In recent years, the state has given strong support to the development of fuel cell industry. Preferential policies have attracted more and more enterprises to start or increase the layout of fuel cell industry. CHINAACRYL, a materials company, recently entered the fuel cell industry in a joint venture.

On April 2, CHINAACRYL announced that the company plans to jointly invest and set up CHINAACRYL-CNFC (Wuxi) fuel cell technology co., LTD. (hereinafter referred to as "CHINAACRYL-CNFC") with CNFC (Wuxi), with a registered capital of 10 million yuan.

The main business of the joint venture company is fuel cell system technology consulting and technical services, fuel cell industry construction, management and operation, etc. CHINAACRYL plans to invest 6 million yuan with its own capital, accounting for 60% of the registered capital.

CHINAACRYL said that the joint investment technology companies involved in the establishment of SOFC technology services is the corporate, and diversification strategy will be a preliminary attempt. SOFC reaction mechanism belongs to electrochemical reaction, more than in the later application market for chemical engineering technology professional knowledge, which will give full play to the company's technical superiority in chemical engineering. In addition, this deal is beneficial to the development of listed companies in focus on the main business at the same time. It will broaden development paths as the company advantage in the field of chemical engineering technology. And this also promotes the listed company under the long-term planning and short-term profit balance in emerging industries, and explores the chemical engineering application prospect in the emerging industry, the transformation and upgrading to provide ideas to the company.

CHINAACRYL was established in July 1999 with a registered capital of 86.7 million yuan. The company insists on functional materials as its main business, and high-tech products account for more than 60% of all technical products. According to ACRYL's 2018 annual report, it achieved operating income of 422 million, up 45.24 percent year-on-year in 2018. The net profit attributable to shareholders of the listed company was RMB 33.4245 million, down 33.17% year on year.

CNFC (Wuxi) starts its business on April 27, 2018 with a registered capital of 50 million yuan. Its business scope includes technology development, technical consulting, technical services and technology transfer in the field of new energy science and technology. Development, production and maintenance of solid oxide fuel cells, the import and export business of all kinds of commodities and technologies is self-operated and acting.

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