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    Home > Food News > Food Articles > "The first stock of grain and oil equipment" COFCO Engineering was successfully listed, and there are still...

    "The first stock of grain and oil equipment" COFCO Engineering was successfully listed, and there are still...

    • Last Update: 2021-09-30
    • Source: Internet
    • Author: User
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    Recently, COFCO Engineering Technology Co.
    , Ltd.
    (hereinafter referred to as "COFCO Engineering") officially listed in A shares, becoming the "first share of grain and oil equipment" in China's capital market, and another subsidiary of COFCO successfully listed

    .

    On the first day of listing, COFCO's stock price rose 283.
    1%.
    As of the lunch break on September 16, it was reported at 13.
    2 yuan per share, an increase of 4.
    35%

    .
    The performance of the secondary market is not unrelated to its consecutive years of performance growth

    .
    However, judging from its prospectus, COFCO Engineering Department still has pending litigation risks.
    There are 12 lawsuits over 1 million yuan, and another pending lawsuit has caused large amounts of funds to be frozen, and the total amount of frozen amount is as high as 164 million yuan

    .

    Soaring 283% on the first day of listing

    On September 9, COFCO Engineering was officially listed on the stock market.
    The first day of listing closed at 13.
    60 yuan per share, an increase of 283.
    1%.
    The turnover was 990 million yuan and the total market value reached 6.
    967 billion yuan.
    In the following working days, the stock price fluctuated.
    But the overall performance is still good

    .
    On September 14, it closed at 12.
    79 yuan/share, an increase of 9.
    5%; as of the lunch break on September 16, COFCO Engineering reported 13.
    2 yuan/share, an increase of 4.
    35%

    .

    The prospectus shows that COFCO Engineering was established in 1993 and is one of the important business segments of COFCO.
    Its main business is grain and oil equipment manufacturing, providing engineering construction services for grain and feed processing, grain logistics, agricultural product storage, cold chain warehousing logistics and other industries.

    .

    In terms of performance, COFCO Engineering has continued to increase its net profit in the past three years
    .
    In 2018, 2019, and 2020, revenues were 1.
    658 billion yuan, 1.
    947 billion yuan, and 2.
    041 billion yuan; net profits were 53.
    609 million yuan, 86.
    97 million yuan, and 132 million yuan respectively

    .
    From January to September of 2021, it is expected to realize operating income of about 1 billion to 1.
    1 billion yuan, a year-on-year decrease of about 5%-13%; it is expected to realize a net profit of 70 million to 75 million yuan, a year-on-year increase of about 79%- 92%

    .

    According to the information from Tianyan Check, COFCO Engineering Group Co.
    , Ltd.
    is the controlling shareholder of COFCO Engineering, holding 39.
    48% of the shares, accounting for 49.
    29% of the total share capital of COFCO Engineering before the issuance

    .
    COFCO is a 100% holding subsidiary of COFCO, and COFCO is the actual controller of COFCO Engineering

    .

    There are still many pending lawsuits

    It is worth noting that, according to the prospectus, COFCO Engineering currently has risks related to pending litigation
    .
    At present, COFCO Engineering and its controlling subsidiaries are in 12 lawsuits involving the defendant and involving a value of more than 1 million yuan, of which 9 are cases involving the subsidiary Wuxi Engineering, and 3 are cases involving the subsidiary Xi’an International

    .

    According to the information disclosed in the prospectus, up to now, of the 12 lawsuits mentioned above, 3 have involved the freezing of COFCO engineering funds, which are respectively the Changji civil engineering construction contract dispute, with a frozen amount of 104 million yuan; the Tayuan civil engineering construction contract dispute, with a frozen amount of 3,600 yuan.
    Million; Chaohu civil engineering construction contract dispute, the frozen amount was 23 million; another Xinjiang Haorui project construction contract dispute involving the amount of less than 1 million yuan, the frozen amount was 626,800

    .
    The total frozen amount is 164 million yuan

    .

    Regarding the above litigation, COFCO Engineering said that there is no guarantee that any litigation judgment will be beneficial to it.
    If the company's assessment of litigation-related risks changes, the risk coverage corresponding to the relevant project costs recorded will change accordingly

    .

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