On March 20th, the signing ceremony of the Xinyi Group Jiangsu Industrial Park Capital Increase Project was held at the Shazhou Lake Hotel in Zhangjiagang. Gerry Tung, executive director and CEO of Xinyi Glass Holdings Limited, Guo Jianlin, vice president of Xinyi Glass Holdings Limited, Shen Guofang, deputy director of the Standing Committee of Suzhou Municipal People's Congress and secretary of the Municipal Party Committee, and Pan Guoqiang, deputy secretary of the Municipal Party Committee and mayor, attended the event.
Xinyi Group plans to increase capital for new high-end energy-saving glass deep-processing projects in Zhangjiagang Metallurgical Industrial Park, which mainly covers the production of high-end energy-saving glass such as Low-E coated glass, insulating glass, and laminated glass. The total investment and registered capital will be USD 100 million each. Construction will begin in the second half of this year, and the sales revenue is expected to increase by about 800 million yuan after the design capacity is reached.
Founded in 1988, Xinyi Group is the world's leading integrated glass manufacturer and a leader in the field of new energy. Xinyi Group has four companies listed on the Hong Kong Stock Exchange with total assets of over 80 billion Hong Kong dollars and annual revenue of over 27 billion Hong Kong dollars. In June 2018, Xinyi Group invested in the construction of the Jiangsu Industrial Park in Zhangjiagang City, Jiangsu Province, and started a high-end float glass and Low-E coated glass project with a total investment of 300 million US dollars. The first phase of energy storage lithium battery project with a total investment of 100 million US dollars and the Xinyi Hong Kong energy storage investment project with a total investment of 60 million US dollars will be completed and put into operation in July this year. After the capital increase, the total investment of Xinyi Group Jiangsu Industrial Park will reach 560 million US dollars, and the estimated sales revenue will exceed RMB 7 billion after the design capacity of the project is fully reached.
