Guangzhou, China – Zhongju e-commerce is to launch chem1111.com, an across-the-board chemical industry trading and financing website with a PU-specialised section in September, the company told UTECH-polyurethane.com in an exclusive interview at UTECH Asia/PU China 2015.
Zhongju claims to be China’s first website in the industry that combines commodity trading and supply chain finance. It currently employs 100 staff and was set up in late 2014 in Zibo, Shandong by chemical industry veterans including Zhang Bo, deputy general manager of the company and former deputy general manager with rigid foam maker Lecron.
“We know the chemical industry better – that’s our advantage over bigger sites such as Alibaba,” said Zhang, “And by combining financing we are able to relieve smaller – but well-performing – companies’ liquidity stress and create a healthier ecosystem in the industry, especially against the backdrop of a nationwide slowdown."
“We can also streamline the trading processes for larger companies,” Zhang added. “We’ve talked with two dozen Chinese chemical giants such as Wanhua, Bluestar and Sinochem, and they’ve all shown great interest.” The website is expecting RMB20bn ($3bn) to RMB30bn annual turnover for the first year and more than RMB100bn in the next few years.
XE Currency Conversion: 6 September, 2015