Glyphosate Market

Glyphosate China Monthly Report
Copyright CCM
Vol. 4 Issue 01
20 January, 2013
CCM Newsletter Glyphosate China Monthly Report 1301

www.cnchemicals.com E-mail: econtact@cnchemicals.com
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Contents
Editor's note ..................................................................................................................................3
Headlines........................................................................................................................................3
Company Dynamics.....................................................................................................................4
Multinational companies actively seize patent registrations for mixed
glyphosate formulations in China....................................................................................4
Global Dynamics ..........................................................................................................................5
Global glyphosate demand to grow at a CAGR of 4.37% in 2012-2016 .................5
Market Analysis ............................................................................................................................8
Review of China's glyphosate industry in 2012...........................................................8
Export tax rebate of PIMDA may be cancelled in China...........................................11
Top 10 events of Chinese glyphosate industry in 2012 ...........................................12
Glyphosate status hard to be shaken by the new paraquat formulation.............14
Glyphosate market in 2012 fails to surpass the brilliant performance in 2008..16
Registration .................................................................................................................................18
Solid glyphosate ammonium salt is still the mainstream registration in 2012..18
Price Update ................................................................................................................................19
Glyphosate price decreases slightly in Jan. 2013.....................................................19
Export Analysis ..........................................................................................................................21
Glyphosate export volume increases in Nov. 2012. ..................................................21


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Market Report
>> Company Profiles of Thirty-six Chinese
Agrochemical Manufacturers
>> World Outlook of Glyphosate 2012-2016
>> Market Analysis of Major Herbicides in China
>> Overview of Pesticide Industry in China
2012-2016
>> Data report_Production Situation of Oxadiazon in
China
>> Data report_Production Situation of Diuron in
China
>> Data Report-Abamectin Survey in China
>> Data report-Prochloraz Survey in China
>> Data report-Production Situation of
Lambda-cyhalothrin in China
>> Atrazine Survey in China
>> Production and Market of Turpentine in China

Newsletter
>> AgriChina Investor
>> Crop Protection China News
>> Crop Protection South America Monthly Report
>> Fungicides China News
>> Glyphosate China Monthly Report
>> Herbicides China News
>> Insecticides China News
>> Seed China News

http://cnchemicals.com/Imagefiles/files/Syndicated
Research Proposal of Hunan Rice Research(En).pdf

2

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Editor's note

Glyphosate has gone through an extraordinary year in 2012. In the whole year of 2012, one of the biggest
changes is the price increase of glyphosate products. The annual average prices of glyphosate technical and
most glyphosate formulations have climbed up to the highest ones since 2009. Many events have greatly
affected the development of glyphosate industry in 2012, but will these events keep driving the development of
glyphosate industry in 2013? Will the prices of glyphosate products climb up to new records in the first month of
2013?

Headlines

Multinational companies actively seize patent registrations of mixed glyphosate formulations in China in 2012,
meaning that the future market competition of mixed glyphosate formulations will be intense.

Global demand for glyphosate will continue increasing during 2012-2016, and the demand in three regions
including South America, North America and Asia Pacific will play key roles continuously.

In 2012, policies and market in glyphosate industry change greatly in China, and the battle of anti-dumping in
Australia and Europe also greatly affects the development of China's glyphosate industry.

PMIDA's tax code was changed from 29310000 to 29319011, and PMIDA has been redefined as a general
merchandise with a MFN rate of 6.5% and a general rate of 30% since 1 J an., 2013, and the export tax rebate
of PMIDA may be reduced or cancelled further.

Glyphosate has gone through an extraordinary year in 2012, and there are ten events in China's glyphosate
industry which caused great responses from glyphosate market.

China has a new non-liquid paraquat formulation registration, namely paraquat 50% SG, but it will be very hard
for new non-liquid paraquat formulations including paraquat 50% SG to capture glyphosate's market share and
shake glyphosate's status in the herbicide market.

Glyphosate market witnessed a new prosperity in 2012, and glyphosate's ex-works price increased to the
highest one since 2009, but glyphosate market in 2012 still failed to surpass the brilliant performance in 2008
on the whole.

In 2012, China achieved about one hundred new registrations of glyphosate products, and solid glyphosate
ammonium salt is the most popular product registered in 2012, a sign of growth potential in China's glyphosate
market.

Glyphosate price decreases slightly in J an. 2013.

Glyphosate export volume increases in Nov. 2012.


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Company Dynamics

Multinational companies actively seize patent registrations for mixed glyphosate
formulations in China

According to the publication of China's State Intellectual Property Office, there are 22 public invention patent
applications of mixed glyphosate formulations in China in 2012, and 12 of them (accounting for about 55%)
were applied by seven multinational companies including Monsanto Company (Monsanto), Syngenta AG
(Syngenta), Dow AgroSciences LLC (Dow AgroSciences), Dow Global Technology Inc (Dow Global), BASF SE,
United Phosphorus Ltd. (United Phosphorus) and Akzo Nobel Co., Ltd. (Akzo Nobel), showing that
multinational companies were actively seizing the patent registration of mixed glyphosate formulation in China
in 2012. In the 12 invention patent applications of mixed glyphosate formulations (TABLE 1), five applications
applied by Dow Global are about the herbicidal composition used to inhibit or control the reproduction of
micro-organisms (including bacteria, fungi and phycophyta) in building materials, and another seven
applications are about the herbicidal composition used to control glyphosate-resistant weeds. In the rest 10
applications whose applicants/patentees are Chinese companies, universities and natural persons, herbicidal
compositions were used to control glyphosate-resistant weeds, liana, bush and weeds in flowers, etc.
TABLE 1: 12 public invention patent applications of mixed glyphosate formulations in China, 2012
No. Applicant/Patentee Patent Name Application No.
1 Monsanto and Akzo Nobel
Herbicidal composition containing glyphosate and
alkoxylated glyceride
CN201080020451.1
2 Syngenta Herbicidal composition CN201080017369.3
3 United Phosphorus Herbicidal composition CN201080049032.0
4 Dow AgroSciences
High-strength herbicidal composition containing
glyphosate and 2,4-D amine salt
CN201080017865.9
5 Dow AgroSciences
Concentrated herbicidal composition containing
glyphosate and dicamba salt
CN201080037663.0
6 BASF SE
Aqueous concentrated herbicidal composition containing
glyphosate and saflufenacil
CN201080037882.9
7 BASF SE
Liquid suspension concentrate formulations containing
glyphosate and pyribenzoxim
CN201080055646.X
8 Dow Global
Synergistic combination of glyphosate compound and
Pyrithionc Zinc
CN201110452668.6
9 Dow Global
methylphenyl diiodomethyl sulfone
CN201110452711.9
10 Dow Global
3-iodo-2-propynyl butyl carbamate
CN201110452702.X
11 Dow Global
thiabendazole
CN201110453430.5
12 Dow Global
DCOIT or OIT or BBIT
CN201110453439.6
Source: CCM and China's State Intellectual Property Office

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Except the aim of protecting intellectual property rights, another aim for multinational companies to actively
seize patent registrations of mixed glyphosate formulation in China in 2012 is to capture the market shares of
mixed glyphosate formulations in China. Wide use of glyphosate in the world makes more and more weeds
glyphosate-resistant, with its number reaching 24 in 2012. At present, mixed glyphosate formulations
containing other pre-emergence or post-emergence herbicides are one of the most effective formulations to kill
glyphosate-resistant weeds or slow down the growth rate of weeds' resistance to glyphosate, so mixed
glyphosate formulations will become great market value growth products in global herbicide market in the
future.

It has been almost 40 years since the first application of glyphosate, but it still enjoys the largest production and
consumption in herbicide industry in the world, and its vitality is still the strongest one in pesticide industry in the
world. With the increase of glyphosate-resistant weeds and the emergence of mixed glyphosate formulations in
the world, glyphosate products become diversified, with single formulations dominating in the market currently,
but the demand for mixed glyphosate formulations will see an uptrend in the future.

It's estimated that the number of companies commencing the research on mixed glyphosate formulations and
the patent registrations of mixed glyphosate formulation will keep increasing.

Global Dynamics

Global glyphosate demand to grow at a CAGR of 4.37% in 2012-2016

In late Dec. 2012, CCM, a well-respected consulting company focusing on chemical and related industries in
China, launched a unique research reportWorld Outlook of Glyphosate 2012-2016, in which global glyphosate
demand is estimated to be over 770,000 tonnes in 2016 with a CAGR of about 4.37% during 2012-2016.

World Outlook of Glyphosate 2012-2016, is CCM's second version of global glyphosate report since it was
published in 2009. Comprehensive and in-depth analysis on global glyphosate industry for the past five years
(2007-2011) and the coming five years (2012-2016) could be seen in this updated report.

Research subjects of this report include supply and demand of glyphosate, glyphosate situation in 12 key
countries and glyphosate flow research. For more information, please visit CCM's website:
http://www.cnchemicals.com/ResearchCenter/Report/2230/World-Outlook-of-Glyphosate-2012-2016-Edition(2)

According to CCM's report, global demand for glyphosate will increase to more than 770,000 tonnes in 2016
from 650,000 tonnes in 2012, with a CAGR of about 4.37% during 2012-2016 (FIGURE 1).

In view of the five most important regions in the world, namely South America, North America, Asia Pacific,
Europe and Africa, thereof, South America, North America and Asia Pacific will take the lead in driving up global
demand for glyphosate during 2012-2016 (FIGURE 2).

Specifically, South America will continue exerting great influence on glyphosate demand during 2012-2016. The
demand for glyphosate in South America is estimated to be more than 260,000 tonnes in 2016 (FIGURE 3), but

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its contribution is limited as the average utility ratio of glyphosate is high in this region and glyphosate market in
South America is saturated to some extent. In Argentina, glyphosate-resistant soybean market has been
saturated and this market trend is estimated to happen to Brazil after 2013. In the short term, Brazil will become
the biggest driver for GM crop adoption in South America.

In North America, the growth rate of glyphosate demand is estimated to be 3% during 2012-2016. The
application of GM crops has kept increasing in Canada, whereas it is almost saturated in the US.

Asia Pacific will be another key driver for global glyphosate demand during 2012-2016, stimulated by
commercial production of glyphosate-resistant crops, the development of non-tillage cropping system and
agricultural recovery. Take China for example. The area of conservation tillage was about 2.87 million hectares
in 2008, and it's likely to surge in recent years as a result of the promotion by Chinese government. In detail,
Chinese government has issued some policies to promote the conservation tillage techniques all over the
country in recent years. On J une 25, 2009, with the approval of the State Council, Ministry of Agriculture and
the National Development and Reform Commission jointly issued The Construction Plan of Conservation
Tillage Project (2009-2015), planning to increase the total area by about 113.33 million hectares by adopting
conservation cultivation techniques till 2015. And some local governments even offer subsidies to encourage
the non-tillage cropping.

In Europe, the growth rate of glyphosate demand is estimated to be 3.84% during 2012-2016, which will be
slightly lower compared to the CAGR of global glyphosate demand during 2012-2016 and 1.8 percentage point
lower compared to that during 2007-2011. Glyphosate consumption has achieved high growth rate in some
European countries including Russia and Ukraine, whereas the prohibition or partial prohibition of glyphosate
consumption in some countries, such as Denmark and Germany, will contribute to a low CAGR of glyphosate
demand in Europe during 2012-2016.

In Africa, the growth rate of glyphosate demand is estimated to be more than 7% during 2012-2016, which will
be the highest CAGR in these five regions, taking up 18% of global harvested area and only 5.66% of global
glyphosate consumption in 2011. Africa shows a potentially large market in the future and the increase of GM
crops planting will be its key driver. South Africa has been successfully planting GM corn, soybean and cotton
for over a decade, and Burkina Faso is now cultivating Bt cotton and Egypt is now cultivating Bt corn. Other
African countries, including Uganda, Kenya and Nigeria, are performing field trials for a range of GM crops, and
GM cotton is likely to be the first product to be commercialized. GM crop field trial in Africa involves cotton,
maize, banana, cowpea, cassava and sweet potato.


FIGURE 1: Projected global glyphosate demand (glyphosate technical 95% equivalent), 2012-2016

Source: World Outlook of Glyphosate 2012-2016

FIGURE 2: Projected growth rate of glyphosate demand (glyphosate technical 95% equivalent) by region, 2012-2016


FIGURE 3: Projected global glyphosate demand by region (glyphosate technical 95% equivalent), 2012-2016

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Market Analysis

Review of China's glyphosate industry in 2012

Government policy

On 3 Feb., 2012, the Ministry of Industry and Information Technology of China released the Planning for
Pesticide Industry 2011-2015, stipulating that there shall be five companies whose revenue shall be over
USD784 million (RMB5,000 million) and 20 companies whose revenue shall be over USD313.6 million
(RMB2,000 million) until 2015.

On 26 March, 2012, the Ministry of Agriculture of China released a formal document (Decree No.1744) to clarify
the requirements for glyphosate content in mixed glyphosate formulations. According to the Decree No.1744,
the content of glyphosate A. I. (in terms of glyphosate technical acid) shall not be lower than 30%. Field trials
and applications for registration (including temporary, formal and renewal registrations)of mixed glyphosate
formulations with glyphosate A. I. content below 30% will be rejected from 26 March, 2012, and existing
registrations which can't meet the content requirement shall be modified before 31 Aug., 2012.

Anti-dumping

On 6 Feb., 2012, Australia carried out an anti-dumping investigation on various Chinese glyphosate
formulations exported to Australia; the period for anti-dumping investigation is from J an. 1, 2011 to Dec. 31,
2011, and industry injury investigation started from J an. 2008.

On 19 J uly, 2012, the European Union Court of J ustice claimed that it turned down an appeal by European
Commission and upheld the decision ruled by European Union General Court on 17 J une, 2009 that Zhejiang
Wynca Chemical Industry Group Co., Ltd. (Zhejiang Wynca) was not guilty of dumping (selling glyphosate at
unreasonable price in EU market), which means that Zhejiang Wynca has become the first domestic
glyphosate manufacturer in China's glyphosate industry to challenge the trade remedy investigation initiated by
European Commission and finally won the case.

On 2 Aug., 2012, Australia Customs and Border Protection Service released the anti-dumping decree of No.
2012/37, and it claimed that the glyphosate formulations produced by Chinese producers, including J iangsu
Good Harvest-weien Agrochemical Co., Ltd., Shandong Weifang Rainbow Chemical Co., Ltd. and Zhejiang
Wynca, haven't been dumped in Australia. Besides, the total volume of glyphosate formulations dumped in
Australia by other Chinese exporters was negligible, so Australia terminated the anti-dumping investigation
against China's glyphosate producers.

On 16 Nov., 2012, Australia Customs and Border Protection Service (ACBPS) released Notice No. 2012/54,
which claimed that ACBPS would resume anti-dumping investigation on formulated glyphosate products
exported to Australia from China as a result of Australia Trade Measures Review Officer (ATMRO)'s revocation
of ACBPS's decision to terminate the investigation on the glyphosate formulations exported to Australia from

China on 23 Oct., 2012.

Market

In terms of production capacity, the total production capacity of glyphosate technical is about 750,000t/a in
China in 2012, and it didn't fluctuate much compared to 2011. In 2012, Sichuan Fuhua Tongda Agro-chemical
Technology Co., Ltd. and Zhejiang J infanda Bio-chemical Co., Ltd. planned to construct 50,000t/a production
lines of glyphosate technical respectively, but neither of them has launched any capacity up to now. They may
launched the capacity in the first half of 2013 if the rising price of glyphosate technical lasts and the total
production capacity of glyphosate technical will reach about 850,000t/a in China then.

In terms of output of glyphosate technical, the total output of glyphosate in China is estimated to be 400,000
tonnes in 2012, up by about 18% over 2011, mainly resulting from the increase of overseas demand and
glyphosate price.

In terms of glyphosate price, both the prices of glyphosate 95% technical and formulations rose apparently in
H2 2012. The ex-works price of glyphosate 95% technical broke through USD4,815/t in late Aug. 2012, and it
stayed at the level of USD4,815/t-USD5,500/t in the rest four months of 2012. Besides, the ex-works price of
glyphosate technical in 2012 has achieved a three-year high figure since 2010 (FIGURE 4). The ex-works
prices of glyphosate formulations including glyphosate 41% IPA, glyphosate 62% IPA, glyphosate 50% SP and
glyphosate 75.7% WSG all stayed at a relatively low level in H1 2012, but they increased apparently in H2 2012,
which was in accordance with the price fluctuation of glyphosate technical (FIGURE 5).

In terms of market share, glyphosate formulations with glyphosate A.I. content higher or equal to 30% would
capture the market share in China in 2012 left by glyphosate 10% AS and mixed glyphosate formulations with
glyphosate A. I. content below 30%. Glyphosate 10% AS, once took up about 90% of the consumption volume
of glyphosate formulations in China, has been eliminated from market in China since 2012, and mixed
glyphosate formulations with glyphosate A. I. content below 30% have been eliminated from China's market
since Sept. 2012 after the promulgation of Decree No.1744.

FIGURE 4: Monthly average ex-works price of glyphosate technical 95%, 2010-2012, Unit: USD/t

Source: CCM

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FIGURE 5: Monthly average ex-works prices of glyphosate technical 95% and formulations, 2012, Unit: USD/t

Source: CCM

Operating performance

It's estimated that most glyphosate producers made slight profits in 2012. Overseas demand for glyphosate
remained strong in 2012 and the annual average prices of glyphosate technical and almost all glyphosate
formulations have achieved four-year high figures in 2012 since 2009 (FIGURE 6), but the overall operating
performance in glyphosate industry didn't make great achievement in 2012, mainly caused by the low operating
rate and high production cost. The overall operating rate in glyphosate industry in 2012 was not high (only 60%)
due to serious overcapacity, only up by 10 percentage points over 2011. As to the production cost, it was still
high in 2012, which mainly reflects in the costs of raw materials, labor and environmental protection.

Take China's three listed glyphosate companies for example, namely Zhejiang Wynca, Nantong J iangshan
Agrochemical & Chemicals Co., Ltd. (Nantong J iangshan) and Anhui Huaxing Chemical Industry Co., Ltd.
(Anhui Huaxing), all these three companies achieved operating profit in Q3 2012 (TABLE 2). In Q1-Q3 2012,
Nantong J iangshan achieved an operating profit of USD1.37 million, whereas Zhejiang Wynca and Anhui
Huaxing suffered an operating loss of USD3.35 million and USD 0.36 million respectively.

FIGURE 6: Annual average ex-works price of glyphosate products, 2010-2012, Unit: USD/t

Source: CCM

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TABLE 2: Operating performance of Chinas three listed glyphosate companies, Q1-Q3 2012, million USD
Anhui Huaxing Nantong Jiangshan Zhejiang Wynca
Item Q1
2012
Q2
2012
Q3
2012
Q1
2012
Q2
2012
Q3
2012
Q1
2012
Q2
2012
Q3
2012
Revenue 34.60 48.07 31.62 102.43 133.04 113.53 223.68 251.93 250.91
Operating profit -0.69 -0.39 0.72 -0.93 1.55 0.75 -7.88 1.23 3.30
Source: The semi-annual reports and Q3 financial performance reports of Anhui Huaxing, Nantong Jiangshan and
Zhejiang Wynca in 2012

Export tax rebate of PIMDA may be cancelled in China

According to the Decree No. 63 of 2012 (concerning 2013 Tariff Implementation Plan) released by China's
General Administration of Customs on 28 Dec., 2012, PMIDA's tax code was changed from 29310000 to
29319011, and PMIDA has been redefined as a general merchandise with a MFN rate of 6.5% and a general
rate of 30% since 1 J an. 2013, but there isn't any revelation in the 2013 Tariff Implementation Plan that whether
PMIDA's export tax rebate will be cancelled. Given that the change in PMIDA's export tax code, PMIDA's
original export tax rebate (13%) may be reduced or cancelled in the coming months.

In fact, there is a rumor that Chinese government will cancel the export tax rebate of PMIDA before the release
of the 2013 Tariff Implementation Plan, which is attributed to the unusual export situation of PMIDA to a certain
extent in Nov. 2012. In detail, the export volume of PMIDA in Nov. 2012 was about 6,700 tonnes, up by 70.30%
MOM and 119.08% YOY respectively, and the export price of PMIDA in Nov. 2012 was about USD2,620/t, up
by 1.55% MOM and 36.46% YOY respectively. Besides, it's the first time that the number of PMIDA's export
destinations in Nov. 2012 reached six in the first ten months of 2012. Though Argentina and the US are still the
main import countries of China's PMIDA, with their import volume of 3,800 tonnes and 2,000 tonnes
respectively in Nov. 2012, but it's surprising that the other four import countries, namely India, Indonesia, Spain
and Thailand, have totally imported only about 900 tonnes in Nov. 2012.

Whether the rumor will become a reality in the first half of 2013 is still unknown, but the wide spread of this
rumor and the change in PMIDA's export tax item code are likely to stimulate most China's PMIDA
manufacturers to sell their inventory as much as possible in the coming months.

If the export tax rebate of PMIDA is cancelled, it will greatly impact on foreign purchasers, domestic PMIDA and
glyphosate manufacturers and glyphosate industry.

In detail, the cancellation of export tax rebate of PMIDA will prompt manufacturers to increase PMIDA's
ex-works price or export price, which will increase procurement cost for foreign purchasers and may spur them
to purchase glyphosate technical and formulations as a result. It also means that PMIDA's profit will reduce,
and thus domestic PMIDA manufacturers may try to increase the ex-works price or export price of PMIDA to
offset the increase of PMIDA's export cost. Meanwhile, it won't have great impact on domestic glyphosate
manufacturers adopting IDAN route because they run PMIDA production lines and have sufficient supply of
PMIDA.


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As to China's glyphosate industry, the cancellation of export tax rebate of PMIDA will help alter the export
structure of glyphosate related products and improve oversupply of glyphosate. On one hand, the export
volume of PMIDA will keep declining and the export volume of glyphosate technical and glyphosate
formulations may increase. For example, the export volume of PMIDA was about 40,000 tonnes in 2011, down
by 8.52% over 2010. In the past eleven months of 2012, the export volume of PMIDA was about 32,000 tonnes,
and the total export volume of PMIDA in 2012 is estimated to be less than 40,000 tonnes. On the other hand,
the rising procurement amount of glyphosate products will help digest the oversupplying glyphosate in China.

In short, PMIDA's export tax code was changed to 29319011 on 1 J an. 2013 and it was exported as a general
merchandise since then with a MFN rate of 6.5% and a general rate of 30%. This change may signify that more
new reformations will happen to PMIDA and glyphosate industry.

Top 10 events of Chinese glyphosate industry in 2012

1. Glyphosate market turns warm
Having been depressed for three years since 2009, glyphosate market finally turned warm in 2012, which
reflected in the increase of price, operating rate, output and export volume. In 2012, glyphosate price increased
to the profitable level for most glyphosate producers in China, and the annual average ex-works prices of
glyphosate technical, glyphosate 41% IPA, glyphosate 62% IPA, glyphosate 50% SP and glyphosate 75.7%
WSG were about USD4,630/t, USD2,167/t, USD2,749/t, USD2,585/t and USD4,030/t respectively, up by about
25%, 12%, 15%, 8% and 5% YOY respectively. The overall operating rate in glyphosate industry in 2012 was
about 60%, up by about 10 percentage points over 2011. The total output of glyphosate technical in China is
estimated to be 400,000 tonnes in 2012, up by about 18% over 2011. The export volume of glyphosate A.I. (in
terms of 100% glyphosate acid) is estimated to be 350,000 tonnes in 2012, up by about 16% over 2011.

2. Production capacity keeps expanding
Sichuan Fuhua Tongda Agro-chemical Technology Co., Ltd. and Zhejiang J infanda Biochemical Co., Ltd. both
planned to construct 50,000t/a production lines of glyphosate technical respectively in mid-2012, but the
100,000t/a production lines were not launched in 2012.

3. Mergers and acquisitions still appear much
1) Sinochem International Corporation raised its equity of J iangsu Yangnong Chemical Group Co., Ltd. to
40.53% in Feb. 2012 from 5% in 2011, and the latter is the holding company of Yangnong Chemical Co., Ltd., a
listed company.
2) Zhejiang Wynca Chemical Industry Group Co., Ltd. (Zhejiang Wynca) held 51% share of Shandong Xinfeng
Seed Co., Ltd. in May 2012. Besides, in Nov. 2012, Zhejiang Wynca acquired the additional 70% share of
Golden Sunshine Mining Co., Ltd. which is a mining company located in Ghana.
3) Nantong J iangshan planned to acquire 90% equity of Ladda Group which is a leading company in
agrochemical business in Thailand in Dec., 2012.
4) Anhui Huaxing Chemical Industry Co., Ltd. (Anhui Huaxing) planned to issue additional 452.25 million shares
to CEFC Shanghai Oil Group Co., Ltd. (CEFC Shanghai) at USD308.99 million, and CEFC Shanghai will hold
60.61% equity of Anhui Huaxing after the deal in J uly 2012, but the deal hasn't been approved by China
Securities Regulatory Commission in 2012.

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5) Chongqing Sanxia Paints Co., Ltd. transferred 100% equity of Chongqing Sanxia Yingli Chemical Co., Ltd. to
Chongqing Medical Purple Eagle Asset Management Co., Ltd. in Dec., 2012.

4. Mixed glyphosate formulations with glyphosate acid content below 30% face elimination
On 26 March, 2012, China Agriculture Ministry released a formal document (Decree No. 1744), which clarified
that the content of glyphosate A.I. (in terms of glyphosate technical acid) should not be lower than 30%.
Registration applications (including temporary registration, formal registration and renewal registration) for
mixed glyphosate formulations with glyphosate A.I. content below 30% faced rejection from 26 March, 2012,
and existing registrations that can't meet the content requirement should be modified before 31 Aug., 2012.

5. Anti-dumping battle still continues
1) Australia Customs and Border Protection Service (ACBPS) released the Notice No. 2012/54 On 16 Nov.,
2012 and claimed that ACBPS would resume anti-dumping investigation on formulated glyphosate products
exported to Australia from China as a result of Australia Trade Measures Review Officer (ATMRO)'s revocation
of ACBPS's decision to terminate the investigation on the glyphosate formulations exported to Australia from
China on 23 Oct., 2012, and the termination decision released on 2 Aug., 2012 was the result of anti-dumping
investigation on formulated glyphosate products exported to Australia from China initiated on 6 Feb., 2012.
2) European Union Court of J ustice claimed that it turned down an appeal by European Commission and
upheld the decision ruled by European Union General Court on 17 J une, 2009 that Zhejiang Wynca was not
guilty of dumping (selling glyphosate at unreasonable prices in EU market) on 19 J uly, 2012.

6. Zhejiang Wynca is involved in the case of chemical use salt being sold in edible salt market
Zhejiang Wynca has been involved in the trouble related to "chemical use salt being sold in edible salt market"
in early Feb. 2012 because its wholly-owned subsidiary, namely Zhenjiang J iangnan Chemical Co., Ltd.
(Zhenjiang J iangnan), sold chemical use salt to Zhenjiang Haitian Salt Chemical Co., Ltd. which illegally
produced and sold chemical use salt in edible salt market in 12 provinces of China in 2011, but Zhejiang Wynca
states that it has no responsibility in this case, because Zhenjiang J iangnan has the right to produce and sell
chemical salt. What's more, Zhenjiang J iangnan can't control how purchasers use the salt.

7. Anhui Huaxing avoids from being ST marked
Anhui Huaxing suffered an operating profit of USD14.22 million in 2011, but it enjoyed a net profit of USD0.40
million aided by the non-operating revenue of USD14.63 million, and thus Anhui Huaxing avoided from being
ST marked for its stock.

8. Zhejiang Wynca introduces glyphosate 78% IPA SG
Zhejiang Wynca firstly produced a new glyphosate formulation called glyphosate 78% IPA SG, and sold it
widely since March 2012 in China, but the introduction of this product was considered to be a marketing
concept and differentiation.

9. Technique research concerning glyphosate wastewater treatment accelerates in 2012
According to the publication of China's State Intellectual Property Office, there were 17 public patent
applications related to glyphosate wastewater treatment in 2012, thereinto, eight public patent applications are
related to the removal techniques of phosphorus and nitrogen in glyphosate wastewater by the way of

14
converting organicphosphorus compounds and organicnitrogen compounds to phosphate ion and ammonia ion
respectively, and another nine public patent applications are related to the recycling techniques of glyphosate
technical, PMIDA, glyphosine, glycine, formaldehyde, methylal, sodium phosphite and sodium chloride.

10. Development of glyphosate-tolerant weed is still fast
A new glyphosate-tolerant weed, namely amaranthus spinosus, was discovered in the US in 2012, and thus the
number of global glyphosate-tolerant weed increased to 24 species. More existing glyphosate-tolerant weeds
were also found in other countries. For example, another two new glyphosate-tolerant weeds were found in
Greece and Argentina respectively in 2012. Besides, more glyphosate-tolerant weeds were found in some
regions of the US. In 2012, three glyphosate-tolerant weeds, namely amaranthus palmeri, amaranthus
spinosus and kochia scoparia, were found in Arizona, California, Mississippi and North Dakota respectively.

Glyphosate status hard to be shaken by the new paraquat formulation

China has a new non-liquid paraquat formulation registration, namely paraquat 50% soluble granules (SG),
which has been given high expectation to substitute AS, and received the market shares of paraquat AS and
may capture more shares in other herbicide market including glyphosate's market in the future, but it will be
very hard for new non-liquid paraquat formulations including paraquat 50% SG to capture glyphosate's market
shares and shake glyphosate's status in the herbicide market.

At present, glyphosate enjoys the largest production and consumption in herbicide market in the world, followed
by paraquat. In 2011, the total sales of herbicide in the world was about USD19.5 billion, and the sales of
glyphosate and paraquat were about USD5 billion and USD0.7 billion respectively, accounting for about 26%
and 4% of the total.

There are two main reasons why glyphosate's status will be hard to be shaken by the new paraquat
formulation.

The first reason is the uncertain consumption of paraquat in the world mainly caused by the severe use control
of paraquat in more and more countries. About 23 countries in the world have restricted or forbidden the use of
paraquat products. During March 19 to 23 in 2012, the 8
th
meeting of the Chemicals Accreditation Committee of
Rotterdam Convention on the Prior Informed Consent Procedure for Certain Hazardous Chemicals and
Pesticides in International Trade (Rotterdam Convention) was held in Geneva, Switzerland, and liquid paraquat
formulations have been proclaimed as severely hazardous pesticide formulations, but the final proclamation will
be made in the 6
th
Conference of the Parties to the Rotterdam Convention which will be held in mid-2013. If this
proclamation is approved, the reputation of paraquat will be greatly damaged and it may spread to non-liquid
paraquat formulations. Besides, it will also make more and more countries restrict or ban the use of paraquat
products, which will greatly reduce the consumption of paraquat products including non-liquid paraquat
formulations.

By contrast, the consumption of glyphosate will increase undoubtedly in the coming years mainly attributed to
the fast development of glyphosate-tolerant crops in the world. Harvested area of herbicide-tolerant crops
(mostly glyphosate-tolerant crops) has increased by 100.2 million hectares, with a CAGR of 12.9% from 2000

15
to 2011. It is predicted that global adoption of biotech crops, by country, number of farmers, and area will all
double in the second decade of commercialization between 2006 and 2015 (40 biotech countries, 20 million
biotech crop farmers and 200 million hectares of biotech crops) by International Service for the Acquisition of
Agri-biotech Applications.

The second reason is the high promotion difficulty of non-liquid paraquat formulations, mainly caused by the
high toxicity of paraquat, uncertain profit of distributors and uncertain acceptance by farmers. The high toxicity
of non-liquid paraquat formulations to human will relatively remain the same mainly because non-liquid
paraquat formulations contain the same active ingredients as liquid paraquat formulations. As to the profit, it
won't be high for manufacturers and distributers because they are not likely to sell the newly launched
non-liquid paraquat formulation at high prices in herbicide market, which will reduce the promotion enthusiasm
of non-liquid paraquat formulations. Besides, whether the non-liquid paraquat formulations can gain wide
acceptance of farmers remains uncertain. On one hand, this new formulation indicates a change in use habit of
paraquat and it's unsure if its effect and use convenience can rival liquid formulations. On the other hand, the
price of non-liquid paraquat formulations may be higher compared to liquid paraquat formulations because of
the increase of production cost, which will increase farmers' use cost of non-liquid paraquat formulations as a
result.

There is no doubt that there will be more and more new non-liquid paraquat formulations in China, and it'll be
hard for this new paraquat formulation to capture the market share and shake the status of glyphosate in the
world in the coming few years under the conditions that the consumption of paraquat will be likely to decrease
in the world and the high promotion difficulty of non-liquid paraquat formulations will be still hard to be
overcome.

In Nov. 2012, Shandong Luba Chemical Co., Ltd. (Shandong Luba), a leading paraquat producer in China,
firstly and successfully concluded the temporary registration of paraquat 50% SG (registration code:
LS20120374) through the Institute for the Control of Agrochemicals, Ministry of Agriculture with a valid period of
one year since 8 Nov. 2012.

Except Shandong Luba, there were other paraquat producers in China which carried out some research and
applied for patent for new paraquat formulations. For example, Nanjing Redsun Group Co., Ltd. has registered
three patents for paraquat new formulations in Sept. 2011, namely tablet, water-soluble paste and soluble
gelatin. Besides, Sinochem Chemical Science and Technology Research Institute has also registered a patent
for paraquat water-soluble gel.


16
Glyphosate market in 2012 fails to surpass the brilliant performance in 2008

Having been stagnant for three years since 2009, glyphosate market witnessed a new prosperity in 2012, and
glyphosate's ex-works price increased greatly in China in 2012, which stimulated more investments in
glyphosate industry and more resumption of glyphosate production in some small and medium-sized
glyphosate producers, but glyphosate market in 2012 still failed to recover from the brilliant performance in
2008 on the whole.

In 2012, the operating rate in glyphosate industry in China was about 60%, which was higher compared to the
past three years since 2009, but is still lower compared to 2008. The investment enthusiasm in glyphosate
industry wasn't very high in China in 2012, and there were only five glyphosate producers to construct new
glyphosate production lines and their total glyphosate production capacity is no more than 150,000t/a. But in
2008, there were more than 24 glyphosate producers to construct or expand glyphosate production lines and
the newly released glyphosate production capacity in 2008 was more than 200,000t/a, most of which was
launched in H2 2008. It's estimated that glyphosate industry operating rate in 2008 was about 80%, which was
20 percentage points more than that of 2012.

Basically, glyphosate price in 2012 was the best one since 2009, but it was still much lower than that in 2008.
Specifically, the annual average ex-works price of glyphosate 95% technical in 2012 was about USD4,030/t,
down by 62% compared to 2008, and the annual average ex-works prices of glyphosate formulations including
glyphosate 41% IPA, glyphosate 62% IPA, glyphosate 50% SP and glyphosate 75.7% WSG all lowered by
more than 50% compared to 2008 (FIGURE 7).

As to the operating performance, though the glyphosate profit in China in 2012 may achieve the best figure
since 2009 and most glyphosate producers may make slight profits in 2012, the glyphosate profit in 2012 still
can't surpass that in 2008the highest record in China's glyphosate industry. Take China's three listed
glyphosate companies for example, namely Zhejiang Wynca Chemical Industry Group Co., Ltd. (Zhejiang
Wynca), Nantong J iangshan Agrochemical & Chemicals Co., Ltd. (Nantong J iangshan) and Anhui Huaxing
Chemical Industry Co., Ltd. (Anhui Huaxing), Zhejiang Wynca predicted that the net profit attributable to
shareholders would increase by more than 50% YOY in 2012, reaching about USD4.17 million, and Nantong
J iangshan and Anhui Huaxing were likely to make profits in the whole year of 2012, but the profit was still much
lower compared to 2008. In 2008, the operating profit of Zhejiang Wynca, Nantong J iangshan and Anhui
Huaxing were USD355.73 million, USD59.58 million and USD33.39 million respectively.


FIGURE 7: Annual average ex-works price of glyphosate products in 2008 and 2012, Unit: USD/t

Source: CCM
Except the factor of overseas demand for glyphosate, there were other ten main influencing factors which
made glyphosate market in 2012 fail to surpass the brilliant performance in 2008(TABLE 3).
TABLE 3: Comparison of ten main influencing factors for glyphosate market, 2008 and 2012
No. Influencing factor 2008 2012
1 Glyphosate price
Annual average price of glyphosate
technical 95% is about USD11,100/t,
and monthly price is even more than
USD16,050/t
Annual average price of glyphosate
technical 95% is about USD4,630/t,
and the highest monthly price is about
5,620/t.
2 Glyphosate profit Huge profit Low profit
3
Glyphosate
production
capacity
About 320,000t/a before expansion, and
about 520,000t/a after expansion
About 750,000t/a
4
Raw materials
price
Nearly all is high and fluctuate greatly Most are low and steady
5
Export tax rebate
policy
Glyphosate technical, glyphosate
formulations and PMIDA all have export
tax rebate
Cancel the export tax rebate of glyphosate
technical
6
Glyphosate
industry policy
Nearly has no targeted industry policy
Eliminate glyphosate formulations and
mixed glyphosate formulations with
glyphosate acid content below 30%
7
Investment
activity
Much and enthusiastic in glyphosate
industry
Little and reasonable in glyphosate industry
8
Stage of
glyphosate
industry
Expansion stage; glyphosate production
capacity and the number of glyphosate
producers increased sharply
Integration stage; glyphosate production
capacity keeps stable and the industrial
concentration enhances further
9 Monsanto
Stop the production line with capacity of
100,000t/a during 2006-2008
Nearly hasn't stopped production
10
International
economy
Global financial crisis European debt crisis
Source: CCM
17

18

The increasing planting area of glyphosate-tolerant crops and the development of non-tillage system all over
the world will contribute to the further improvement of glyphosate market in China, but glyphosate market in the
few coming years will still be unlikely to surpass the brilliant performance in 2008 due to serious overcapacity.

Registration

Solid glyphosate ammonium salt is still the mainstream registration in 2012

In 2012, China achieved 97 new registrations of glyphosate products, completed by 82 companies. Solid
glyphosate ammonium salt is the most popular product registered in 2012, a sign of growth potential in China's
glyphosate market.

The 97 registrations, accounting for 13.09% of the total active registrations as of 15 J an. 2012, include 6
registrations of technical, 80 glyphosate single formulations and 11 mixed glyphosate formulations.

Glyphosate formulations with SL form dominate the market and the competition market is relatively stiff.
Comparatively, glyphosate solid formulations are not very popular at present and the market competition is
relative loose. With more and more glyphosate solid formulations being registered, more glyphosate market
shares will be captured by glyphosate solid formulations.

Among the six technical registrations, five registrations are glyphosate acid technical, and the last one is
glyphosate ammonium salt technical registration. It's noted that Hubei Huida Technology Development Co., Ltd.,
a PMIDA manufacturer in China, registered glyphosate 95% technical in 2012, indicating that the company
intended to extend its PMIDA production to the downstream glyphosate industries. It is also noteworthy that
Nanjing Red Sun Biochemistry Co., Ltd., a company with paraquat products as its business and registering
glyphosate 96% technical in 2009, again registered glyphosate 89% ammonium salt technical in 2012, showing
that the company still tries to set foot in the glyphosate market.

Among the 80 registrations of glyphosate single formulations, 63 registrations are for solid formulations,
including 31 registrations for SG (soluble granule), 31 registrations for SP (soluble powder) and 1 registration
for glyphosate 50% WDG (water dispersible granule), while the other 17 registrations are for SL (soluble liquid)
(TABLE 4).

Of the 31 newly registered glyphosate SG formulations, 28 are glyphosate ammonium salt registrations, two
are glyphosate potassium salt registrations (content: 50% and 63%) and one is glyphosate 58% IPA. Of the 31
newly registered glyphosate SP formulations, 28 are glyphosate ammonium salt and the rest three are
glyphosate 50% SP, glyphosate 58% SP and glyphosate 65% SP. That's to say, 70% (56/80) of glyphosate
single formulations registered in 2012 is solid form of glyphosate ammonium.

The number of solid glyphosate ammonium formulations newly registered in 2012 accounts for 35.67% of the
total active registrations of glyphosate products in 2012.


19
Contents of newly registered solid glyphosate ammonium products in 2012 are relatively convergent, mainly
because China had released a document, namely Regulation on the Content Gradient of Pesticide Active
Ingredient, to regulate pesticide active ingredient content in late 2008. And glyphosate ammonium 80% SG,
glyphosate ammonium 68% SG and glyphosate ammonium 65% SP are the three most popular specifications
(TABLE 5).

TABLE 4: New registrations of glyphosate technical and glyphosate single formulations, 2012
Item Form Gl yphosate acid Ammonium salt IPA salt Potassium salt Total
Technical - 5 1 0 0 6
SL 1 4 11 1 17
SP 3 28 0 0 31
SG 0 28 1 2 31
Single formulation
WDG 1 0 0 0 1
Source: CCM and ICAMA

TABLE 5: Specifications of solid glyphosate ammonium products registered, 2012
Content SP SG
30% 2 0
50% 9 0
58% 2 2
65% 12 0
68% 0 12
70.90% 0 1
80% 0 16
Source: CCM and ICAMA

Of the 23 SL form registrations, 11 are glyphosate IPA.

Among the 11 mixed glyphosate formulation registrations, five registrations' active ingredients all are
glyphosate-MCPA with SG and SL form, three registrations' active ingredients are glyphosate-2,4-D acid with
SG and SL form, one registration's active ingredient is glyphosate-dicamba, another registration' active
ingredient is glyphosate-bensulfuron methyl and the last one registration' active ingredient is
glyphosate-triclopyr.

Price Update

Glyphosate price decreases slightly in Jan. 2013

In mid-J an. 2013, the ex-works prices of glyphosate technical and four glyphosate formulations, namely
glyphosate 41% IPA, glyphosate 62% IPA, glyphosate 50% SP and glyphosate 75.7% WSG, decreased slightly
compared to mid-Dec. 2012 (TABLE 6), but the ex-works prices of these five products were still the highest
figures compared to the corresponding period of the past three years since 2010. With the release of more new

20
production capacity in the coming months, the price of glyphosate may keep declining slightly in the coming
months.

In mid-J an. 2013, the average ex-works price of China's glyphosate technical was about USD5,216/t
(RMB32,500/t), down by 5.11% compared to mid-Dec. 2012, which was the second time that the ex-works price
of glyphosate technical declined since mid-Nov. 2012. On one hand, China's Spring Festival is upcoming and
most glyphosate manufacturers try to reflux cash by lowering the ex-works price of glyphosate technical. On the
other hand, weak overseas demand for glyphosate and low ex-works prices of raw materials in mid-J an. 2013
didn't help maintain the high ex-works price of glyphosate technical in mid-J an. 2013.

As to glyphosate's raw materials, the prices of yellow phosphorous, DEA, IDAN and PMIDA except glycine all
decreased slightly in mid-J an. 2013, signifying the weakened demand from glyphosate manufacturers. It's
noted that the export policy change of PMIDA, namely cancelling the export tax rebate of PMIDA and redefining
PMIDA as general product with a MFN rate of 6.5% and the general rate of 30% since 1 J an. 2013, but this
change don't arouse controversial responses from PMIDA manufacturers at present.

According to the current situation, the ex-works prices of glyphosate may keep declining slightly in J an. 2012.

TABLE 6: Ex-works prices of glyphosate products and key raw materials in China, J an. 2013
Jan. 2012 Dec. 2012
Products
USD/t RMB/t USD/t RMB/t
Price change
MOM
Yellow phosphorus 2,664 16,600 2,722 17,000 -2.35%
DEA 2,006 12,500 2,121 13,250 -5.66%
Glycine 1,669 10,400 1,657 10,350 0.48%
IDAN 2,103 13,100 2,113 13,200 -0.76%
41% IPA 2,327 14,500 2,337 14,600 -0.68%
62% IPA 3,082 19,200 3,122 19,500 -1.54%
50% SP 2,696 16,800 2,754 17,200 -2.33%
Glyphosate formulation
75.7% WSG 4,438 27,650 4,499 28,100 -1.60%
Glyphosate technical (95%) 5,216 32,500 5,483 34,250 -5.11%
PMIDA 2,761 17,200 2,882 18,000 -4.44%
Note: Price change is calculated by RMB quotation.
Prices are monitored on 14-15 Jan., 2013.
Source: CCM


21
Export Analysis

Glyphosate export volume increases in Nov. 2012.

Export volume

In Nov. 2012, China exported about 41,182 tonnes of glyphosate A. I. (100% glyphosate acid equivalent), up by
29.56% compared to Oct. 2012. These glyphosate related products include 27,025 tonnes of glyphosate
technical, 25,629 tonnes of glyphosate formulations and 6,647 tonnes of PMIDA (TABLE 7).

The export volume of glyphosate products, including glyphosate technical, PMIDA and formulated products,
enjoyed an amazing YoY growth in Nov. 2012.

TABLE 7: Export volume of glyphosate product, Nov. 2012
Export volume, tonne Change
Product
Nov. 2012 Oct. 2012 Nov. 2011 MoM YoY
Technical 27,025 20,030 17,760 34.92% 52.17%
PMIDA 6,647 3,903 3,034 70.30% 119.08%
Formulation 25,629 24,855 23,028 3.11% 11.29%
Source: CCM and China Customs

Export Price

Compared with the previous month, the export prices of glyphosate products increased apparently in Nov. 2012
(TABLE 8). While compared with that of the corresponding period last year, the prices of glyphosate technical,
PMIDA and formulated products increased by 43.24%, 36.46% and 34.91% respectively, due to the increasing
cost and tight supply. Besides, the export price of glyphosate technical in Nov. 2012 was the highest one
compared with the past ten months (FIGURE 8).

TABLE 8: Export prices of glyphosate products, Nov. 2012
Export price, USD/kg Change
Product
Nov. 2012 Oct. 2012 Nov. 2011 MoM YoY
Technical 5.40 5.21 3.77 3.65% 43.24%
PMIDA 2.62 2.58 1.92 1.55% 36.46%
Formulation 2.86 2.77 2.12 3.25% 34.91%


FIGURE 8: Export price of glyphosate products, J an.Nov. 2012 (Unit: USD/kg)


Export destination

China's glyphosate products have been exported to 59 countries/regions in Nov. 2012. Thereinto, 24
countries/regions have imported Chinese glyphosate technical in Nov. 2012.

The total volume of glyphosate technical exported to the top six destinations, namely Argentina, the US, Brazil,
Indonesia, Australia and Malaysia, covered 86.08% of the total in Nov. 2012(FIGURE 9).

Glyphosate 41% IPA has been exported to 50 countries/regions in Nov. 2012. The total export volume to the top
four destinations, namely Nigeria, Vietnam, Ukraine and Colombia, accounted for 33.49% of the total in Nov.
2012.

Glyphosate 51% IPA has only been exported to Australia in Nov. 2012, with its export volume of 4,512 tonnes,
down by 3.36% compared with Oct. 2012.

Glyphosate 62% IPA has been exported to 23 countries/regions in Nov. 2012, and the top five export
destinations of Chinese glyphosate 62% IPA were Indonesia, the US, the Philippines, Thailand and Russia,
with their total export volume taking up 79.94% of the total in China.

Glyphosate 75.7% WSG has been exported to 15 countries in Nov. 2012, and the total export volume to the top
three destinations, namely Argentina, Australia and Uruguay, was 3,845 tonnes, covering 88.80% of the total.

PMIDA has been exported to 6 countries in Nov. 2012, and the export volume to the Argentina and the US took
up 56.20% and 30.18% of the total respectively.

22

FIGURE 9: Export destinations of glyphosate technical, Nov. 2012


Manufacturer
Exported glyphosate technical products in Nov. 2012 were produced by 16 companies, and exported
formulated glyphosate products in Nov. 2012 were manufactured by 22 Chinese producers. The top suppliers
of glyphosate technical in Nov. 2012 include Zhejiang Wynca, Nantong J iangshan, Sichuan Fuhua, Zhejiang
J infanda, J iangsu Yangnong, etc. The top suppliers of glyphosate formulations in Nov. 2012 include J iangsu
Good Harvest-weien, Zhejiang J infanda, Zhejiang Wynca, etc. (TABLE 9 and TABLE 10).
TABLE 9: Main manufacturers of exported glyphosate technical in China, Nov. 2012
Company Share
Zhejiang Wynca Chemical Industry Group Co., Ltd. 18%
Nantong J iangshan Agrochemical & Chemicals Co., Ltd. 17%
Sichuan Fuhua Tongda Agro-chemical Technology Co., Ltd. 14%
Zhejiang J infanda Bio-chemical Co., Ltd. 14%
J iangsu Yangnong Chemical Group Co., Ltd. 9%
Shandong Weifang Rainbow Chemical Co., Ltd. 8%
Hubei Sanonda Co., Ltd. 5%
Others 15%
TABLE 10: Main manufacturers of exported glyphosate formulations in China, Nov. 2012
Company Share
J iangsu Good Harvest-Weien Agrochemical Co., Ltd. 22%
Zhejiang J infanda Bio-chemical Co., Ltd. 20%
Zhejiang Wynca Chemical Industry Group Co., Ltd. 16%
Nantong J iangshan Agrochemical & Chemicals Co., Ltd. 7%
Sichuan Fuhua Tongda Agro-chemical Technology Co., Ltd. 6%
Shandong Weifang Rainbow Chemical Co., Ltd. 6%
Shanghai Hujiang United Chemical Co., Ltd. 5%
Others 18%
23
CCM www.cnchemicals.com
Glyphosate China Monthly Report
Vol. 4 Issue 12, 2012
19
CCM
CCM
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Journalist: Lynn He
Editor: Lili Liu
Chief Editor: Ola Cheng
Publisher: Guangzhou CCM Information & Technology Co., Ltd.
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