Xinjiang Tianye (600075.SH) plans to establish a joint venture with Tianchi Energy to promote the preliminary work of coal chemical projects.

Zh tng cijng APP news, Xinjiang Tianye (600075.SH) issued an announcement, in order to give full play to their respective advantages, based on Xinjiang's rich resources and development foundation, relying on the Tianchi Energy Zhundong Coal Mine, focusing on modern coal chemical green and low-carbon cutting-edge technology and innovative processes, the company plans to jointly invest with Tianchi Energy to establish a joint venture company, tentatively named Xinjiang Tian Te Joint New Materials Limited Company, with a registered capital of 50 million yuan. Of which: the company will subscribe for 25.5 million yuan in cash, accounting for 51% of the registered capital; Tianchi Energy will subscribe for 24.5 million yuan in cash, accounting for 49% of the registered capital. After the establishment of the joint venture company, it will promote the preliminary work of coal chemical projects, strive to explore the green and sustainable development path of modern coal chemical industry, and promote the green transformation of energy structure and the green upgrading of the industry.