TIANJIN -- China Resources Recycling Group Co., Ltd., a centrally administered State-owned enterprise (SOE), was officially launched at a founding ceremony in Tianjin on Friday.

The newly established enterprise will specialize in resources recycling and reuse, undertaking the important task of building a national platform in this respect.

The registered capital of the enterprise is 10 billion yuan ($1.4 billion), with the State-owned Assets Supervision and Administration Commission of the State Council representing the State Council in fulfilling the responsibilities of the investor.

In terms of the equity structure, the State-owned Assets Supervision and Administration Commission of the State Council, China Baowu Steel Group Corporation Limited, China Petrochemical Corporation, and China Resources (Holdings) Co., Ltd. each hold 20 percent, while Aluminum Corporation of China and China Minmetals Corporation each hold 10 percent.

Liu Yu, chairman of China Resources Recycling Group Co., Ltd., said that the company will be built into a comprehensive solution provider covering multiple key categories of recycled resources, integrating functions such as warehousing, processing, distribution, trade-in and standard setting.

The company will also establish multiple specialized subsidiaries simultaneously, with their business scope including the construction of offline resource recycling networks, scrap steel recycling, the recycling of durable consumer goods such as electronic products, trade-in business, and recycling used batteries from new-energy vehicles and electric bicycles, recycling decommissioned wind power and photovoltaic equipment, and recycling scrap non-ferrous metals, as well as the recycling and processing of waste plastics.