# Xinfengming acquires 35% stake in Guangxi Tongkun for $16.4M

Xinfengming (603225.SH) signed an agreement on March 27, 2023 to acquire a 35% stake in Guangxi Tongkun Petrochemical Co., Ltd. from Tongkun Holding for 113 million yuan (about $16.4 million). Guangxi Tongkun is a chemical raw materials company in the early construction stage in Qinzhou, Guangxi.

- Type: Acquisition
- Announced: 2023-03-27
- Where: Qinzhou, Guangxi, China
- Value: $16.4M (113.0M CNY)
- Status: announced
- Products: chemical raw materials
- Sectors: [Specialty Chemicals](https://endata.com/sectors/specialty-chemicals.md)

## Companies

- [Xinfengming Group](https://endata.com/companies/15176.md) (acquirer)
- [Tongkun Group](https://endata.com/companies/37348.md) (target)
- [Guangxi Tongkun Petrochemical](https://endata.com/companies/69331.md) (target)

## Sources

- [beta.zhitongcaijing.com](http://beta.zhitongcaijing.com/content/detail/899136.html), 2023-03-27: "公司以自有现金1.13亿元(非募集资金)购买桐昆控股全资子公司广西桐昆石化有限公司(简称“广西桐昆”)35%的股权。"

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.