Chongqing - On September 19, Yuan Jiajun, Secretary of the CPC Chongqing Municipal Committee, met with a delegation led by Liu Yongxing, the Chairman of East Hope Group, to discuss deepening practical cooperation in new materials, new energy, and chemical industries. 

Yuan Jiajun (right), Secretary of the CPC Chongqing Municipal Committee, met with Liu Yongxing (left), the Chairman of East Hope Group, on September 19. (Photo/Su Si)

Yuan said Chongqing is committed to promoting high-quality development in the manufacturing industry. The city aims to establish three trillion-yuan-level industrial clusters in intelligent connected new energy vehicles, the new-generation electronic information manufacturing industry, and advanced materials, accelerating the construction of a modern manufacturing cluster system.

Yuan further emphasized the hope that East Hope Group would lead in driving this endeavor and increase its investment in Chongqing for mutual benefits. In return, Chongqing will provide high-quality services and create a favorable business environment.

Liu said that East Hope would leverage its diversified development advantages to contribute to constructing a modern industrial system and promote high-quality development.

East Hope Group, a Chinese private enterprise founded in 1982, has evolved into a massive multinational private enterprise conglomerate encompassing the heavy chemical industry and agriculture. 

Currently, the Group operates over 300 subsidiaries in 28 provinces, cities, and autonomous regions in China, as well as in countries including Vietnam, Indonesia, Singapore, and Cambodia.

On the same day, East Hope Group signed an agreement with the government of Yongchuan District in Chongqing to invest in and build a tens-of-billions-yuan-level glass fiber and composite materials whole industrial chain project.

According to the agreement, the project includes an annual production capacity of one million tons of glass fiber, 300,000 tons of thermosetting plastic-reinforced glass fiber, 200,000 tons of continuous untwisted coarse yarn, 120,000 tons of ultrafine glass fiber, felt products, and a supporting natural gas (shale gas) power station.

Signing ceremony venue of tens-of-billions-yuan-level glass fiber and composite materials whole industrial chain project in Yongchuan District, Chongqing, on September 19. (Photo/Yuan Qinyu)

Wang Mingcheng, the manager of East Hope Group in the Yongchuan project, said that as early as 2012, East Hope Group had established and put into production Chongqing Techuan Building Materials Co., Ltd. in Yongchuan, reaching a production value of 350 million yuan (about USD 47.95 million), tax revenue of 23 million yuan (about USD 3.15 million), and a profit of 19 million yuan (about USD 2.6 million) in 2022.

The decision to continue expanding in Yongchuan was driven not only by the area's abundant resources like quartz sand, perlite, and shale gas but also by the promising market prospects for the project.

Glass fiber possesses outstanding properties such as lightweight, high strength, resistance to extreme temperatures, corrosion resistance, heat insulation, flame retardance, sound absorption, and electrical insulation. It finds wide applications in reinforcing, electrical, and thermal insulation materials within composite materials.

In recent years, with the rapid development of photovoltaics, new energy vehicles, wind power, and other industries, the market demand for glass fiber has been proliferating, with a 10.1% year-on-year increase in the total production of glass fiber rovings in China in 2022.

East Hope Group, a leading player in scale and technology in the industry, uses glass fiber composite materials for the frames and supports of photovoltaic modules.

The Group's glass fiber and composite materials whole industrial chain project plans to be located at Port Bridge Industrial Park in Yongchuan High-tech Zone, strategically positioned near the Yongchuan Port of the Yangtze River and poised to become a major international logistics hub, enjoying significant transportation and logistics advantages.