Donghe New Materials was terminated from the Shenzhen Stock Exchange IPO: it had planned to raise 700 million, and its performance declined for two consecutive years

Leidi.com Lei Jianping reported on February 10

Liaoning Donghe New Materials Co., Ltd. , Donghe New Materials had planned to raise 698 million yuan.

Donghe Xincai was established in 2001 and is a professional company engaged in the comprehensive utilization of magnesite mineral resources. The company's main products are: light-burned magnesia, fused magnesia, unshaped refractory materials, refractory brick products, and undertake the overall contracting business of design, manufacture and construction services of various kiln refractory materials for iron and steel enterprises.

The prospectus shows that Donghe New Materials' revenue in 2018, 2019 and 2020 was 675 million yuan, 574 million yuan, and 516 million yuan respectively; net profit was 72.54 million yuan, 80.83 million yuan, 69.84 million yuan; net profits after deducting non-deductibles were 154 million yuan, 81.24 million yuan, and 60.0685 million yuan respectively.

According to the data, the performance of Donghe Xincai in the past 2 years has been in decline.

Donghe New Materials' revenue in the first half of 2021 was 305 million yuan, and its net profit was 45.9 million yuan.


Before IPO,Bi Shengmin holds 20.9% of the shares, Zhang Qingbin holds 13.25%, Bi Yiming holds 12.2647%, Zhao Quan holds 8.51%, Dong Baohua holds 7%, and Bi Debin holds 4.07%.

Among them, Bi Yiming is Bi Shengmin's son, Zhao Quan is Bi Shengmin's nephew and son-in-law, and Bi Debin is Bi Shengmin's nephew.

After the IPO, Bi Shengmin holds 15.68%, Zhang Qingbin holds 9.94%, Bi Yiming holds 9.2%, Zhao Quan holds 6.38%, and Dong Baohua holds 5.26%. Bi Debin holds 3.05% of the shares.

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