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Additional Financing Is 580 Million Yuan &Nbsp; Baoding Swan Will Focus On High-End Fiber.

2010/11/17 13:39:00 27

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Baoding Swan suspended the plan for private placement since November 10th.

The company intends to sell 6.14 yuan / share at the base price, no more than 95 million shares, and raise 580 million yuan to invest in modal industrialization.

It is predicted that the average annual profit of the project will reach 110 million yuan, compared with the first three quarters of the year.
凈利潤不足百萬元。

According to the plan, Baoding swan's private placement price is 84% of the stock price of a trading day before the suspension (7.32 yuan / share), and the total amount of the planned fund-raising is not more than 580 million yuan, which is all used for the Xinjiang modle fiber industrialization project.

Statistics show that the total investment amount of the project is about 611 million yuan, and the implementation site is Kuitun Dushanzi Petrochemical Industrial Park, Xinjiang, with an annual output of 20000 tons of modal fiber and 50000 tons of cotton pulp.

It is predicted that after the project is put into operation, it will achieve an annual average sales income of 772 million 210 thousand yuan.

Total profit

110 million 550 thousand yuan.

At the same time, the company also said that the related projects such as projects, land, environmental protection and so on, which need to be approved by the relevant departments, should be approved by the relevant departments.

The main products of Baoding Swan are viscose filament and pulp. Its product structure is relatively simple, and its gross profit margin is low.

2009 and 1 to September this year, the gross profit margin of main business was 8.28% and 7.22% respectively.

From 1 to September this year, the company achieved a net profit of 937 thousand yuan, down 98.7% from the same period last year.

Modal fiber has high gross profit margin due to the large gap between supply and demand, product positioning and wide application.

It is worth mentioning that the company's actual controller, China Heng Tian intends to subscribe no less than 30% of the number of additional shares, not more than 48%.

Before this issue, China Heng Tian owned a 48.08% stake in Baoding Swan by a wholly owned subsidiary of Heng Tian fiber.

After the completion of the issue, China Heng Tian will directly hold part of Baoding Swan shares, and the status of the actual controller remains unchanged.

In October 2009, China's constant day was granted.

Baoding Swan

The largest shareholder Swan Group (later renamed Heng Tian fiber) 100% stake, become the actual controller of the company.

China Heng Tian promised at that time that the total investment scale of Swan Group in the next 3 to 5 years would be no less than 2 billion yuan.

The core business of China's Heng Tian has six major parts: textile equipment manufacturing and so on. New fiber materials are the key business segments in recent years.

Baoding Swan said that the company will implement a series of related projects in the next few years, such as the solvent based cellulose staple technical pformation project (Lyocell project) and modal fiber industrialization project. After the implementation of the above projects, the situation of the single product will be changed completely, the product structure will be improved, optimized and upgraded, and the profitability will be greatly enhanced. In May this year, Baoding Swan announced that it had resumed the Lyocell project that had been stagnant for 7 years, and plans to invest 138 million yuan to build two production lines, showing the determination to enter the high-end fiber products.