Lilong Spandex signs agreement on spandex production project

On Feb 14, 2022, local government of Xinluo District (Longyan, Fujian) and Xiamen Lilong Spandex Co., Ltd. signed agreement on Lilong spandex production project.

Xiamen Lilong Spandex Co., Ltd. is a wholly foreign-owned enterprise of Lilong Group (Hong Kong) Co., Ltd. in Xiamen. The spandex production project in Xinluo District invested by the company is located in Suban Bio-Fine Chemical Industry Park, with a land area of about 571mu and an estimated total investment of 6.5 billion yuan. The project is divided into three phases, with a total of 2 PTG production units and 8 spandex production lines and supporting production units. After production started, the annual output value is expected to reach more than 10 billion yuan. According to the current market situation and fiscal and tax policies, the annual tax revenue will be exceed 200 million yuan.