New stock news | China Merchants Group plans to spin off its shipbuilding business for listing in Hong Kong. China Merchants Group: Refuses to respond.

According to media reports quoting sources, Hengli Group is considering spinning off its shipbuilding business for listing in Hong Kong. The company is currently in discussions with financial advisers to raise $100 million (approximately HK$7.8 billion), but the discussions are still in the preliminary stage. Hengli Group has refused to comment. Information on the official website shows that Hengli Group was founded in 1994 and is an international enterprise focusing on the refining, petrochemical, polyester new materials, and textile industries. The group owns one of the world's largest PTA factories, one of the largest functional fiber production bases, and weaving enterprises globally, with 170,000 employees. They have a national "enterprise technology center" and their competitiveness and product brand value rank among the best in the international industry. Hengli Group had total revenue of 811.7 billion yuan in 2023, ranking 81st on the Fortune Global 500 list, 36th on the list of top 500 Chinese companies, 3rd among the top 500 private enterprises in China, and 7th among the top 500 manufacturing enterprises in China. Currently, Hengli Group has three listed companies, Hengli Petrochemical Co., Ltd. (600346.SH), Guangdong Songfa Ceramics Co., Ltd. (603268.SH), and Suzhou Wujiang Tongli Lake Tourism Resort Co., Ltd., as well as over twenty physical enterprises with production bases in various locations such as Suzhou, Dalian, Suqian, Nantong, Yingkou, Luzhou, Huizhou, and Guiyang.