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The Scent of Success

The Scent of Success
 
     
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Can you tell us about the company and what you specialise in?

Hubei Kangyuan Fine Chemicals Hi-Tech Ltd is a joint venture between Wuhan University and Buckton Mini Chem Ltd. which is a member of Buckton Scott Group. Established in 2007, we are a leading manufacturer of high impact synthetic aroma chemicals in China. Our main business involves creating aromatic chemicals, flavours and amino acids.

Why was Wuhan chosen as a location for the company?

Wuhan has easy and convenient logistics, including the low cost of travel and transport. There is also a rich base of workers that goes from basic factory level to high-level engineers. The higher education system in Wuhan is also excellent, which means we can establish a stable labour force and strong company culture.

We have also saved money on land costs and infrastructure, as prices in Wuhan are around 50 per cent of what they would be in a coastal region. Combined with favourable government policies that encourage foreign investment and support, this makes Wuhan an excellent choice.

What have been some of the challenges in the market, and what have you achieved so far?

In terms of achievements, our turnover as risen from RMB 2 million to RMB 50 million in just four years. We expect to achieve more than RMB 100 million by 2012. Perhaps the biggest challenge is that policy can often change too quickly and become confusing for companies and their investors. This is why it is important to have a company solicitor to monitor the changes and make sure that the company understands and complies with the latest regulations. This is something the government is looking to improve though, which is certainly a positive step.

What are the future plans for Kangyuan Fine Chemicals?

We hope to eventually achieve a turnover of at least RMB 300 million, and then move forward by looking for an IPO in around three to five years. This will take the company to another level and allow us to expand even further.

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