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ChemChina and Blackstone celebrate new JV
(ChemChina)
Updated: 2008-10-25 16:10
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The inauguration ceremony of China BlueStar (Group) Holding Ltd., a joint venture created by ChemChina and the U.S. Blackstone Group, was celebrated at the Diaoyutai State Guesthouse on October 20th.
President of ChemChina Ren Jianxin, Chairman of Blackstone Tony James, Senior Directing Manager of Blackstone and Vice President of BlueStar Antony Leung Kam Chung, Senior Directing Manager of Blackstone and Director of BlueStar Ben Jenkins, and managers and directors of ChemChina and BlueStar's subsidiaries all witnessed the event. Representatives of more than 30 banking, accounting and financial advisory firms also attended the celebration, including China Construction Bank (CCB), Bank of China (BOC), Bank of Communications, Agricultural Bank of China, China Development Bank (CDB), the Export-Import Bank of China, Standard Chartered, Investment Bank, PricewaterhouseCoopers, Deloitte & Touche, etc. In addition, journalists from a number of media were also in attendance.
Ren addressed that under the shadow of the worsening global financial crises, most of Wall Street's investors are struggling in the mud, but Blackstone still accomplished its investment with BlueStar in accordance with the agreement. Blackstone's decision not only justifies the value, growth and prosperity of BlueStar and China's advanced chemical material industry, but also indicates the capability, credit and high sense of responsibility of Blackstone. Also, Ren expressed sincere thanks to related governmental departments, banks, agencies and media for their support and concern for this joint venture. He said: "Only if we endeavor to create a prosperous future can we repay investors and make greater contributions to society."
Tony James, Antony Leung Kam Chung, Ben Jenkins and representatives from banking firms also addressed at the ceremony. They expressed that they will spare no effort to build BlueStar and bring it onto the world stage faster.
