Development History

In February 2006, Jiangsu Yabang Dye Co., Ltd. was established with a registered capital of 80 million yuan.

From 2006 to 2014, through capital operations including equity transfers, capital increases, and industrial integration (asset acquisitions), the registered capital grew to 216 million yuan. By this time, the company had achieved significant scale, with 11 subsidiaries under its umbrella.

On September 4, 2014, the company listed on the Shanghai Stock Exchange, issuing 72 million shares in its initial public offering. Stock code: 603188; stock abbreviation: Yabang Co.

In 2015, through profit distribution, registered capital reached RMB 576 million. The acquisition of Jiangsu Daobo Chemical Co., Ltd. expanded the company's dye portfolio and marked its entry into the solvent dye sector. In July 2017, it gained controlling interest in Jiangsu Jiamei Chemical Co., Ltd. and acquired a stake in Jiangsu Renxin Environmental Protection Technology Co., Ltd.

In February 2018, it gained controlling interest in Jiangsu Henglong Crop Protection Co., Ltd., entering the pesticide sector. In October 2018, Henglong Crop Protection fully acquired Ningxia Yadong Chemical Co., Ltd., further expanding its pesticide business and optimizing its product portfolio.

In April 2018, affected by chemical industry safety and environmental policies and external unforeseen events, the company's main production capacity was suspended. By May 2021, the company's core dye business had fully resumed production, the company's stock successfully removed its “hat” designation, and the production suspension risk was effectively controlled. Through proactive operations, the company gradually restored its market position.

In December 2020, the company proactively responded to industrial restructuring policies in the chemical industrial park. Its controlling subsidiaries Yabang Acid Manufacturing and Jiangsu Jiamao implemented relocation and storage plans, exiting the chemical industrial park.

In 2023, the company sold its subsidiary thermal power company and relocated suspended enterprises to further optimize its asset structure and focus on core operations.

In October 2024, the company underwent a change in control. Jiangsu Guojing Holding Group Co., Ltd. acquired a 29.64% equity stake through judicial auction and transfer, becoming the controlling shareholder. Consequently, the company transitioned from private-controlled to state-owned enterprise status.