The nameplate unveiling ceremony for Huayang New Materials Technology Group takes place in Yangquan city on Oct 27. [Photo/Yangquan Daily]

Yangquan Coal Industry Group Co changed its name to Huayang New Materials Technology Group Co on Oct 27 in Yangquan city, North China's Shanxi province, to highlight its newfound commitment to the new materials sector.

The group plans to focus on the promising new materials industry and integrate with other high-quality assets in Shanxi province. Huayang New Materials Technology Group Co will maintain its asset scale, push its debt ratio to a reasonable level and improve its corporate profitability and core competitiveness based on its forerunner's performance over the past seven decades.

The group's new business focus is of great significance to innovative resource elements, the cultivation of leading enterprises in new materials sector, the development of new materials clusters and the high-quality transformation of Shanxi's economy.

Jiang Siqing, Party chief of Yangquan, expressed his hope at the nameplate unveiling ceremony that the company would further deepen strategic cooperation with other leading new materials enterprises and build a full industrial chain of carbon-based new materials. He also expressed his optimism that the company will make substantial contributions to the city's socio-economic development.

The group will develop carbon-based materials and digital assets. It will also form seven coordinated industrial clusters involving green and energy-saving aerogel building materials, new functional fiber materials, new graphite materials, new energy storage materials, aluminum-magnesium alloy new materials, big data-based internet of things and 5G-based intelligent mining.

According to Zhai Hong, the group's chairman, Huayang New Materials Technology Group Co will promote the high-end, energy-saving and eco-friendly growth of new materials clusters and develop into a world-class new materials company.