Hengli Petrochemical Co., Ltd. is incorporated in the People’s Republic of China and headquartered in Dalian, Liaoning Province. The company’s A‑shares trade on the Shanghai Stock Exchange under ticker 600346. Hengli Petrochemical originated from Dalian Rubber and Plastic Machinery Co., Ltd. and adopted its current name in May 2016 following a restructuring that injected Hengli Group’s petrochemical assets into the listed vehicle.
As of mid‑2024, Hengli Petrochemical Co., Ltd. is controlled by Hengli Group Co., Ltd., which holds roughly 30% of the company’s share capital. The second‑ and third‑largest shareholders are Hengneng Investment (Dalian) Co., Ltd. (about 21%) and Fan Hongwei (around 11%), bringing the combined stake of these three core holders to approximately 62%.
Hengli Petrochemical ranks among China’s larger listed chemical and refining companies by revenue, with annual sales on the order of 150–200 billion RMB and several tens of thousands of employees.
Business segments and activities
Hengli Petrochemical reports three main business segments: Petrochemical, Polyester, and Headquarters/Other. The Petrochemical segment (including refining, aromatics and basic chemicals) contributes the majority of revenue, while the Polyester segment covers PTA, polyester chips, fibers, films and related new‑materials products.
Across these segments, the company is engaged in the production, R&D and sales of:
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Petroleum refining products (gasoline, diesel, jet/kerosene, LPG, etc.)
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Petrochemicals including p‑xylene (PX), acetic acid, ethylene glycol and other basic chemicals
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Purified terephthalic acid (PTA)
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Polyester chips and films
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Civilian and industrial polyester filament yarns
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Engineering plastics and functional films
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Biodegradable polymer materials (PBS/PBAT and related biodegradable resins)
In addition to manufacturing, Hengli Petrochemical participates in wholesale and retail activities, logistics and transportation related to its products, and selected industrial investment and financial services aligned with its core petrochemical chain.
Asset base and key facilities
Hengli Petrochemical’s flagship asset is the fully integrated 20 million t/y Hengli (Dalian Changxing Island) refinery and petrochemical complex, operated via Hengli Petrochemical (Dalian) entities. This site converts imported crude oil into transportation fuels, aromatics, olefins and other petrochemical feedstocks that in turn feed Hengli’s PTA and polyester lines, forming a “crude‑to‑paraxylene‑to‑polyester” value chain.
The company is one of the world’s largest producers of PTA, with several million tonnes per year of PTA capacity, and is also a major producer of polyester fibers and chips. A 2020s breakdown of production shows annual volumes on the order of: chemicals and petrochemicals (~23.5 Mt), PTA (~12.2 Mt) and polyester products (~3.3 Mt), highlighting the scale of Hengli’s integrated petrochemical and polyester operations. These facilities supply textiles, packaging, engineering plastics and other downstream applications in sectors such as apparel, automotive, electronics, photovoltaics and new energy.
Markets and positioning
Hengli Petrochemical serves both domestic and export markets, with China remaining the primary sales base but a significant portion of revenue generated from overseas customers through exports. The company is positioned as a cost‑competitive, large‑scale producer in global PTA and polyester markets and has been cited as accounting for a material share of global PTA capacity. Its integrated refining and aromatics system aims to secure stable, low‑cost feedstock for its polyester chain, underpinning its competitiveness against regional peers.
Strategy, R&D and sustainability
Strategically, Hengli Petrochemical focuses on deep integration of refining with petrochemicals and new materials, expansion of high‑value polyester and engineering plastics, and technological upgrading toward higher efficiency and lower emissions. The company invests heavily in research and development, with annual R&D spending reported in the low billions of RMB, targeting process optimization, new polyester materials, engineering plastics and biodegradable polymers (PBS/PBAT).
Hengli Petrochemical expresses commitments to sustainable development, including goals to reduce carbon emissions and improve energy efficiency in line with domestic and international environmental expectations. Its investment in biodegradable materials and process efficiency is framed as part of this broader transition, alongside upgrades at its integrated sites to improve environmental performance.
