Inner Mongolia Company's Nitrification Workshop Explosion Leaves 2 Missing; Major Shareholder of Involved Company is Hubei Liyuan Technology, a Planned IPO Company

(Source: Caixin)

Liyuan Technology mainly engages in the production of chemical products, manufacturing of basic chemical raw materials, and sales of chemical products. It holds a hazardous chemical production license.

According to CCTV News, at approximately 11:50 AM on March 19, 2026, an explosion occurred at the nitration workshop of Inner Mongolia Liyuan Technology Co., Ltd. (hereinafter referred to as “Liyuan Technology”) in Alxa League, Inner Mongolia Autonomous Region. Preliminary verification indicates that the accident has resulted in 2 people missing and 3 minor injuries. The cause of the accident is under further investigation.

Additionally, multiple videos show visible yellow smoke emanating from the scene.

Image source: Xiaoxiang Morning Post

Business registration information shows that Liyuan Technology is mainly involved in the production of chemical products, manufacturing of basic chemical raw materials, and sales of chemical products, with a hazardous chemical production license. The company was jointly funded by enterprises from Zhejiang, Hubei, and other regions. In 2014, it acquired the existing assets of Yuan Liyuan (Inner Mongolia) Technology Co., Ltd., restarted the approved fine chemical project, and added new products.

According to data, Liyuan Technology was established in 2014 and is a joint-stock enterprise of Hubei Liyuan Technology Co., Ltd. (hereinafter “Liyuan Technology”). It is located in the Alxa Tengerli Economic and Technological Development Zone, Alxa League, Inner Mongolia Autonomous Region. The company focuses on the research and development of dye intermediates and new chemical materials, as well as their production and sales. The registered capital is 300 million yuan, with a total project investment of 770 million yuan, covering an area of 558 acres, and an annual capacity of 32,000 tons.

According to the National Enterprise Credit Information Publicity System, Liyuan Technology has a registered capital of 300 million yuan. Hubei Qili Enterprise Management Co., Ltd. invested 120 million yuan, holding 40% of the shares. Hubei Qili Enterprise Management Co., Ltd. is a wholly owned subsidiary of Liyuan Technology.

Public information shows that Liyuan Technology was founded in 2008, focusing on the production of active dyes, basic chemical raw materials, and fine chemical intermediates, and is involved in environmental protection disposal and solid waste resource utilization. The company continuously innovates in dye chemistry and environmental chemistry, forming a complete industrial chain covering R&D, production, and operation. It is the most comprehensive fluorine-containing active dye production base in China, with the top three capacity in the segmented field of active dyes, serving over 1,100 domestic and international dyeing and printing companies. By 2025, the company’s annual revenue exceeded 1.6 billion RMB, and annual taxes paid surpassed 50 million RMB.

Liyuan Technology was delisted from the National Equities Exchange and Quotations System on February 13, 2018.

On March 7, 2022, Liyuan Technology submitted an IPO guidance filing to the China Securities Regulatory Commission, with CITIC Construction Investment as the guiding institution. According to the IPO guidance progress report (Issue 15) released on January 14, 2026, the company’s governance and internal control systems and their implementation still need further improvement. The guiding institution will strengthen the internal control and compliance awareness of the company during future guidance and urge the company to address various specific issues.

In the next phase, CITIC Construction Investment Securities will continue to organize a guidance team composed of five members, including Zhang Xinghua and Chen Zihan, to carry out the guidance work according to the guidance agreement and plan.