On October 18th, the State-owned Assets Supervision and Administration Commission of the State Council issued the Announcement on the Establishment of China Resources Recycling Group Co., LTD., approved by The State Council, China Resources Recycling Group Co., Ltd. was established, and the State-owned Assets Supervision and Administration Commission of the State Council performed the duties of investor on behalf of The State Council. The State-owned Assets Supervision and Administration Commission of the State Council is included in the list of enterprises performing the duties of investors.

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Registered Capital 10 Billion Yuan

China Resources Recycling Group Co., Ltd. will specialize in resource recycling and undertake the important task of building a national, functional resource recycling platform, Xinhua News Agency reported in Tianjin.

With a registered capital of 10 billion yuan, the State-owned Assets Supervision and Administration Commission of the State Council shall perform the duties of investor on behalf of The State Council. From the perspective of equity structure, the State-owned Assets Supervision and Administration Commission of the State Council, China Baowu Iron and Steel Group Co., LTD., China Petroleum and Chemical Group Co., LTD., China Resources (Group) Co., Ltd. each accounted for 20%, and Aluminum Corporation of China Limited and China Minmetals Group Co., Ltd. each accounted for 10%.

Liu Yu, chairman of China Resources Recycling Group, introduced that after the establishment of the company, it will be in accordance with the decision-making and deployment of the Party Central Committee and The State Council, market-oriented restructuring and integration of state-owned central enterprises related assets and businesses, while playing the function of state-owned capital amplification, mergers and acquisitions of outstanding enterprises in the industry, and build enterprises to cover a number of key renewable resource recycling categories. A comprehensive solution provider integrating warehousing, processing, distribution, trade-in, standard-setting and output functions

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A number of specialized subsidiaries will be set up

It is understood that China Resources Recycling Group will set up a number of specialized subsidiaries at the same time, covering the construction of offline resource recycling network and scrap steel recycling, electronic products and other durable consumer goods recycling and replacement of old and new, new energy vehicles and electric bicycle waste battery business, decommissioned wind power and photovoltaic equipment recycling, waste non-ferrous metal recycling and waste plastic recycling and processing, etc. Give full play to the role of leading enterprises, promote the healthy operation of other enterprises in the industry, especially small and medium-sized enterprises, and lead the standardized and orderly development of the industry.

The establishment of China Resources Recycling Group is a specific action in response to the national concept of green development, aiming to optimize the layout of state-owned capital through professional integration, and promote the state-owned economy to achieve high-quality development.