Lumena
From Wikipedia, the free encyclopedia
 | |
| Company type | Public |
|---|---|
| SEHK: 67 | |
| Industry | Mining, plastics, laxatives |
| Headquarters | Chengdu, , |
| Products | Laxatives, PPS resin, PPS compounds and PPS fiber |
China Lumena New Materials (commonly called Lumena) is a Chinese mining and manufacturing company primarily engaged in the production of polyphenylene sulfide (PPS), an industrial plastic. According to a market research report in 2016, the company is among the largest producers of PPS.[1]
Lumena mines the glauberite and associated class of minerals that is the raw ingredient used by the company to manufacture PPS and thenardite products including laxatives.
The company traces its origins to 1952.[2]
In June 2009, the company raised US$149 million in an IPO on the Hong Kong Stock Exchange.[3] Although the company had planned to launch an IPO in 2008, the Sichuan earthquake that year delayed the plans.
The Hong Kong listed company was suspended from trading by the exchange after Glaucus, a short seller investment research firm, published a report that alleged sales stated by the company were fraudulently inflated and its claim to have the most production capacity volume was misleading.[1][4] Following turmoil for the company created by the report, on January 19, 2015, one of its creditors, Taiwan-based Mega Bank, filed a winding up petition against Lumena to institute involuntary insolvency proceedings for the company before the Grand Court of the Cayman Islands.[5]
