Source: Xinhua News Agency
According to the 2021 Fortune 500 Global list recently announced by Fortune magazine, Cedar Holdings Group Co., Ltd. (“Cedar Holdings”) ranks 359th, with a revenue of $33.8 billion (about RMB 233.4 billion). This is the fourth consecutive year that Cedar Holdings has been included in the list.
Since the first time Cedar Holdings ranked on the list in 2018, its focus has been on industry and commerce and speeding up its transformation. Over the past year, Cedar Holdings has leveraged the global supply chain to facilitate “dual circulation”, promoted technological innovation through international cooperation, explored carbon neutrality with the green industrial chain, and honored its social responsibility through poverty alleviation action.
In the field of commodities, over recent years Cedar Holdings has harnessed the expanding global supply chain to facilitate “dual circulation” and, while consolidating its strengths in the domestic market, established a global supply chain covering multiple commodities categories. During the COVID-19 pandemic, it ensured imports of raw materials and smooth trade for domestic enterprises, expanded “dual circulation” channel for China’s manufacturing industry, and played an active role in the green and low-carbon transformation of industries such as steel and chemicals.
In the field of new chemical materials, Cedar Holdings has boosted its technological innovation capabilities through open cooperation. Qixiang Tengda, a listed company under Cedar Holdings, maintained its strengths in production output and sales of core products (such as methyl ethyl ketone and maleic anhydride) and promoted the adoption of world-leading green technologies in China. Several major projects have been put into production or are underway in an orderly manner. Since joining Cedar four years ago, Qixiang Tengda’s revenue has increased by 320%, and its net profit by 94%. Qixiang Tengda is seeing a new round of rapid growth in the pro-cyclical industry.
Moreover, relying on its strengths in industrial resources, Cedar Holdings has facilitated many urban renewal projects in Guangzhou, promoting local industrial upgrades and high-quality urban development through industrial development. Cedar International Trust, its subsidiary, has resolved legacy issues while speeding up its business transformation. Since April 2019, overdue projects totaling more than RMB 10 billion have been resolved or fulfilled, benefiting over 3,000 investors.
