NOVELTY - Manufacture of cyclic paraphenylene compound (I) involves deriving paraphenylene ring from bivalent group-containing paraphenylene compound (II) by 2- and 5-position hydroxyl groups bonded to 1,3-cyclohexadiene ring which is reductively eliminated in presence of reducing agent including tin(II) compound, iron(II) compound, low-valence inorganic metal salt compound chosen from copper, copper chloride, copper bromide, manganese, titanium chloride and chromium chloride, and cyclohexadiene.    USE - Manufacture of cycloparaphenylene compound used for organic electronics material e.g. organic transistor and organic solar cell materials.    ADVANTAGE - The method enables manufacture of cycloparaphenylene compound with high yield and excellent electroconductivity.    DETAILED DESCRIPTION - Manufacture of cyclic paraphenylene compound of formula (I) involves deriving paraphenylene ring from bivalent group-containing paraphenylene compound of formula (II) by 2- and 5-position hydroxyl groups bonded to 1,3-cyclohexadiene ring which is reductively eliminated in presence of reducing agent including tin(II) compound, iron(II) compound, low-valence inorganic metal salt compound chosen from copper, copper chloride, copper bromide, manganese, titanium chloride and chromium chloride, and cyclohexadiene.    n=2-5;    l=1-5;    o,m=1,3,5 or 7;    l+m+n+o=5-20;    R=H, alkyl, cycloalkyl, alkoxy, alkenyl, alkynyl, halo, OH, CN, NO2, COOH, NH2, aryl, heterocyclyl, aralkyl, monoalkylamino, dialkylamino, acylamino, acyl, alkyl carbonyloxy, aryl carbonyloxy, alkoxycarbonyl, alkoxy carbonylamino, fluoroalkyl, perfluoroalkyl, monoalkylcarbamoyl, dialkylcarbamoyl, monoalkyl-substituted sulfamoyl, dialkyl-substituted sulfamoyl or alkyl sulfonylamino;    A1,A2=bivalent group of formula (i);and    p=0-3.    When l and n are 2, p is not 0.    An INDEPENDENT CLAIM is included for bivalent group-containing compound of formula (IIb).    A1a,A2a=bivalent group of formula (ii);and    P'=hydroxy protective group chosen from trialkylsilyl, acyl, benzyl, alkoxymethyl, tetrahydropyranyl or tetrahydrofuranyl.