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Huayi Group and SCIP Restructures Logistics Company. June 29, 2010

    Yesterday, Shanghai Huayi (Group) and SCIPDC signed the agreements on logistic cooperation project. With each party contributing 50% of the investment increase of Shanghai Huayi Tianyuan Chemical Logisitic Company, the new logistic company will reach RMB 500 million for its net asset. Through the effective integration of logisitic resources within SCIP, the newly-born logitic JV will further explore the build-in logisitic service for the chemical production plant as its own core business. It??s expected that by 2011, the company will manage the operation asset at RMB 5 billion, the logisitic handling capacity at 12 million tons. It is targeted to launch IPO in three years. Mr. Ai Baojun, Vice Mayor of Shanghai was present at the signing ceremony.

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