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Sina Financial News September 30th news, Sinopec (5.020, 0.03, 0.60%) group Vantage Capitals Ltd (referred to as "Sinopec capital") announced today to the well-known special chemicals company - Xinxiang Ruifeng new material Limited by Share Ltd (referred to as "Ruifeng new material") to increase capital. The two sides have completed the signing of the capital increase agreement and have made formal delivery on 29. After the completion of the transaction, the capital will own a 20% stake in Ruifeng new material.
Ruifeng New Material was established in 1996. It is a leading supplier of lubricant additives in China and a major global supplier of carbon-free paper color developer. It has more than 40 kinds of products including detergent, dispersant, ZDDP, high temperature antioxidant, turbine oil composite, diesel oil composite, marine oil composite and fuel oil detergent. In recent years, the compound growth rate of more than 30% has become an excellent supplier of well-known enterprises such as the Great Wall lubricants. Richful brand additive products are sold to the international market.
Lubricating oil is a national strategic industry. Lubricating oil additives are the key functional materials to determine the final performance of lubricating materials. In the international market, the industry gradually concentrated in the late 1990s. China's additives industry started late and grew rapidly in recent years, but there is still a gap compared with international companies. In the future, the development opportunities of additive industry lie in the process of domestic substitution for import. Enterprises with strong R&D capability and continuous improvement of production technology and product performance will win the market.
Guo Chunxuan, chairman of Ruifeng new material, said that Ruifeng new material has maintained long-term and close R & D cooperation with petrochemistry. The composite agent used in Sinopec group's famous brand "the Great Wall lubricating oil" is produced by the single agent of Ruifeng new material. The introduction of Sinopec capital will further enhance the level of cooperation between the two sides.
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