# Satellite Chemical to acquire Jiangsu Jiahong New Materials for CNY 1.524 billion

Satellite Chemical's subsidiary Lianyungang Petrochemical agreed to acquire 100% of Jiangsu Jiahong New Materials from Satellite Holding and Kunyuan Investment for 1.524 billion yuan to avoid potential competition and expand C3 product chain.

- Type: Acquisition
- Announced: 2023-09-12
- Where: Lianyungang, Jiangsu, China
- Value: $210.0M (1.52B CNY)
- Status: announced
- Products: propylene oxide, epoxy derivatives
- Sectors: [Specialty Chemicals](https://endata.com/sectors/specialty-chemicals.md)

## Companies

- [Satellite](https://endata.com/companies/9641.md) (partner)
- [Lianyungang Petrochemical Co., Ltd](https://endata.com/companies/38128.md) (acquirer)
- [Satellite Chemical Co., Ltd.](https://endata.com/companies/63127.md) (acquirer)
- [Jiangsu Jiahong New Materials](https://endata.com/companies/72531.md) (target)
- [Kunyuan Investment](https://endata.com/companies/72532.md) (partner)

## Sources

- [beta.zhitongcaijing.com](http://beta.zhitongcaijing.com/content/detail/993976.html), 2023-09-12: "连云港石化拟以现金方式收购卫星控股和昆元投资持有的江苏嘉宏新材料有限公司100%股权，交易金额为15.24亿元。"
- [allhdi.com](https://www.allhdi.com/archives/4354), 2023-09-14: "Lianyungang Petrochemical plans to acquire the entire equity of Jiahong New Materials held by Satellite Holdings and Kunyuan Investment in cash, with a transaction amount of 1.524 billion yuan."

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