China Resource Recycling Group Co., Ltd. (China Zihuan Group) was established in Tianjin on the 18th.
　　It is understood that this newly established central enterprise will specialize in resource recycling and assume the important task of building a nationwide, functionally-oriented platform for resource recovery and reuse. The enterprise has a registered capital of 10 billion yuan, and the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) will exercise the duties of investor on behalf of the State Council. From the perspective of equity structure, the SASAC, China Baowu Steel Group Co., Ltd., China National Petroleum Corporation, and China Resources (Group) Co., Ltd. each hold a 20% stake, while China Aluminum Corporation and China Minmetals Corporation each hold a 10% stake.
　　Liu Yu, Chairman of the China Resources & Environment Group, introduced that after the company’s establishment, it will, in accordance with the decisions and deployments of the Party Central Committee and the State Council, carry out market-oriented restructuring and integration of state-owned assets and businesses related to central state-owned enterprises. At the same time, the company will leverage the amplifying effect of state-owned capital, acquire and restructure outstanding enterprises in the industry, and develop itself into a comprehensive solution provider covering multiple key categories of renewable resource recycling, integrating functions such as warehousing, processing, distribution, trade-in programs, and standard-setting and output.
　　It is understood that China Resources & Environment Group will simultaneously establish several specialized subsidiaries, whose businesses will cover the construction of offline resource recycling networks, as well as the recycling of scrap steel, durable consumer goods such as electronic products—including trade-in programs—waste batteries from new-energy vehicles and electric bicycles, recycling of decommissioned wind and photovoltaic equipment, recycling of non-ferrous metals, and recycling and processing of waste plastics. By fully leveraging its role as a leading enterprise, the group will help support and foster the healthy operation of other companies in the industry, especially small and medium-sized enterprises, and guide the industry toward standardized and orderly development.