China丨Qianjiang Biochemical plans to establish a wholly-owned subsidiary with ¥350 million investment

On Nov 23, Qianjiang Biochemical released an announcement of the establishment of a wholly-owned subsidiary.

The announcement shows that Qianjiang to invest ¥350 million with its own capital to establish a wholly-owned subsidiary. The subsidiary was named as Qichao Biotechnology. The production base of pesticide, feed and fertilizer, which was originally located in Haichang Street, Haining City, will be relocated as a whole. The production, operation and management of pesticides, feed and fertilizer are included in Qichao. This new company is mainly engaged in the R&D and production of Gibberellic acid technicals and formulations, Jingangmyci high concentration powder and other biological pesticides, as well as new environmental protection pesticide formulations.

Qianjiang Biochemical said that the purpose of the company's investment in establishing a wholly-owned subsidiary and including the production and operation management of pesticides, feed and fertilizer into Qichao is to further improve the corporate governance structure, implement the group management and control mode, optimize the allocation of resources. Then they can better reflect the company's future development strategic positioning and operating characteristics, enhance the company's core competitiveness, and accelerate the company's transformation and upgrading of high-quality development.