Recently, Lihua Yiweiyuan Chemical Co., Ltd. (hereinafter referred to as "Weiyuan Chemical") submitted a prospectus to be listed on the main board with a public offering of no more than 13.75 million shares, accounting for no less than 25% of the post-issue share capital.
It is understood that the main business of Weiyuan Chemicals is the development, production and sales of new organic chemical products in the industrial chain of "phenol, acetone-bisphenol A-polycarbonate". The main products include phenol, acetone, bisphenol A and polyphenols. Carbonate.
At present, Weiyuan has built and put into production 350,000 tons/year of phenol acetone, 240,000 tons/year of bisphenol A and 130,000 tons/year of non-phosgene polycarbonate, and is the first company in China to have “phenol, acetone-bisphenol A—Polycarbonate” is an enterprise with all products and entire industry chain. After going public, Weiyuan Chemical will build a new 350,000-ton/year phenol, acetone, isopropanol joint project and a 100,000-ton/year high-purity dimethyl carbonate project, which will become the country’s largest phenol and acetone production upon completion At the same time, the production capacity of products such as isopropyl alcohol and dimethyl carbonate will also be added. The products will be further enriched and the industrial chain will be further extended and improved.
The company's existing industry chain (including projects under construction and planned)
According to the prospectus, from 2017 to 2019 (hereinafter referred to as the "reporting period"), Weiyuan Chemical achieved operating revenues of 2.789 billion yuan, 4.779 billion yuan, and 3.993 billion yuan, respectively, with net profits of 156 million yuan, 286 million yuan, and 2.12 100 million yuan. Among them, revenue decreased by 16.45% year-on-year, and net profit decreased by 25.87% year-on-year.
Due to the decline in net profit, Weiyuan Chemical's IPO may have an "over-standard" price-earnings ratio.
It is understood that this time, Weiyuan Chemical wanted to raise 1.879 billion yuan of funds, and publicly found that no more than 25% of the equity. If calculated on this basis, when it reached the fundraising amount, the valuation might reach 7.393 billion yuan. Combined with Weiyuan Chemical's 2019 net profit, it can be calculated that its price-earnings ratio will reach 34.89 times.
It is understood that Weiyuan Chemical was established in 2010 by Lihuayi Group and Lijin Refining & Chemical. As of the signing date of the prospectus, Weiyuan Holdings controlled a total of 29.6% equity of Weiyuan Chemical and became its controlling shareholder. In October 2019, Xianbi Investment, Jingyang Technology, Zhongtai Venture Capital, China Securities Investment, Jinshi Haofeng and Weiran Investment respectively invested 8 yuan/share in Weiyuan Chemical.
Weiyuan Chemical's shareholding structure
It should be pointed out that Weiyuan Chemical submitted a declaration application to the China Securities Regulatory Commission in July 2020. The sponsor is CITIC Securities. The shareholder of Weiyuan Chemical in October 2019 has less than one year to join the shareholding, which is a surprise shareholding Shareholders.
Among the above-mentioned shareholders who blitz into shares, the identity of China Securities Investment Corporation is more sensitive.
It is understood that China Securities Investment was established in 2012. As of the signing date of the prospectus, China Securities Investment was a wholly-owned subsidiary of CITIC Securities.
This also means that on the eve of Weiyuan Chemical's IPO filing, its sponsor CITIC Securities raided the stake in Weiyuan Chemical.
