Wuhan Youji (HKG:2881) said its namesake Chinese unit Wuhan Youji formed a new non-wholly owned subsidiary with several partners to commercialize photochemical oxidation technology and to construct and operate an aromatic aldehyde/ester replacement project in Wuhan, according to a Hong Kong bourse filing Wednesday.
The firm formed Wuhan Youji Photochemical Technology with Wuhan Guangyao, Wuhan Shengyu, and 54 individual partners who are either employees of Wuhan Youji or Wuhan Guangyao.
The registered capital of the target company will be 119.2 million yuan, of which Wuhan Youji will contribute 63.2 million yuan for a 53.05% stake. Wuhan Guangyao will inject 50 million yuan for a 41.9% stake and the individual partners will offer 5.6 million yuan for a 4.7% stake.
Wuhan Shengyu will contribute 400,000 yuan for a 0.33% stake.
In addition to the 119.2 million yuan, the partners have committed to an additional 80.8 million yuan, mostly in cash.