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Nanfeng Chemical Transfers China Salt Industry to China
On October 29, Nanfeng Chemical Group Co., Ltd. released an official statement to address the recent abnormal fluctuations in its stock price. Following a thorough investigation, the company confirmed that the Yuncheng City People's Government will transfer all state-owned equity of the Shanxi Yuncheng Salt Chemicals Bureau—its major shareholder—to China National Salt Industry Corporation. This reorganization will result in a change of the company’s actual controller, shifting from Yuncheng SASAC to China Salt Industry Corporation.
China National Salt Industry Corporation is the sole central enterprise in the salt industry under the supervision of the State Council's State-Owned Assets Supervision and Administration Commission. It is also the largest salt production and distribution company in Asia. The corporation currently operates 35 wholly-owned and controlled subsidiaries across the country, with total assets reaching 12.15 billion yuan and annual sales revenue exceeding 5.207 billion yuan.
Nanfeng Chemical Group, which holds a 30.38% stake in Yuncheng Salt Chemicals, was founded in 1996 and has total assets of approximately 3.5 billion yuan. Its main products include inorganic salts, detergents, and chemical fertilizers. The company owns the largest inland sodium sulfate salt lake in China—the Yuncheng Salt Lake—as well as resource bases in Jiangsu, Sichuan, and Hunan. With total assets now at 3.6 billion yuan and annual sales revenue surpassing 3 billion yuan, Nanfeng Chemical has become the largest producer of inorganic salts, detergents, and potassium sulfate in China.
On October 23, 2007, Nanfeng Chemical received a notice from the Yuncheng Saltification Bureau in Shanxi Province. That same day, the Yuncheng municipal government and China National Salt Industry Corporation signed a "Cooperation Framework Agreement." Under the agreement, within 15 working days of signing, independent third-party organizations selected by both parties would conduct due diligence and audits on the Shanxi Yuncheng Salt Chemicals Bureau. A formal asset transfer agreement was expected to be signed within 20 working days. After the restructuring, the Shanxi Yuncheng Salt Chemicals Bureau would become a subsidiary of China Salt Industry Corporation and be renamed “Yancheng Yuncheng Salt Chemical (Group) Co., Ltd.â€
It is also worth noting that in the past two years, China Salt Industry Corporation has successfully reorganized several key enterprises, including Lan Tai Industrial, Xinjiang Salt Industry, and Hunan Zhuhua, further strengthening its market dominance and operational efficiency in the salt sector.