China Net Finance June 12, Zhejiang Taihua New Materials Co., Ltd. (hereinafter referred to as "Taihua New Materials") recently disclosed the prospectus on the website of the China Securities Regulatory Commission. The company intends to publicly issue no more than 120 million shares on the Shanghai Stock Exchange. No more than 600 million shares, the sponsor institution is CITIC Securities 600030, stocks.
According to public information, Taihua New Materials is mainly engaged in nylon spinning, weaving, dyeing and finishing operations. In 2014-2016, Taihua New Materials realized operating income of 1.942 billion yuan, 1.879 billion yuan and 2.244 billion yuan respectively. The net profit for the same period was 80.604 million yuan, 41.395 million yuan and 223 million yuan respectively. The IPO company plans to raise 555 million yuan, which will be used to invest in 80 million meters of high-grade differentiated functional nylon fabric expansion project, and to process 34.5 million meters of high-grade special functional fabric expansion project, new fiber and fabric technology. R&D center project.
According to the prospectus, as of December 31, 2016, the book value of the inventory of Taihua New Materials was 597 million yuan, accounting for 20.34% of the total assets. Taihua Xincai said that the company has strengthened its management of inventories, but if there is an increase in inventory depreciation or difficulty in realizing inventory, it will have an adverse impact on operating results.
In addition, at the end of 2014-2016, Taihua New Materials' accounts receivable were 383 million yuan, 343 million yuan and 300 million yuan, accounting for 21.34%, 21.45% and 20.48% of current assets, respectively. Relatively high. Taihua New Materials said that with the expansion of the company's business scale in the future, if the balance of accounts receivable remains high, it will bring certain risks to the company.
It is reported that the main raw materials and production machinery and equipment of Taihua New Materials are imported from abroad, and the company has certain export sales, mainly using the US dollar for settlement. In addition, in line with the company's business, the company has maintained a certain amount of foreign currency borrowing. Taihua New Materials said that these foreign currency borrowings will generate large exchange gains and losses with changes in exchange rates, which will have a greater impact on the company's profits. According to the prospectus, from 2014 to 2016, the company's exchange gains and losses accounted for 8.79%, -49.79% and -4.05% of the total profit respectively.
In terms of shareholding structure, the controlling shareholder of Taihua New Materials is Fuhua Global, holding 41.90% of the company's total share capital before the issuance. The actual controllers were Shi Xiuyou and Shi Qingdao, and the proportion of the company's total share capital before the issuance was 41.90% and 25.85%, respectively. The total ratio of the two companies before the issuance was 67.76%.
(Editor: Song Zheng HN002)
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