written off.


The production facilities of Chemical Plant No. 2 with an annual output of 30,000 t/a glyphosate and the subsidiary Wynca Maitu with added 100,000 t/a silicone monomer were completed and put into trial production at the end of September and October of 2017 respectively. The current production facilities have reached designed capacity and the production capacity was operated properly.


The 2017 annual forecasted announcement of Zhejiang Wynca shows that the company expects to achieve net profit attributed to shareholders of listed company in 2017 of USD80.8 million to USD86.9 million, an increase of USD68.6 million to USD74.7 from the previous year, with year-on-year growth of 560% to 610%. Since the beginning of this year, market demand has picked up overall. The prices of the company's main products, the glyphosate series and the silicone series, have increased. In addition, the company has actively optimized its operating strategies, continuously promoted the transformation of mechanism, and improved the overall operation and management quality. Thus the gross profit rate rose by about 4.3 percentage points over the same period.