Due to factors such as significant growth in demand in downstream application areas and innovation in powder coating coating technology, the global powder coating market will show a rapid development speed.
With the requirements of China's green development in recent years, China's "paint conversion to powder" has accelerated, and powder coatings account for an increasingly large share of the entire coating system.
So far, China has become a major producer and consumer of powder coatings, and it is estimated that China's powder coating production volume will exceed 2.5 million tons by 2022. The key raw material for powder coating is "polyester resin", and the quality of the matrix resin directly determines the quality of the powder coating.
Previously, Zhejiang Guanghua Technology Co., Ltd. (hereinafter referred to as " Guanghua Technology ") application for listing on the Science and Technology Innovation Board was accepted by the Shanghai Stock Exchange, but because the financial information recorded in the issuance and listing application documents has expired and needs to be submitted additionally, the Shanghai Stock Exchange suspended the review of the issuance and listing of Guanghua Technology .
Guanghua Technology After supplementing relevant materials, the Shanghai Stock Exchange conducted normal reviews on November 20.
It is reported that on October 23, the "Polyester resin project for powder coatings annual output of 120,000 tons" invested and constructed by Zhejiang Guanghua Technology Co., Ltd. started construction. After the project is completed, it is expected that the annual output value will reach 1359.29 million yuan.
public information shows that Guanghua Technology This project is the fundraising project that plans to IPO on the Science and Technology Innovation Board.
prospectus shows that the company plans to raise 587 million yuan this time, which will be used for "a construction project for polyester resin for powder coatings an annual output of 120,000 tons", "a construction project for R&D center", and "supplementary working capital". After the company's fundraising investment projects reach full production, the company's production capacity will increase from the current 99,000 tons/year to 219,000 tons/year.
Guanghua Technology 's valuation tripled in half a year. While saying that it was short of money, it also distributed large dividends
According to the prospectus and application materials, on December 16, 2019, Guanghua Technology subscribed to Guangfeng Qichen at a price of 6.25 yuan per share, Puhua Zhenyi, Zhibo Investment and natural person Sun Yu respectively issued 5.4 million shares, 1.6 million shares, 1 million shares and 1 million shares, respectively, with a total raised 56.25 million yuan. After the issuance, the company's total share capital increased from 87 million shares to 96 million shares.
At this price, the company's post-investment valuation is 600 million yuan.
Guanghua Technology stated that there are three purposes for introducing external investors: to enhance the capital scale and meet the capital needs of the company's development; to promote issuers to further improve the corporate governance structure; to add shareholders to the development prospects of the issuer's industry and the company's subsequent development potential.
However, just half a year later, Guanghua Technology submitted the application materials for the Science and Technology Innovation Board to the Shanghai Stock Exchange. The company plans to issue no more than 32 million shares and plans to raise 587 million yuan. After accounting, the issue price exceeds 18 yuan per share.
In such a short period of time, the company's valuation has increased by 3 times. What kind of magical operation is this?
Guanghua Technology distributed 26.1 million yuan in cash to shareholders in 2019
It is worth noting that before the IPO, Guanghua Shares completed a dividend.
It is reported that on September 25, 2019, after the deliberation of the first extraordinary general meeting of shareholders in 2019, the company distributed cash dividends of 26.1 million yuan to all shareholders.
, but Guanghua shares 2019 net profit was only 91.9194 million yuan, and the dividend amount was close to 1/3 of the net profit amount. You should know that in 2017 and 2018, the company did not make any dividends.
Common sense, whoever holds a higher shareholding ratio will make more profits from the company's dividends. So, before the IPO, was the dividend behavior of Guanghua Co., Ltd. reasonable? Is the company suspected of sudden dividends?
In response to the above questions, the board office of Guanghua Co., Ltd. made a partial response, saying that on September 25, 2019, it held the first extraordinary general meeting of shareholders in 2019, and indeed decided to pay a cash dividend of 3 yuan per 10 shares for 87 million shares, with a total dividend of 26.10 million yuan, but "there is no sudden dividend."
In fact, the dividend distribution behavior of companies planning to IPO on the Science and Technology Innovation Board is also the focus of inquiries. Huaxi Biology, Wanyi Technology , Amethyst Storage and other companies were asked about dividend distribution
Guanghua Technology The number of employees is abnormal, and disabled employees account for 37.80%
Guanghua Technology is a high-tech enterprise specializing in the research and development, production and sales of polyester resins. As the key raw material for powder coatings, the company's polyester resin products are widely used in many fields such as construction, furniture, home appliances, automobiles, high-speed rail, 3C, etc.
Prospectus disclosed: At the end of 2019, the company had 291 employees, including 100 administrative and logistics personnel, accounting for 33.78%, and 107 production personnel accounted for 36.77%.
Guanghua Technology said that the number of administrative logistics personnel is large, the main reason is that the number of disabled personnel in the company's logistics support work is large.
What’s even more strange is that there are 291 people in Guanghua Technology , more than 1/3 of them are disabled employees (110 people), and there are 10 disabled people engaged in loading and unloading work. For a manufacturing company, this number is obviously high.
