Sheng Hong Miao Han'S Legal Representative, Who Will Invest About 67000000000 Of Sheng Hong Refining And Chemical Industry?

According to the Beijing news report, Sheng Hong Group Co., Ltd. and Sheng Hong refining and chemical (Lianyungang) Limited company changed business, Sheng Hong actual controller Miu Hangen left the legal representative.

Sheng Hong refining and chemical industry is the main body of "Sheng Hong refining and refining 16 million ton / year refining and chemical integration project". Industrial and commercial information shows that the legal representative of Sheng Hong group is replaced by Tang Junsong, and Sheng Hong refining and chemical company will replace Miao Han root by swimming.

Miu Hangen is the founder and actual controller of Sheng Hong group. Sheng Hong, founded in 1992, has built up a new high-end textile industry chain from printing and dyeing, chemical fiber to petrochemical and refining, and has grown into an innovative high-tech industry group with petrochemical, textile and energy as the main industry. Currently, there are more than 3 employees. In 2018, the wealth of Miao Han was 19 billion yuan.

Dongsheng Hong disclosed in March this year, Sheng Hong refining financial statements show that the company's 2018 annual operating profit of -2199.44 million, attributable to shareholders of the parent company's net profit of -2168.83 million; as of the end of 2018, Sheng Hong refining assets totaled 1 billion 181 million yuan, liabilities totaled 275 million yuan.

In March 26th, Sheng Hong refining and chemical industry changed, the former shareholder Sheng Hong (Suzhou) Group Limited, Sheng Hong Petrochemical Group Co., Ltd. withdrew, and Jiangsu Sheng Hong Petrochemical Industry Development Co., Ltd. was added to the current sole shareholder.

Sheng Hong Petrochemical Industry Development Co., Ltd. is a listed company Dongsheng Hong Qi subsidiary company. The change means that the refinery project is incorporated into the listed company system.

Dongsheng Hong announced earlier that its acquisition of Sheng Hong refining and Chemical shares through wholly-owned subsidiaries, and make full use of capital platform to accelerate the construction of Sheng Hong refining and chemical integration project, so as to form a complete long-term development plan and development strategy of "new crude oil refining -PX/ ethylene glycol -PTA- polyester chemical fiber" new high-end textile industry chain, so as to enhance the comprehensive competitiveness and profitability of listed companies.

Compressed billions of investments

The project of Sheng Hong refining and chemical integration, a major project in Jiangsu, is officially launched in December 2018. It is expected to be put into operation in 2021. The project is located in the petrochemical industrial park of Xuwei New District, Lianyungang, Jiangsu. The total area of the project is 613 hectares, the crude oil processing capacity is 16 million tons / year, the aromatics joint scale is 2 million 800 thousand tons / year (with p-xylene production), and the nominal scale of ethylene cracking plant is 1 million 100 thousand tons / year.

The 2019 semi annual report released by Oriental Sheng Hong showed that the progress of the Sheng Hong refining and chemical integration project was 1.66%.

Back in the past, this huge volume of refining and chemical integration project has experienced two investment cuts.

As early as March 2017, the Ministry of environmental protection's official website disclosed the environmental impact report of Sheng Hong refining and chemical integration project. The total investment of the project was 83 billion 70 million yuan, of which 71 billion 400 million yuan was invested in construction and 23 billion 200 million yuan in project capital.

In early August of this year, Dongsheng Hong issued a notice on optimizing and adjusting the contents of some construction projects of Sheng Hong refining and chemical integration project, and lowered the investment scale of Sheng Hong refining and chemical integration project. The total investment estimate was reduced from 77 billion 475 million yuan to 67 billion 664 million yuan, and the total investment from the initial disclosure has been reduced by 15 billion 400 million yuan.

As a huge project estimated to invest tens of billions of dollars, the source of funding for Sheng Hong refining and chemical integration project has attracted much attention. Oriental Sheng Hong disclosed that the source of the project is self financing, self financing and so on.

The 2019 semi annual report released by Dongsheng Hong showed that as at the end of the reporting period, the total liabilities of the eastern Sheng Hong Company totaled 17 billion 342 million yuan, and the total liabilities of the company as of the end of 2018 were 13 billion 935 million yuan, up 24% over the same period last year. Among them, Dongsheng Hong's short-term borrowing at the end of the report was 5 billion 984 million yuan, an increase of more than 34% over the end of 2018.

Multi channel supplementary funding

Up to now, Dongsheng Hong has raised funds through many ways for Sheng Hong refining and chemical integration project.

Sheng Hong group, according to the group's official website news, in March, ICBC Sheng Hong Group Petrochemical and integration project syndicate led cooperation and comprehensive strategic cooperation signing ceremony was held. According to the two sides' agreement, the ICBC Suzhou branch joint Lianyungang branch will lead the formation of 55 billion yuan syndicated loan for Sheng Hong 16 million ton / year refining and chemical integration project.

In regard to listed companies, in June 3rd, the Oriental Sheng Hong announcement said that the company intends to make non-public offering no more than 20% of the total share capital of the company, and the total amount of funds raised (including issuing expenses) should not exceed 5 billion yuan. The total amount of the non-public offering will be used in Sheng Hong refining and chemical integration project.

According to the Oriental Shenghong semi annual report, its non-public issue of the total green bonds of not more than 3 billion yuan in 2019, to raise funds for all of the company's wholly-owned sun Shenghong refinery Shenghong refining and chemical projects. The Shenzhen stock exchange information showed that the issue was approved in May 29th.

In October 7th, the Oriental Sheng Hong announced that the company completed the issuance of green bonds issued by Jiangsu orient Sheng Hong Limited by Share Ltd in 2019 (phase 1) (bonds referred to as "19 Sheng Hong G1", and the bond code "114578") in September 30th, and the actual fund-raising fund was 1 billion yuan.

It is worth noting that Sheng Hong has also taken the industry fund to finance its projects, and the partners have no shortage of state-owned assets.

According to the Oriental Shenghong June 14th announcement, in order to speed up the "Shenghong 16 million ton / year refining and chemical integration project", it has decided to participate in the establishment of the Lianyungang Shenghong refining and chemical industry fund (limited partnership) (hereinafter referred to as the "industrial fund"). The scale of the industrial fund raising is RMB 2 billion 500 million yuan, of which Dongsheng Hong is a limited partner, with a capital contribution of RMB 250 million yuan, accounting for 10%, and the investment target is limited to the investment of Shenghong Petrochemical Company (Lianyungang) Co., Ltd. and its actual operation Shenghong refining and chemical integration project.

According to the announcement, other partners of the above industry funds are Soochow Venture Capital Limited (holding 10%), Jiangsu Fang Yang Group Limited (Holdings 40%), Lianyungang Financial Holding Group Co., Ltd. (shareholding 12%), Lianyungang Industrial Investment Group Co., Ltd. (holding 12%), Lianyungang port Holding Group Co., Ltd. (shareholding 6%), Lianyungang Alkali Industry Co., Ltd. (holding 6%), Jiangsu Lianyungang International Logistics Park Investment Co., Ltd. (4% shares).

All partners except Dongsheng Hong are state-owned and government backgrounds. According to the Oriental Sheng Hong semi annual report, at present, the industry fund has completed the business registration procedures. We will wait and see what will happen in the future development of Sheng Hong refining and chemical project.