Dacheng Attorneys Retained as Outside General Counsel for ChemChina Asset Company

In July 2012, a contract of service was signed between Dacheng and ChemChina Asset Company, a wholly-whole subsidiary of ChemChina, in which a Dacheng team was retained as outside general counsel for the company. The advisory team was led by senior partner Xu Yongqian and composed of senior partner Wang Aijun, partners Guan Qi, Li Zhen and attorney Ma Guangqin.
 
China National Chemical Corporation (“ChemChina”) is a large state-owned enterprise born after a restructuring of two corporations directly under the former Ministry of Chemical Industry, i.e. China Bluestar (Group) Corp. and China Haohua Chemical Industrial (Group) Corp., with the approval of the State Council. It was officially launched on May 9, 2004 and was administered by SASAC of the State Council. In 2011, with total assets reaching RMB248.5bn and sales revenue amounting to RMB172.4bn, ChemChina became the largest basic chemical manufacturing company in China and was ranked 474th on the Global Fortune 500 list.
 
ChemChina Asset Company is established for the purpose of managing and operating assets to serve its parent company’s strategic goals. The company’s main business involves external and internal restructuring and consolidation, revitalization of land and property and non-core business transformation and disposition.