Wanhua Chemical Group, a chemical products developer and state-owned Fujian Petrochemical Industrial Group, a developer of petrochemical products, are set to form a joint venture called Wanhua Chemical (Fujian), at $430m valuation. Per the agreement, Wanhua will infuse $344m to own 80% stake in the JV while Fujian Petrochemical will invest assets worth $86m to hold 20% stake in it.