Wuhan Organic (02881) subsidiary entered into a number of transactions for the establishment of a new non-wholly-owned subsidiary

According to the Zhitong Finance App, Wuhan Organic (02881) announced that Wuhan Organic, a wholly-owned Chinese subsidiary of the company, has signed a number of transactions to establish a new non-wholly-owned subsidiary with the aim of commercializing photochemical oxidation technology and constructing and operating an aromatic aldehyde/ester replacement project with an annual output of 15,000 tons in Wuhan.

The target company's main business will be research and development, industrialization and commercial production of photochemical oxidation technology and alternative aromatic aldehyde/ester series products; development and production of new material technology; and import and export.

The target company brought together proprietary and breakthrough photochemical oxidation technology provided by Wuhan Organic and Wuhan Guangyao, financial support from Wuhan Organic and its senior management members and core technical team, and expected follow-up investment from Qingshan District state-owned enterprises. With Wuhan Organic's existing capabilities and sales network in industrialization, construction and operation, as well as being able to obtain relevant infrastructure and industry resources, the target company will be in an advantageous position to accelerate the incubation and commercialization of this innovative technology. As this project represents the first commercialization example of its kind worldwide, it is expected to generate significant economic and social benefits and support the Group's long-term sustainable growth.