Wanhua Industrial Group
Wanhua Industrial Group Co., Ltd. is a Chinese holding company. It was the parent company of Wanhua Chemical Group and BorsodChem until 2018. Yantai Municipal People's Government, via Yantai Guofeng, still owned 39.497% stake of the company as of 2017. The government also sold 25% stake of the company to a consortium of Pemex and Deutsche Bank in 2007. History Predecessors Yantai synthetic leather factory The predecessor of Wanhua Group Corporation, was Yantai synthetic leather factory ( or ). The plan to build the factory was approved by the in 1978. The construction started in 1980 and completed in 1983. The manufacturing technology was imported from Japan (from according to C&EN) and was the first synthetic polyurethane leather factory of China. In 1988, the ownership of the factory was transferred from the to the Yantai Municipal People's Government. Wanhua Group Corporation In 1995, the factory was re-incorporated as a limited company as , or in short, Wanhua Group Corporation (). In 1998, a subsidiary Yantai Wanhua Polyurethane (now Wanhua Chemical Group) was formed. The subsidiary owned the methylene diphenyl diisocyanate production line of the factory. However, Wanhua Group Corporation retained several production line such as the supply chain of liquid