Sinochem Energy's Intelligent Supply Chain Project "Liuliu Cloud Chain" Completes Strategic Financing

Source:     Author:     Date:2021-06-17     

On June 15, Sinochem Energy High-tech Co., Ltd. (Sinochem Energy High-tech) completed the strategic financing of its intelligent supply chain project “Liuliu Cloud Chain”. The signing ceremony for the project was held in Ningbo, Zhejiang Province. Zhong Ren, Vice President of Sinochem Holdings. and General Manager of Sinochem Energy Co., Ltd., Li Guanding, Vice Mayor of Ningbo, and Representatives of strategic investors attended the signing ceremony.

Sinochem Energy Co., Ltd. (Sinochem Energy) and Ningbo Daxie Development Co., Ltd. (Daxie Management Committee) signed a strategic cooperation agreement on the same day. The two sides expressed their commitment to building a digital platform for the petrochemical supply chain and carrying out comprehensive and multi-field cooperation. In addition, Sinochem Energy High-tech, CITIC Industrial Investment Ningbo Co., Ltd., Ningbo Daxie Development Co., Ltd., King Sail (Shenzhen) Co., Ltd., and the Employee Stock Ownership Platform signed the Shareholders' Agreement for the Liuliu Cloud Chain Fuse-warhead and Hybrid Transformation Project and jointly established Liuliu Cloud Chain Technology (Ningbo) Co., Ltd. The new company will rely on digital products and a service system related to 66 Express, SCA, and Canghaibang. Furthermore, on the basis of Sinochem Energy’s supply chain operation facilities and business scenarios, the company will develop digital products and solutions and enable Sinochem Energy to achieve digital transformation.

Zhong Ren stated that in the future, Sinochem Energy will actively provide development support for the new company's business development with “diverse scenarios and abundant resources”, assist it to establish a flexible and efficient marketization scheme, drive “Liuliu Cloud Chain” to continue embracing the capital market, achieve independent development, and demonstrate its potential for development. He expressed his desire to see Sinochem Energy and the Daxie Management Committee better promote strategic cooperation and achieve win-win development.

In February 2018, Sinochem Energy High-tech successfully constructed the smart supply chain project Liuliu Cloud Chain and formed the first petrochemical supply chain digital infrastructure in the domestic petrochemical industry that covers warehousing as well as vehicle and ship transportation. By providing leading online logistics, integrated solutions, and digital warehouse receipt industry financial solutions, it has helped petrochemical enterprises reduce costs and increase efficiency and has enabled petrochemical enterprises to undergo digital transformation and receive upgrades. At present, Liuliu Cloud Chain has served nearly one hundred leading energy and chemical production and sales enterprises, including Sinochem Quanzhou Petrochemical, Yantai Wanhua Polyurethane, Zhejiang Petrochemical, Shenghong Petrochemical, Hengyi Petrochemical, Grand Energy, Xingfa Chemicals Group and Chambroad Logistics.

As the first successful innovative practice of Sinochem Holdings to implement the Opinions on Pilot Employee Stock Ownership in State Owned Mixed Ownership Enterprises, Liuliu Cloud Chain is also one of Sinochem Energy’s important innovative measures for accelerating the institutional reform of the digital transformation process. The introduction of mixed reform and employee stock ownership aims to further stimulate the team's entrepreneurial enthusiasm and innovation through institutional innovation. In the future, Liuliu Cloud Chain will continue to develop along the direction of fintech services based on industry digitization, thus aiding petrochemical enterprises in their efforts to establish and improve upon a supply chain digital infrastructure that is efficient, secure, and trustworthy. Liuliu Cloud Chain also seeks to spur the industry to continue its push into the digital era.

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