|Asibao's core business is to produce and sell products of polyester fiber; it is one of the top 500 largest foreign-invested enterprises in the PRC. and, together with its 30% shareholder, HLG, is the second largest consortium in the chemical fiber industry in China.|
Overview of the Company
Asia Fiber Holdings Limited ("Asia Fiber") was incorporated in the State of Delaware, U.S.A. Asia Fiber is the controlling shareholder of Harbin Asibao Chemical Fiber Co., Ltd. ("Asibao"), a major manufacturer and distributor of polyester fiber for use in apparel and industrial textiles, based in the People's Republic of China ("China" or the "PRC").
Asibao, a Sino-foreign equity joint venture established on October 18, 1995, currently produces over 54,000 tons of polyester fiber per annum, generating annual sales in excess of US$65 million and net profits of US$3.75 million. Based in Harbin, northern China, the Company occupies a total land area of 60 acres with 800,000 sq. ft. for plant, warehouses and offices. Asibao is registered as a Sino-foreign joint venture with Asia Fiber owning 70% and the balance of shares held by Heilongjiang Longdi Group Co., Ltd. ("HLG"), an entreprise owned by the Chinese Government. The Company employs in excess of 1,100 staff.
Asibao is situated in Harbin City, the capital city of Heilongjiang Province. Harbin is geographically well situated as a major industrial centre for China, being in close proximity to major trading partners in Korea and Japan as well as the Commonwealth of Independent States. Tne area is a major transportation hub for road, rail and inland waterway links with the rest of China and Asia, and is abundant in natural resources.
The main products of Asibao are polyester filament and polyester staple fiber, with annual production of 10,000 tons and 44,000 tons respectively. The Company produces over 70 different types of fiber and filament products to satisfy customers' different specifications and technical requirements. Asibao products are sold to more than 300 manufacturers over 21 provinces and autonomous regions in the PRC. The Company plans to significantly expand both its existing operating capacity and vertically integrate by moving into the manufacture of polyester chips, a move which will ensure greater control over the manufacturing process and creation of a powerful market position in China.