Shanghai Huayi (Group) Co, the largest state-owned chemical company in the city and parent of three listed units, aims to speed up restructuring and get more market-oriented, Chairman Jin Mingda said yesterday.

"We intend to be more open-minded and welcome state-owned enterprises, foreign companies and other strategic investors to participate in our restructuring plan, to answer the city government's call for state-sector restructuring," Jin said.

The Shanghai government last month revealed a plan to restructure local state-owned companies to make them more competitive via group listing, asset injection or other capital restructuring.

Huayi has recently announced that it would inject some coal-based chemical making assets to its listed unit Shanghai 3F New Materials Co.

The deal was awaiting regulator approval, Jin said.

"If successful, we will inject other related assets into 3F which could become our listed arm for Huayi's coal chemicals business," Jin said.

Jin said Huayi would also cooperate with companies which have access to resources and energy as well as market.

Huayi will today launch a major coal-based chemical base in Chaohu, Anhui Province, Jin announced.

(Shanghai Daily October 16, 2008)