YUSSEN GROUP plans to invest approximately 1 billion yuan to construct the third phase of the light hydrocarbon comprehensive utilization project (Part One)

According to the Zhitong Finance APP, YUSSEN GROUP (002986.SZ) announced that on November 3, 2020, the company signed an "Investment Intent Letter for the YUSSEN Light Hydrocarbon Comprehensive Utilization Project" with the Management Committee of Huizhou Huanda Bay New Area and the People's Government of Huizhou Dongguan. The project will be invested and constructed through its holding subsidiary Huizhou Boke Environmental Protection New Materials Co., Ltd. (hereinafter referred to as "Boke New Materials"), and the first and second phases of the light hydrocarbon comprehensive utilization project are being carried out in an orderly manner. To optimize and improve the company's carbon four deep processing industrial chain, the company plans to invest approximately RMB 1 billion through Boke New Materials to construct the third phase (Phase I) of the light hydrocarbon comprehensive utilization project and intends to sign a "Project Investment Intent Letter" with the Planning and Construction Command of the Huizhou New Materials Industrial Park.

The company plans to use its own or self-raised funds to invest in the construction of the third phase (Phase I) of the light hydrocarbon comprehensive utilization project through Boke New Materials. The project relies on the public auxiliary facilities of the first and second phases of the light hydrocarbon comprehensive utilization project, leveraging the company's management, production experience, and human resources, and mainly adopting independently developed technology to achieve the company's transformation