CR Green Fiber Acquires Weiteng Sports to Further Develop Waste Textile Recycling Business
author: CPRRA
2026-01-12
January 7 – According to a release from China National Resources Recycling Group Co., Ltd., the equity transfer ceremony of the strategic acquisition of Jiangsu Weiteng Sports Industry Co., Ltd. (hereinafter referred to as "Weiteng Sports") by CR Green Fiber Co., Ltd. (hereinafter referred to as "CR Green Fiber"), a subsidiary of China National Resources Recycling Group, was held in Wuxi, Jiangsu Province.
Upon completion of the transaction, CR Green Fiber will become the largest shareholder of Weiteng Sports, marking a crucial step for China National Resources Recycling Group in the waste textile green recycling track and the green sports sector. This acquisition also serves as a key initiative for CR Green Fiber to deepen its presence in the waste textile recycling industry and foster new productive forces, aiming to drive the resource recycling industry towards high-end, intelligent, and green development.
I. Deepening Layout in the Waste Textile Recycling Track
Statistics show that China generates over 22 million tons of waste textiles annually, while the recycling rate remains below 25%. A large quantity of waste textiles ends up being incinerated or landfilled, and more than 70% of textile raw materials rely on petroleum-based products.
Against this backdrop, CR Green Fiber has accurately aligned with the regional development needs for resource recycling. Taking Weiteng Sports as the entry point, it has made strategic arrangements focusing on the high-value utilization of waste textiles and entered the artificial turf market. It is building a closed-loop industrial chain covering waste textile collection, recycling, and green product manufacturing, providing a practical solution to address the challenge of waste textile disposal and reduce reliance on petroleum resources.
As a wholly-owned first-level subsidiary of China National Resources Recycling Group, CR Green Fiber registered its headquarters in Wuxi Hi-tech Zone in April 2025 with a registered capital of 1 billion yuan. Positioned as the "national team" in waste textile recycling, the company’s core mission is to build a closed-loop industrial chain for green fiber collection, regeneration, and reuse. It focuses on tackling the problem of the country’s less than 25% recycling rate of 22 million tons of waste textiles generated each year, reducing dependence on petroleum-based raw materials, and supporting the dual carbon strategy.
Founded in September 2011, Weiteng Sports is a representative enterprise in the artificial turf industry. Its independently developed infill-free sports turf is at the international leading level, having obtained certifications from authoritative institutions such as FIFA. The product is widely used in various sports events and professional training venues.
Compared with infilled artificial turf, Weiteng Sports’ green recyclable infill-free turf can be processed and reused at the end of its service life, avoiding microplastic pollution and environmental pressure caused by subsequent landfilling and incineration, and significantly improving the product’s recycling efficiency with unique advantages in green and low-carbon development. At present, Weiteng Sports’ products are exported to more than 100 countries and regions worldwide, and have successfully supported the construction of artificial turf venues for a series of major domestic and international sports events, including the Asian Games, National Games, AFC Asian Cup, and WBSC Baseball World Cup.
II. Details of the Equity Transfer
According to the announcement disclosed by Weiteng Sports, its shareholder Zhang Yan intends to transfer 21,356,250 unrestricted tradable shares, accounting for 34% of the company’s total share capital, to CR Green Fiber through a targeted agreement transfer. She also plans to entrust CR Green Fiber to exercise the voting rights corresponding to her remaining 10,133,749 shares in the listed company (accounting for 16.13% of the total share capital), with the voting rights entrustment period lasting 3 years from the date of completion of the pledge registration of the target shares.
Upon completion of this share acquisition, CR Green Fiber will become the direct controlling shareholder of Weiteng Sports, holding a total of 50.13% of the company’s voting rights. China National Resources Recycling Group Co., Ltd. will be the indirect controlling shareholder, and the State-owned Assets Supervision and Administration Commission of the State Council will be the actual controller.
"Taking this acquisition as an opportunity, the two parties will achieve in-depth complementarity and win-win cooperation at the strategic level," said Chen Shijie, Secretary of the Party Committee and Chairman of CR Green Fiber. He noted that CR Green Fiber can leverage Weiteng Sports’ technological accumulation, product system, and international sales network to carry out application demonstrations of green fibers in sports scenarios, consolidate the foundation of waste textile recycling, and achieve the strategic goal of "driving the large-scale circulation with small-scale circulation".
On the other hand, with the support of CR Green Fiber’s central enterprise platform, Weiteng Sports will gain access to stable and low-cost waste textile raw materials, enhancing the resilience of its supply chain.
Source: China Resources Recycling Group Co., Ltd.
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