Changing lanes twice in three years, Xingxin New Materials adds new fundraising projects

After breaking through the science and technology innovation board and the ChiNext board, Shaoxing Xingxin New Materials Co.

IPO moves to Shenzhen main board

According to the official website of the China Securities Regulatory Commission, the prospectus of Xingxin New Materials has been accepted and it intends to be listed on the main board of Shenzhen Stock Exchange

It is understood that Xingxin New Materials is mainly engaged in the research and development, production and sales of organic amine fine chemicals.

The actual controller of Xingxin New Materials is Ye Ting, who holds a total of 51.

In fact, as early as 2019, Ye Ting began to lead Xingxin New Materials to seek A-share listing.

At that time, Xingxin New Materials stated that on August 15, 2019, the company's sponsor received the "About Ye Ting, the actual controller of Xingxin New Materials," sent by Yu Qingxiang, a shareholder of Jiangxi Changjiu Jinqiao Chemical Co.

After resolving the above-mentioned matters, Xingxin New Materials restarted its IPO again, but changed the proposed listing place to the Growth Enterprise Market

According to the official website of the Shenzhen Stock Exchange, on July 31, 2020, the Xingxin New Materials GEM IPO application was accepted, but after four rounds of inquiries, the company's IPO was terminated on February 1 this year

In response to the reason for the termination of the company's GEM IPO, Xingxin New Materials told reporters on November 23 that the main reason was the company's strategic adjustment, and the company moved to the Shenzhen main board because the company believed that it met the issuance and listing conditions of the Shenzhen main board, and the previous withdrawal There is no single issue that does not meet the issuance conditions, which does not constitute a substantial obstacle to the issuance and listing

In this main board IPO, Xingxin New Materials also admitted that the raised funds will be used for investment in new projects, which will help the company to expand production capacity and introduce new products, further enhancing market competitiveness; in addition, it can optimize capital structure, reduce debt repayment risks, reduce At the same time, it can enhance the company's reputation and continuously increase its market share

To improve supply chain stability

Compared with the previous two IPOs, the reporter noticed that Xingxin New Materials added a new fundraising project

According to the IPO prospectus of Xingxin New Materials Science and Technology Innovation Board, the company planned to raise 500 million yuan at that time to invest in the "annual production of 14,000 tons of environmentally friendly solvent products and 5,250 tons of polyurethane foaming agent projects", R&D building construction projects, and supplementary working capital.

At the time of the GEM IPO, the fundraising and investment projects of Xingxin New Materials did not change, and the above three items were still the same.

The main board IPO, Xingxin New Materials' "appetite" has increased, and it plans to raise 550 million yuan, of which an investment project has been added, namely "8800t/a piperazine series products, 74600t/a heavy metal chelating agent, 1000t/a Bismorpholinyl ethyl ether project", with a planned investment of 169 million yuan

In response to the company's newly added "8800t/a piperazine series products, 74600t/a heavy metal chelating agent, 1000t/a bismorpholinyl ethyl ether project", Xingxin New Materials told reporters that the main reason is that the company plans to further Improve the ability of self-produced six-octapiperazine, strengthen the company's own raw material guarantee ability, and improve the stability of the company's supply chain

Xingxin New Materials also responded to the changes in the company's third IPO fundraising amount, saying that there are three main factors.

According to the IPO prospectus on the main board of Xingxin New Materials, the fundraising amount of the company's supplementary working capital project increased to 152 million yuan
.
Investment and financing expert Xu Xiaoheng told reporters that changes in IPO companies' fundraising projects and fundraising amounts in the short term will make the market question whether the company's fundraising projects are prudent
.

Financial data shows that from 2018 to 2020 and the first half of 2021, Xingxin New Materials achieved operating income of about 302 million yuan, 311 million yuan, 374 million yuan, and 209 million yuan respectively; the corresponding net profit attributable to about 61.
7425 million yuan.
Yuan, 59.
8201 million yuan, 51.
2762 million yuan, 42.
0438 million yuan
.
It is not difficult to see that if the whole year is viewed, during the reporting period, the net profit attributable to Xingxin New Materials has been decreasing year by year
.

Independent economist Wang Chikun told reporters that the fluctuation or continuous decline of net profit is the focus of the regulators.
The reason for this situation may need to be explained by the company, whether it is caused by industry factors or its own operation, which is the key point
.