Wankai New Materials (301216.SZ) plans to cooperate with France's Carbios to build the first biodegradable PET recycling project with an annual processing capacity of 50,000 tons.

Smart Finance APP News, Wankai New Materials (301216.SZ) announced that in order to promote the industrialization of the post-consumer PET recycling industry and establish a leading competitive position in the field of recycled PET, the company has signed a "Shareholder Agreement" with the well-known French green technology listed company Carbios S.A. (hereinafter referred to as "Carbios"). The two parties will establish a joint venture company in China (the company name will be determined by the final industrial and commercial registration), with a registered capital of 277 million yuan. Wankai New Materials will contribute 194 million yuan in cash, accounting for 70%, and Carbios will contribute 83 million yuan in cash, accounting for 30%. The two parties will cooperate through the joint venture company to build and operate the first enzymatic hydrolysis and PET recycling project with an annual processing capacity of 50,000 tons of waste materials. The project has a tentative total investment of 115 million euros (approximately 922 million yuan).