On 5th December, Global New Material International’s core subsidiary, Luzhai Chesir  Pearlescent Mica Material Company Limited (hereinafter referred to as “Luzhai Chesir “), received a capital increase of RMB1 billion in cash from Tonglu New City Development and Investment Company Limited (hereinafter referred to as “Tonglu New City”).The current round of capital increase for Luzhai Chesir was successfully completed。

Tonglu New City is the state-owned investment platform of Tonglu County, Hangzhou, and is the investment company of Tonglu County investing in key development industries.Tonglu New City’s capital increase to Luzhai Chesir at a consideration of RMB1 billion is mainly due to its full affirmation of and strong support for the synthetic mica industry and the future development prospect of Luzhai Chesir 。Upon completion of this round of capital increase, Tonglu New City will hold 20% equity interest in Luzhai Chesir after the capital increase.

Founded in 2017, Luzhai Chesir is a high-tech enterprise focusing on the research, development, production and sales of high-quality synthetic mica and its downstream application products.Our products are widely used in pearlescent pigments, cosmetic functional fillers, new energy vehicles and other fields.The company owns a number of synthetic mica invention patents, and has innovated the raw material formula of synthetic mica. Through advanced melting and powder processing technology, we can produce synthetic mica products with high diameter-to-thickness ratio, high flexibility, high temperature resistance, high whiteness, low impurity and low free fluorine.At present, with its leading process technology and advanced intelligent factory, the company can manufacture synthetic mica products that can completely replace natural mica and have better quality indexes, and has successfully entered into a number of downstream leading enterprises, and its mica synthesis technology has successfully passed the project acceptance of the 2018 National Ministry of Industry and Information Technology’s Industrial Strengthening Project.

Synthetic mica is not only an important raw material for manufacturing pearlescent pigments, but also widely used in cosmetic, automotive, high-speed rail, new energy and aerospace industries due to its good optical properties, surface activity, and excellent insulation and high temperature resistance.

The Tonglu New City’s capital increase to Luzhai Chesir not only plays a strategic role in promoting the development of Luzhai Chesir, but also is of great significance to the implementation of Global New Material International’s development strategy of “Endogenous Development and Extensive Expansion”.With the boost of this investment, Luzhai Chesir will continue to innovate the new technology of synthetic mica, expand the application fields of synthetic mica, extend and develop the synthetic mica industry chain, and continuously consolidate the company’s leading position in the global synthetic mica industry.