Fibre2Fashion Toggle navigation 08 Pic: Shutterstock China’s Sinochem Group and China National Chemical Corporation Ltd undertook a joint restructuring on March 31 under which the equity interests of both will be owned by a newly-incorporated company, which will be established and wholly owned by the state-owned Assets Supervision and Administration Commission on behalf of the State Council. Sinochem and ChemChina will become the wholly-owned subsidiaries of the new holding company. This joint restructuring will create synergy, build up a world-class chemical company, and promote a high-quality development of the chemical industry in China, according to a Sinochem press release. This joint restructuring will assist the development of the chemical industry in China. The new company will further optimise resource allocation, strengthen innovation and stimulate business growth.