The Jihua Group transition has put Global New Material International Chairman and CEO Su Ertian in charge of the Chinese chemicals maker’s board, following the Hong Kong-listed company’s acquisition of a controlling stake.

Key Takeaways

  • Su assumed the chairmanship at Jihua’s board inauguration on October 28, 2026.
  • Global New Material controls Jihua through a partnership holding 29.89% of its shares.
  • The transaction includes a 60-month share lock-up and a 36-month undertaking concerning material asset restructurings.

Jihua Group transition follows stake acquisition

Jihua held an extraordinary general meeting and inaugurated its new board in Hangzhou on October 28. The leadership change followed the completion of the share transfer in late September.

Global New Material’s September acquisition announcement said Tonglu Junheng Equity Investment Partnership held 29.89% of Jihua after the transfer, making it the company’s largest and controlling shareholder. The partnership is the vehicle through which Global New Material controls the stake.

How Jihua fits the materials business

Global New Material’s existing products include pearlescent and metallic effect pigments. Jihua adds dyes, dye intermediates, industrial coatings and polyurethane products, extending the group’s range into areas including textile printing and dyeing.

The company said it would prioritize stable production, operations and customer service while integrating Jihua in phases. It also plans collaboration in areas including product development, procurement and manufacturing; those initiatives are plans rather than completed results.

Transaction commitments and earlier deals

The Jihua transaction includes a 60-month share lock-up and an undertaking not to inject assets constituting a material asset restructuring into Jihua for 36 months. Core management and technical staff have also committed to remain in their roles for three years after closing.

The deal follows Global New Material’s acquisition of a stake in South Korea’s CQV in 2023 and its purchase of the former Merck Surface Solutions business, now called Susonity, in 2025. The German business was acquired for €665 million.

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