Text/Zhou Su
Runtai New Materials Co., Ltd. (hereinafter referred to as; Runtai New Materials) was established on May 18, 2010. It mainly engages in the research, development, production and sales of fine chemical products such as film forming additives and plasticizers. On December 27, 2021, Runtai New Materials and Haitong Securities jointly disclosed the application materials on the ChiNext. On July 7, the Shenzhen Stock Exchange updated the official website of Runtai New Materials' response to a round of inquiries.
"Business Finance" found that from 2019 to 2021 (hereinafter referred to as: reporting period), the two major suppliers of Runtai New Materials were frequently fined for environmental protection issues; in addition, Runtai New Materials' prospectus also had low-level errors, and the production capacity of hexadecanol ester disclosed in the prospectus also contradicts the data of the environmental impact assessment document.
major supplier problems frequently occur
Previously, media reported that Runtai New Materials and its subsidiaries have been repeatedly punished for safety and environmental protection issues. Public information shows that during the reporting period, Runtai New Materials' large suppliers were also punished for various issues such as environmental protection.
During the reporting period, Nanjing Chengzhi Clean Energy Co., Ltd. (hereinafter referred to as Nanjing Zhicheng) is a frequent visitor on the list of Runtai New Materials' top five suppliers.
Qichacha shows that in 2021 alone, Nanjing Chengzhi was "educated" by relevant departments four times due to environmental problems. On June 10, 2021, in a double random inspection by the Ecological Environment and Water Affairs Bureau of the Jiangbei New District Management Committee, Nanjing Zhicheng was ordered to correct the problem because two matters were unqualified.
(Picture from Qichacha)
On July 20, 2021, the Nanjing Jiangbei New District Market Supervision Bureau found that the oven and high-temperature furnace used for inspection were not calibrated during a random inspection of Nanjing Zhicheng. On the 26th of that month, Nanjing Zhicheng was fined 20,000 yuan by the Nanjing Municipal Ecological Environment Bureau for violating the "Air Pollution Prevention and Control Law of the People's Republic of China".
On October 21, 2021, Nanjing Zhicheng was fined 15,600 yuan by relevant departments for violating the "Air Pollution Prevention and Control Law of the People's Republic of China".
(Picture from Qichacha)
, which takes "Safety is the father, environmental protection is the mother. In the future, the competition for chemical enterprises is the competition of safety, environmental protection and quality" as the safety and environmental protection concept, Runtai New Materials should also keep their eyes open when selecting partners and pay attention to safety and environmental protection to avoid being affected.
In addition to Nanjing Zhicheng, Yankuang Lunan Chemical Co., Ltd. (hereinafter referred to as: Lunan Chemical), which has entered the top five suppliers of Runtai New Materials in 2021, also has frequent problems.
Qichacha shows that during the three random inspections in March, August and October 2021, Shandong Chemical Industry was found by relevant departments and ordered to correct the problem. In addition, on November 24, 2021, Shandong Municipal Market Supervision and Administration Bureau confiscated illegal income of 20,700 yuan by Shandong Municipal Market Supervision and Administration Bureau for failing to implement the government's guiding price and market price.
(Picture from Qichacha)
(Picture from Qichacha)
Production capacity disclosure is contradictory
This IPO, Runtai New Materials plans to raise 550 million yuan, of which 450 million yuan will be used for water-based coating additives and environmentally friendly high-boiling point solvent series product projects (Phase I) (hereinafter referred to as: coating additives and solvent projects), and the remaining 100 million yuan will be used as supplementary working capital.
"Business Finance" noticed that in addition to the above-mentioned supplementary working capital, the coating additives and solvent projects also added 19.8542 million yuan in reserve and 93.0608 million yuan in bottom-up working capital. The above-mentioned restocking amounted to RMB 212.915 million, accounting for 38.71% of the total fundraising.
In addition, when looking through the prospectus updated by Runtai New Materials on June 30, 2022, it was found that there was a low-level error in the prospectus pages 351 and 355.
Page 351 of the prospectus to disclose the registration of funds raised and investment projects shows that the environmental impact approval number of the coating additives and solvent projects is Taihang Approval (Taixing) [2021] No. 2016, and Page 355 of the prospectus mentioned that when disclosing the approval, approval and filing of the coating additives and solvent projects, the project has obtained the environmental impact approval document of Taihang Approval (Taixing) [2021] No. 20164 issued by Taizhou Administrative Approval Bureau on July 2, 2021, and a (number) difference occurred, and the prospectus obviously had a low-level error.
According to the prospectus, the coating additives and solvent projects are implemented by Runtai Chemical (Taixing) Co., Ltd., a wholly-owned subsidiary of Runtai New Materials. After the project reaches full production, 100,000 tons of dodecanol ester (dodecanol ester is the common name, the product name is 2,2,4-trimethyl-1,3 pentyl glycol monoisobutyrate) will be added, 40,000 tons of hexadecanol ester (hexadecanol ester is the common name, the product name is 2,2,4-trimethyl-1,3 pentyl glycol dinorphthalate/isobutyrate) will be added, and 30,000 tons of other solvents will be added.
It is worth noting that the production capacity data of hexadecanol ester disclosed in Runtai New Materials’ prospectus may be questionable.
Runtai New Materials' main products are dodecanol esters, hexadecanol esters and dimethyl phthalate.
prospectus shows that the production capacity of hexadecanol ester has always remained at 10,000.00 tons/year during the reporting period, but as its sales have risen, the capacity utilization rate of this product has also increased from 49.86% in 2019 to 100.00% in 2021, which is a gratifying growth.
When browsing the environmental impact assessment documents of the coating additives and solvent projects, "Business Finance" found that on page 60 of the document disclosed a "40,000 tons/year (iso/normal) butyric acid construction project and 50,000 tons/year dodecyl alcohol ester optimization and transformation project" (hereinafter referred to as: technical transformation project). The project passed the independent environmental protection completion acceptance on December 8, 2020 and has been put into use. Through this form, we can see that the hexadecanol ester production capacity accepted by the project is 2,709.46 tons/year.
(data comes from the environmental impact assessment file of the coating additives and solvents project)
To further verify that the above 2,709.46 tons/year cetyl alcohol ester is a new production capacity, "Business Finance" found the environmental impact assessment file of the technical transformation project. According to Table 3.2-2 on page 55 of the Environmental Assessment Document of the Technical Reform Project, the production capacity of hexadecanol ester increased by 2,709.46 tons/year after the technical reform. Based on the information disclosed in the environmental impact assessment documents of the coating additives and solvent projects mentioned above, it can be seen that after the acceptance of the technical transformation project, Runtai New Materials added 2,709.46 tons of hexadecanol ester each year.
(data comes from the technical transformation environmental impact assessment file)
What is puzzling is that the technical transformation project has been accepted and put into production in December 2020, and the production capacity of hexadecanol ester may increase accordingly. However, the prospectus shows that the production capacity of hexadecanol ester in 2021 is the same as in 2019 and 2020. We do not know the reason for this.
What is more noteworthy is that with the changes in production capacity, the credibility of the capacity utilization data of hexadecanol ester disclosed in the prospectus may also be debatable.
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