Veyong Enters Coal Chemical Business      

Hebei Veyong Biochemical Co., Ltd. (Veyong, SH: 600803) announced on September 22nd it will issue approximately 75.4 million domestic RMB shares to Xin'ao Holding Investment Co., Ltd. at a price of RMB7.31 per share, for acquiring the 75% equity in Xinneng (Zhangjiagang) Energy Co., Ltd. and the 100% equity in Xinneng (Bengbu) Energy Co., Ltd.
    The acquisitions both engaged in the operation of dimethyl ether, separately located in Zhangjiagang of Jiangsu province and Bengbu of Anhui province.
   With the acquisitions, Veyong will enter coal chemical business and strengthen its profit-making ability.
   Veyong, located in Shijiazhuang, Hebei province, is a leading avermectin (abamectin) producer in Asia, focusing on the research, production and sales of bio-chemicals and fine chemicals. (CCR2008 No. 4)