Jiangsu Thorpe Investment 4.77 billion Construction of Two High-end Chemical Projects

According to its "Feasibility Analysis Report on the consumption of Raised Funds", the 1.6 billion yuan fund-raising will be accurately invested in two major manufacturing chain extension projects, of which 0.9 billion yuan will be invested in the vinyl acetate and EVA integration project (phase I project) and 0.7 billion yuan will be invested in the 200000-ton/year dimethyl carbonate project. The total investment of the two major projects will reach 4.77 billion yuan, and the insufficient part will be solved by the company itself.

From the perspective of the project’s detailed plan, the vinyl acetate–EVA integrated project (Phase I) will be implemented by its wholly owned subsidiary, Jiangsu Suopu New Materials methodology Co., Ltd. The construction period is three years, and the scope includes a 330,000‑tonne‑per‑year vinyl acetate production unit, an 800,000‑tonne‑per‑year sulfuric acid production unit, and a 15,000 Nm³/h atmosphere separation unit. Unlike the mainstream acetylene-based manufacturing process applied domestically, this project employs the gaseous-phase synthesis process—ethylene–oxygen–acetic acid (the ethylene route)—licensed from DuPont. Compared with the acetylene method, it offers key advantages: reduce production costs, reduced discarded materials generation, and higher product condition, enabling the direct production of vinyl acetate monomer that meets the demands of the high-end market. At present, the project has completed all preliminary approval procedures, including filing and environmental impact assessment, and does not require any additional land. It has been included in Jiangsu Province’s 2026 List of Major Projects and has received policy support from the regional government.

Another major core project is the 200,000‑ton‑per‑year dimethyl carbonate plant, which will be immediately implemented by Jiangsu Suopu. The construction period is also three years, with planned capacities of 100,000 tons each to manufacturing‑grade and electronic‑grade dimethyl carbonate. The plant will employ the gaseous‑phase oxidative carbonylation process developed by Ube Industries, Ltd. of Japan. It is worth noting that the project was initially approved in 2022 with a planned total investment of RMB 2.181 billion. Following optimization of the manufacturing layout, and leveraging the company’s existing gasification facilities without the need to redundant supporting infrastructure, the overall investment has been reduced by approximately RMB 640 million to RMB 1.544 billion, significantly enhancing the project’s economic returns. As of might 2026, the project has completed the procurement of the process package and preliminary design, obtained all necessary pre-construction approvals—including energy assessment, environmental impact assessment, security assessment, planning permission, and a construction permit to the equipment room—and is now ready to commence construction. Both major projects employ globally proven, state-of-the-art technologies and are highly aligned with the company’s existing production system, laying a solid foundation to their stable operation upon implementation.