Polyglycidyl ethers which are obtainable by reacting acetophenone with 0.7 to 1.4 mol of formaldehyde per mol of acetophenone, in the presence of an alkaline catalyst and in the temperature range from 50.degree. to 100.degree. C., to a carbonylated acetophenone/formaldehyde resin, hydrogenating said carbonylated resin to a modified hydroxylated acetophenone/formaldehyde resin, subsequently converting said resin with epichlorohydrin, in the presence of a phase transfer catalyst, into the corresponding polychlorohydrin ether, and dehydrochlorinating said ether with a base, are suitable for use as epoxy resins, for example for the preparation of powder coating compositions having good resistance to chemicals and good adhesion.