TECHNOLOGY FOCUS - ORGANIC CHEMISTRY - Preparation (Claimed): The carboxyphthalocyanine compound is prepared by reacting phthalocyanine compound of formula (III) with malonic acid or its derivative to perform coupling reaction with a reagent having carboxy group through using palladium-catalyzed carbon-carbon bond formation reactions.X1, X2=H or halogen selected from F, Cl, Br or I, carbonate or a substituent that may be converted into a group containing a carboxy group, but not both H.Preferred Components: The process is carried out in presence of an oxidizing agent selected from potassium permanganate, ozone, sodium chlorite or sulfamic acid. SPECIFIC COMPOUNDS - 14 Carboxyphthalocyanine compounds are specifically claimed, e.g. 2,3-dicarboxyethynyl-9,10,16,17,23,24-hexakis(2',6'-diphenylphenoxy)-5,28:14,19-diimino-7,12:21,26-dinitriletetrabenzo(c,h,m,r)(1,6,11,16) tetraazacycloeicosinato-(2-)-N29,N30,N31,N32 zinc (II), 2-carboxyethynyl-9,10,16,17,23,24-hexakis(3',5'-dipentyloxy-2',6''-diphenylphenoxy)- 5,28:14,19-diimino-7,12:21,26-dinitriletetrabenzo(c,h,m,r)(1,6,11,16) tetraazacycloeicosinato-(2-)-N29,N30,N31,N32 zinc (II), 2,3-dicarboxyethynyl-9,10,16,17,23,24-hexakis(3',5'-dipentyloxy-2',6'-diphenylphenoxy)-5,28:14,19-diimino-7,12:21,26-dinitriletetrabenzo(c,h,m,r)(1, 6,11,16) tetraazacycloeicosinato-(2-)-N29,N30,N31,N32 zinc (II), 2-carboxyethynyl-16,17-bis(diphenylamine)-9,10,23,24-tetrakis(2',6'-diphenylphenoxy)-5,28:14,19-diimino-7,12:21,26-dinitriletetrabenzo(c,h,m,r)(1,6,11,16) tetraazacycloeicosinato-(2-)-N29,N30,N31,N32 zinc (II) or 2-carboxyethynyl-9,10,16,17,23,24-hexakis(2',6'-diphenylphenoxy)- 5,28:14,19-diimino-7,12:21,26-dinitriletetrabenzo(c,h,m,r)(1,6,11,16)tetraazacycloeicosinato-(2-)-N29,N30,N31,N32 zinc (II) of formula (IV).    EXAMPLE - The example illustrates synthesis of 2-carboxyethynyl 9,10,16,17,23,24-hexakis(2',6'-diphenylphenoxy)-5,28:14,19-diimino-7,12:21,26-dinitriletetrabenzo(c,h,m,r)(1,6,11,16)tetraazacycloeicosinato-(2-)-N29,N30,N31,N32 zinc (II).    A solution of 2-iodo-9,10,16,17,23,24-hexakis(2',6'-diphenylphenoxy)-5,28:14,19-diimino-7,12:21,26-dinitriletetrabenzo(c,h,m,r)(1,6,11,16)-tetraazacycloeicosinato-(2-)-N29,N30,N31,N32 zinc (II) (55 mg, 0.025 mmol) in tetrahydrofuran (3 ml) was added in triethylamine (0.4 ml), bis(triphenylphosphine)palladium (II) dichloride (1 mg, 0.001 mmol), and copper(I) iodide (0.5 mg, 0.003 mmol). The reaction mixture was deoxygenated by bubbling with argon for 15 minutes and then propargyl alcohol (3 mu l, 0.05 mmol) was added. The mixture was stirred at reflux for 18 hours. A crude product was obtained after evaporation of solvent, where the obtained crude product was dissolved in chloroform and then washed with 10% hydrochloric acid and water to form an organic phase. The formed organic phase was dried over sodium sulfate to receive 2-(3'-hydroxypropyn-1-yl)-9,10,16,17,23,24-hexakis(2',6'-diphenylphenoxy)-5,28:14,19-diimino7,12:21,26-dinitriletetrabenzo(c,h,m,r)(1,6,11,16)-tetraazacycloeicosinato-(2-)-N29,N30,N31,N32 zinc (II) as a green solid (42 mg, 80%). A solution of 2-iodoxybenzoic acid (10 mg, 0.04 mmol) in dimethyl sulfoxide (2 ml) was added into a solution of 2-(3'-hydroxypropyn-1-yl)-9,10,16,17,23,24-hexakis(2',6'-diphenylphenoxy)-5,28:14,19-diimino7,12:21,26-dinitriletetrabenzo(c,h,m,r)(1,6,11,16)-tetraazacycloeicosinato-(2-)-N29,N30,N31,N32 zinc (II) (55 mg, 0.025 mmol) in tetrahydrofuran (3 ml), triethylamine (0.4 ml), bis(triphenylphosphine)palladium(II) dichloride (1 mg, 0.001 mmol) and copper(I) iodide (0.5 mg, 0.003 mmol). The reaction mixture was deoxygenated by bubbling with argon for 15 minutes and then propargyl alcohol (3 mu l, 0.05 mmol) added. The mixture was stirred at reflux for 18 hours to form a crude product. The obtained crude product was dissolved in chloroform and then washed with 10% hydrochloric acid and water. The organic phase was dried over sodium sulfate to receive formylethynyl-9,10,16,17,23,24-hexakis(2',6'-diphenylphenoxy)-5,28:14,19-diimino7,12:21,26-dinitriletetrabenzo(c,h,m,r)(1,6,11,16)-tetraazacycloeicosinato-(2-)-N29,N30,N31,N32 zinc (II) as a green solid (42 mg, 80%). A solution of formylethynyl-9,10,16,17,23,24-hexakis(2',6'-diphenylphenoxy)-5,28:14,19-diimino7,12:21,26-dinitriletetrabenzo(c,h,m,r)(1,6,11,16)-tetraazacycloeicosinato-(2-)-N29,N30,N31,N32 zinc (II) (40 mg, 0.02 mmol) in tetrahydrofuran (6 ml) at 0 degrees C was added to a solution of sulfamic acid (5 mg, 0.05 mmol) and sodium chlorite (5 mg, 0.05 mmol) in water (1.2 ml). The reaction mixture was brought to room temperature and then kept stirring for 3 hours. The obtained mixture was poured into water and then extracted with dichloromethane. The combined organic phase was extracted and washed with water and brine, and then dried over sodium sulfate to receive 2-carboxyethynyl 9,10,16,17,23,24-hexakis(2',6'-diphenylphenoxy)-5,28:14,19-diimino-7,12:21,26-dinitriletetrabenzo(c,h,m,r)(1,6,11,16)tetraazacycloeicosinato-(2-)-N29,N30,N31,N32 zinc (II) as a green solid (25 mg, 62%).