China: New $1.4B Resource Recycling Company Established

China has officially launched the China Resource Recycling Company Limited, a state-owned and centrally managed company, with the aim of recycling and reusing resources.

The company’s registered capital, according to Xinhua, is 10 billion yuan ($1.4 billion), with the State-owned Assets Supervision and Administration Commission (SASAC) acting as the representative of the State Council in fulfilling investor responsibilities.

In terms of shareholding structure, the SASAC, China Baowu Steel Co., Ltd., China Petrochemical Corporation, and China Resources (Holding) Co., Ltd. each own 20 percent of the new company’s shares, while China Aluminum Corporation and China Minmetals each own 10 percent.

The company is set to establish several specialized subsidiaries simultaneously, with its business scope expanding to include offline resource recycling network construction, scrap steel recycling, consumer durables such as electronic products recycling and replacement business, used batteries recycling of new energy vehicles and electric bicycles recycling, wind power equipment recycling and photovoltaic equipment recycling, non-ferrous metal scrap recycling, as well as plastic waste recycling and processing.