Huafeng Spandex Upstream Is Controlled By The Downstream And Is In A Besieged Position.

< p > up to the end of June this year, < a href= "http://www.91se91.com/news/index_c.asp" > Huafeng spandex < /a > total assets of 2 billion 400 million yuan. Following 2011, a wave of 230kt/a benzene deep processing project with a total investment of up to 2 billion 300 million yuan was launched. In September 3rd, it was announced again that it would raise funds for investment with an annual output of 60 thousand tons, differentiated a href= "http://www.91se91.com/news/" > spandex project < /a >, issuing price 9.18 yuan / share, and the number of shares issued should not exceed 100 million shares. The total investment of the project is 2 billion, of which 1 billion is planned to raise funds. The controlling shareholder Huafeng Group intends to subscribe no less than 10% of the total number of non-public offering shares. < /p >
< p > at present, the 230kt/a benzene deep processing project of Huafeng spandex has invested tens of millions of yuan, because the product boom is not good enough, plus the bank loan is tight, and the company has just approved the issuance of the 600 million yuan bond supplementary Liquidity Fund. Then Huafeng spandex has put such a large project onto the table again. Even though the large shareholder Huafeng Group is in the rush to help, it still faces enormous pressure from both ends and overcapacity. < /p >
< p > < strong > the amount of investment is only a small step. < /strong > < /p >
When p was better in 2011, Huafeng spandex started its expansion plan. In June 28, 2011, Huafeng spandex signed an investment framework agreement in Liaoyang, Liaoning province. It plans to set up Liaoning Huafeng Chemical Co., Ltd. (Liaoyang Huafeng) in Liaoyang City, Liaoning province. It will invest about 4 billion yuan in 5 years to build related projects in the industrial chain of cyclohexanone benzene deep processing. < /p >
< p > but after August 5th, Liaoning Huafeng 230kt/a benzene deep processing project was put on record, and the total investment of the project was reduced to 2 billion 361 million yuan. In 2012, the first meeting of the Fifth Board of directors of the Huafeng spandex considered and passed the motion of the first phase 500 million yuan project of the benzene deep processing project. < /p >
< p > the announcement of the Huafeng spandex said that the implementation date of the first phase project will take 17 months from March 2012, and it will be formally put into operation in September 2013. < /p >
< p > however, as of December 31, 2012, the progress in the first phase of the benzene deep processing project was only 10%, with an investment of 11 million 910 thousand yuan. As of June 30, 2013, the progress of the project turned to 20%, but the total investment in the first half was only 750 thousand yuan. Investors are puzzled by the bizarre impact of soaring investment. < /p >
< p > however, at the end of August this year, Huafeng spandex also asked researchers who came to consult that the land use index of the cyclohexanone project had been basically implemented and the project infrastructure construction was advancing smoothly. < /p >
< p > if the benzene deep processing project is so lucrative, why can't Huafeng < a href= "http://www.91se91.com" > spandex < /a > be implemented as soon as possible? It can be seen that for the investment scale of 500 million yuan, the book currency funds of Huafeng spandex are only tens of thousands of yuan, and the current ratio and quick ratio are not ideal. < /p >
< p > < strong > issuing bonds relieving the pressure of funds < /strong > /p >
< p > based on the pressure of company capital turnover, Huafeng spandex convened the second provisional shareholders meeting in 2012, and adopted the company's plan to issue up to 600 million yuan bonds for the public. By July 2013, the release plan was finally approved by regulators. < /p >
< p > the maximum amount of bonds issued by Huafeng spandex is 600 million yuan, with a term of 5 years. The funds raised by issuing bonds are intended to repay bank loans, optimize the debt structure of companies and replenish liquidity. < /p >
< p > Chen Zhangliang, chairman of Huafeng spandex, has said that the company's issuance of bond raising funds has not been used to expand production capacity and so on. The main reason is that the company is already one of the largest spandex manufacturers in China. Under the condition that the product boom is not very good, the blind expansion of production capacity is not conducive to the long-term development of the company. At present, a considerable part of the company's financing comes from indirect financing methods such as bank loans and so on. The cost is relatively high. The use of capital is generally only one year. The direct cost of issuing bonds is relatively lower than that of bank loans, and the term of using funds is relatively long. < /p >
< p > < strong > the cost advantages of "two ends" are low. < /strong > < /p >
< p > however, only half a year later, Huafeng spandex has offered 2 billion yuan of spandex investment plan, and plans to set up 60 thousand tons < a href= "http://www.91se91.com" > differential spandex < /a > project. < /p >
< p > introduction of Huafeng spandex, the company will adopt a more efficient and more energy efficient production line and utility system, producing differential a href= "http://www.91se91.com" > spandex fiber < /a >, adapting to current and future spandex products market demand and industry technology development direction, so as to further improve the company's market share and scale cost competitive advantage. The project has localized and independent intellectual property rights, which is in line with the state's industrial and technological policies. < /p >
< p >, however, in February of this year, Chen Zhangliang, who was also a broker of the past research, said that the difference of spandex filament was mainly aimed at the requirements of customers, making the difference in the performance of spandex yarn, and the essence was spandex silk. < /p >
Chen Zhangliang also mentioned that the main raw material for purchasing Huafeng spandex is PTMG, which is mainly purchased from BASF and Dalian chemicals. BASF has factories in China. Dalian chemical is a Chinese Taiwan enterprise, and its products are imported. MDI mainly uses Japanese NPU products, most of which are imported products, and the key equipment of Huafeng spandex is imported. < /p >
< p > 2010, spandex in Yantai is building differentiated spandex, but in recent years, the profit situation is not smooth sailing, production capacity is facing the problem of excess, and compared to the large spandex enterprises abroad, Huafeng spandex has no advantage. < /p >
< p > according to Chen Zhangliang, the overseas "a href=" http://www.91se91.com "spandex enterprise < /a > mainly is Xiao Xing and Ying Wei Da. They take advantage of the cost advantage of the local market in the overseas market to make a great impact on the export of domestic Spandex Enterprises. Their surplus capacity is also sold back to China and has a certain impact on the domestic spandex market. Compared to Xiao Xing and" ingweida ", Huafeng spandex has no advantage in export price. < /p >
< p > this means that the Huafeng spandex is not only in the upper reaches of the industrial chain, but also depends on foreign suppliers and downstream. Market participants said that the difference of Huafeng spandex can be achieved, and the subsequent source of funding and R & D investment need to be observed. < /p >