FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Yue Xin 		2. Issuer Name and Ticker or Trading Symbol

Keyuan Petrochemicals, Inc. [ KEYP ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

QINGSHI INDUSTRIAL PARK, NINGBO ECONOMIC, & TECHNOLOGICAL DEVELOPMENT ZONE 		3. Date of Earliest Transaction (MM/DD/YYYY)

9/10/2010
(Street)

NINGBO, ZHEJIANG PROVINCE, F4 315803
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, par value $0.001   9/10/2010   9/10/2010   J    3446616   (4) D $0   0   I   Pledgor of 3,446,616 KEYP shares indirectly held by Strategic Synergy & Harvest Point  
Common Stock, par value $0.001   11/15/2010   11/15/2010   X    1678372   (1) (2) (3) A $0.008   1678372   I   Holder of 16,677 shares of Strategic Synergy Limited and 16,667 shares of Harvest Point Limited  
Common Stock, par value $0.001   12/28/2010   12/28/2010   C    3356774   (1) (2) (3) A $0   1678372   I   Option to acquire 33,333 shares of Strategic Synergy & 33,333 shares of Harvest Point  
Common Stock, par value $0.001   4/29/2011   4/29/2011   J    529639   (5) D $0   1148733   I   Transfer of 16,667 shares of Harvest Point Limited  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Explanation of Responses:
( 1)  Pursuant to certain share transfer agreements dated as of April 2, 2010, Mr. Yue has granted an option to acquire the 50,000 ordinary shares of Strategic Synergy Limited and an option to acquire the 50,000 ordinary shares of Harvest Point Limited if the performance targets are met. The performance targets are: at least $39 million of Keyuan Petrochemicals gross revenue for the three months commencing from July 2010 to September 2010; at least $40 million of gross revenue for the three months commencing from October 2010 to December 2010; and, at least $41 million of gross revenue for the three months commencing from January 2011 to March 2011 (collectively the "Performance Targets", each "Performance Target"). Mr. Yue is entitled to exercise one third of the options when each of these three performance target is met.
( 2)  To date, the first Performance Target which is at least $39 million of Keyuan Petrochemicals gross revenue for the three months commencing from July 2010 to September 2010 has been met. On November 15, 2010, Mr. Yue exercised the options and acquired 16,677 shares of Strategic Synergy Limited and 16,667 shares of Harvest Point Limited. However, based upon the terms of the share transfer agreement, the earliest Mr. Xue may exercise the remaining options is March 2011.
( 3)  On December 28, 2010, the Company exercised its mandatory conversion rights under the terms of the Series M Preferred Stock to convert all of outstanding shares of its Series M Preferred Stock into a total of 47,658,000 shares of Common Stock, $0.001 par value per share, which are being held by Delight Reward Limited. Strategic Synergy Limited and Harvest Point Limited, through their ownership of 5.3896% and 5.1755% of Delight Reward Limited, respectively, indirectly own 5,035,115 shares of our common stock. Therefore, through his ownership of one-third of Strategic Synergy Limited and one-third of Harvest Point Limited' stock Mr. Yue indirectly owns and controls 1,678,372 shares of our common stock.
( 4)  On September 10, 2010, Mr. Chunfeng Tao entered into a personal loan agreement with Mr. Xin Yue, pursuant to which Mr. Yue pledged the KEYP stocks he indirectly owns or may own to Mr. Tao. Therefore, if Mr. Yue cannot pay back the loan on the due date, Mr. Tao is entitled to acquire the shares from Mr. Yue. If all the Performance Targets have been met and Mr. Yue exercises the options to acquire Strategic Synergy Limited and Harvest Point Limited's shares, Mr. Yue may indirectly own up to 5,035,116 shares of our common stock. However, in early 2011, Mr. Yue paid off certain amount of the loan to Mr. Tao, as a result, 1,588,500 shares of pledged KEYP stock were released from the terms of the loan agreement.
( 5)  Pursuant to an Instrument of Transfer dated April 29, 2011, Harvest Point Limited transferred 1,028 shares of Delight Reward Limited's stock to Strategic Synergy Limited, changing their ownership of Delight Reward Limited's stock to 3.334% and 7.232% respectively. On the same day, pursuant to two Instruments of Transfer, Brian Pak-Lun Mok and Mr. Yue transferred 33,333 shares and 16,667 shares of Harvest Point Limited, respectively, to Ms. Muxia Duan in consideration of $2 in total; thus transferred 100% ownership of Harvest Point Limited (equivalent to 1,588,918 shares of our common stock) to Ms. Duan. After the transactions, Mr. Yue's ownership of our common stock reduced by 529,639 shares.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Yue Xin
QINGSHI INDUSTRIAL PARK, NINGBO ECONOMIC
& TECHNOLOGICAL DEVELOPMENT ZONE
NINGBO, ZHEJIANG PROVINCE, F4 315803 		X



Signatures
/s/ Xin Yue 5/20/2011
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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