Approved by the State Administration of Industry and Commerce in September, Sinochem International Trading Co., Ltd. changed its name in Shanghai Municipal Bureau of Industry and Commerce into Sinochem International Co., Ltd., and the abbreviation “Sinochem International” remains unchanged.
Over six years since its establishment, Sinochem Corporation has been committed to building and optimizing corporate governance, promoting the marketization pace, increasing core value and raising sustainable development capacity. During the three years after it moved to Shanghai, the company has witnessed continuous improvement of business performance and managerial level. In 2003, the sales revenue of the company exceeded 10 billion RMB yuan and net profit totaled 260 million RMB yuan, hitting historical highs. By the middle of 2004, the contribution of the company to the investment value increase of original shareholders has exceeded 700%. From January to August, the increase margin of the company’s stocks ranked No.9 in the Shanghai Stock Exchange. The company has been named to the Fortune top 100 Chinese listed companies and selected as the 180 index share of Shanghai Stock Exchange.
With the advancing of the upstream industrial investment strategies and the transfer of trade and marketing models, the Board of Directors and the management of Sinochem International evaluated the situation and decided to change the company’s name. The change means that the business scope of Sinochem International will go beyond import and export and the company will develop a complete value chain and complimentary product lines focusing on chemicals marketing, logistics and R&D.