The “painting cake” type of fundraising projects are “unfinished”. The regulatory layer is concerned about “the fundraising amount of ultra-net assets”.

Since the beginning of this year, the "tightening" tied to the fixed increase has become more and more tight.
In addition to the recent cross-definement of hot issues, many industry insiders have reported to reporters that the fixed-income projects with larger fund-raising amounts have been strictly reviewed. Recently, the regulatory authorities are paying attention to the “fundraising amount of ultra-net assets” project, which has not yet been documented. It is currently in the process of discussion or “binding” to the scale.
In fact, since the limited issuance of IPOs in 2013, the number of events has increased rapidly, and the scale reached its peak in 2015. The total financing in the A-share market was 1.36 trillion, which is twice the total amount raised in 2014; during the heyday of IPO – In 2010, the funds raised were only 469.97 billion. In 2015, 55 fixed-income projects raised more than 5 billion yuan.
According to a random survey of more than 150 listed companies, the company found that the benefits of refinancing and fundraising projects in recent years were not as good as the “painting of cakes”: many ended in failure, or terminated due to industry downturn; some acquired assets were losing money; The change was to supplement the liquidity.
The regulatory authorities are concerned about large-scale fund-raising projects. Many investment bankers have reported to reporters that the recent review by the regulatory authorities on large-scale fundraising projects has been tight.
A insurance representative of CITIC Securities said that the recent regulatory authorities have discussed whether “projects with more than the net assets will be strictly reviewed”.
The core of the investment bank of a Shanghai brokerage also said that "the regulatory layer is really concerned about this kind of situation."
It is understood that this statement first appeared at the Baodai training meeting at the end of last year. At the meeting, the supervisory level stated that it is best not to exceed the latest net assets. And this may become a limit on the size of the increase.
In fact, since the stock market violently oscillated in June last year, the regulatory authorities have strictly reviewed the fixed-income projects with a financing of more than 5 billion yuan.
An investment banker of GF Securities explained to reporters: “To deal with such large-scale projects, the supervisory layer mainly reviews the following aspects, such as whether the matching degree between the fundraising project and the company’s main business will produce synergies; the feasibility of landing; Whether to improve the competition in the same industry, whether it can improve the independence of the company. In addition, it will also pay attention to the pricing problem. After all, the scale of funds raised is large, the pricing needs to be reasonable, and it cannot have too much impact on the market."
Most refinancing projects are "unfinished"
Since 2013, IPO has been in a limited issuance state; refinancing has become a common financing entity for A-shares for three consecutive years.
An investment banker from Shenzhen's small and medium-sized brokerages said with emotion, "Refinancing is the protagonist of the equity financing market, both in terms of quantity and size of funds."
According to wind statistics, the increase has grown by leaps and bounds since 2013. In 2013, 2014 and 2015, the funds raised during the year were 345.737 billion yuan, 673.447 billion yuan and 1,359.174 billion yuan, an average of 2 times per year. In the most IPO issue period, in 2010-2011, the IPO raised funds were only 470 billion yuan and 256.5 billion yuan.
However, after obtaining the vote and trust of the shareholders, whether the proceeds of the listed company's refinancing project meet expectations is subject to a question mark.
The above-mentioned CITIC Securities Bao Dai said that the recent escalation of the refinancing project supervision is that the regulatory authorities have an idea of ​​increasing the “flooding”, especially for listed companies with poor performance. “The regulatory layer is mainly considered from the perspective of economics. In fact, from the perspective of refinancing benefits, it will be found that many investments by listed companies are not cautious.”
The reporter randomly selected 154 disclosures on the benefits of refinancing projects recently, covering the years 2007-2015; 54 of them were refinancing projects in 2015.
In addition to the project has not been completed, and not separately accounted for, the reporter found that only 19 listed companies of all refinancing projects meet expected returns. However, more than 50 listed companies have experienced “unfinished” projects, or they have to change their investment projects because of the economic downturn, or the after-work results are not in line with expectations, or the local government’s support is insufficient.
Taking Yushun Electronics as an example, the company made a non-public offering in 2013, and invested in three projects (two in Chibi and one in Changsha) for the capacitive touch screen project and the cover glass production line project. In 2014, a major asset restructuring was carried out, and the matching funds were used to acquire 100% equity of Astra.
However, the two refinancing projects did not achieve benefits. For the former, the company explained that as of October 2014, the construction of the company's Chibi production base was lagging behind, the project could not be implemented as originally planned, and the market environment changed greatly. The relevant manufacturers experienced a new round of reshuffle, so they decided to put 2 The Chibi project was changed to “permanent replenishment of working capital”.
The company acquired in 2014 did not bring performance to Yushun Electronics, and it incurred losses in 2015. The company said that the upstream panel manufacturers' production capacity has been released sharply, and the technology update has accelerated; the industry has over-invested in the early stage, and orders have gradually shifted to medium and large-sized manufacturers; some mobile phone brand manufacturers are gradually self-modeling group production capacity, and the competition in the downstream mobile phone industry is also intensifying. The mobile phone market share has changed rapidly. The order quantity and shipment volume of the main products such as the touch display integrated module and TFT module of ATV Technology also failed to meet expectations. The company's performance in 2014 and 2015 failed to meet expectations for two consecutive years. In 2015, due to the accrual of large inventories and provision for impairment of fixed assets, the net profit was -55,455,200 yuan.
Another listed company, Smart Agriculture, did not achieve the expected refinancing plan in 2011 and 2014. In 2014, the fundraising project returned to the “argument” stage.
In 2014, the company increased its quota and raised funds for two projects: “Agricultural Machinery Product Manufacturing and R&D Base” and “Auxiliary Agricultural Machinery Engine”. Before the increase, the report pointed out that the fundraising project has the following feasibility: the leading product is the agricultural machinery equipment supported by the state and has broad market prospects; the company has entered the agricultural equipment terminal product market in the early stage, and some of the leading products of the fundraising project have been developed. The sample machine was passed and passed the appraisal (commissioning) appraisal of new products organized by Jiangsu Agricultural Machinery Administration. It has long-term cooperation agreements with Jiangsu University, Tianjin University and Luoyang Tractor Research Institute. Yancheng City regards agricultural machinery as Focus on the development of the industry, it is planned to build the agricultural equipment industrial park with the company as the core.
However, this round of fundraising projects is now returning to “argument”. The company said that the implementation progress of the company's original agricultural machinery development plan was lower than expected, and the company's existing agricultural machinery production and sales scale did not meet expectations. Considering the external economic situation and the development of the agricultural machinery industry, the construction progress of the fundraising project slowed down. Re-strategize and demonstrate the product, market, scale and progress of agricultural equipment.
Caesar shares changed the project to acquire the game industry and entertainment industry company after the revenue of the non-public fundraising project in 2013 failed to meet expectations.
It is understood that the company is engaged in the design, manufacture and sale of clothing and apparel. In 2013, it will increase its quota and plan to invest in domestic sales network construction projects and increase capital of Caesar (China) Co., Ltd. Hong Kong Limited.
However, the two projects were eventually terminated. The company said that mainly because the apparel industry is sluggish, the purchasing power of consumer terminals continues to be sluggish, and the main operating costs such as labor and store rents continue to rise. The multi-channel competition impacts such as e-commerce have made it difficult to achieve investment returns. expected. At the same time, it was originally planned to build sales network, operation and design centers in Hong Kong and Macao. However, due to the high purchase and rental prices of shops in Hong Kong and Macau, the company is not optimistic about the future investment income of the project.
The clothing industry company finally acquired two companies in the “pan-entertainment” industry in 2015 – Shenzhen Cool Niu Interactive Technology and Hangzhou Magic Technology, which are in the field of games, literature and animation. Caesar shares turned into a diversified listed company "the parallel of the apparel industry and online game development and operation."
Lu Weiqiang, a partner of Zhicheng Haiwei Asset Management Co., explained to the reporter, “I expect most listed companies to raise investment projects to meet expectations. After all, they use real money and stocks to invest. But in the past year, there were more concepts, and listed companies were at market value. Management will cater to market demand and rush to do some mergers and acquisitions. The possibility of not meeting performance expectations is relatively high. Especially for cross-border mergers and acquisitions, it is difficult for listed companies to have professional judgments on other projects."

 Our sodium chlorite is used in textile industries also, and sodium bisulfate is a by-product. On the other hand, we provide formulated products used in bleaching, dying, etc. For example, ammonium persulfate, Potassium Persulfate and Sodium Persulfate.

1. ammonium persulfate
Application: Ammonium persulfate is a strong oxidizing agent and can be found in a wide variety of industrial and consumer uses. It appears as a white crystalline powder but may be formulated into cream preparations.
♦  disinfectants and bleaches
♦  bleaching agent for hair colourant and lightener formulations
♦  bleaching and strengthening agent for flour in the baking industry

2. potassium persulfate

This salt is used to initiate polymerziation of various alkenes leading to commercially important polymers such as styrene-butadiene rubber andpolytetrafluoroethylene and related materials.

It is used in organic chemistry as an oxidizing agent, for instance in the Elbs persulfate oxidation of phenols.

As a strong bleaching agent, it is used in hair dye substances as whitening agent with hydrogen peroxide.

It is a Food Additive.

3. sodium persulfate
(1) Used in cleaning and picking of metal surface.
(2) Used in accelerated curing of low formaldehyde adhesives.
(3) Used in modification of starch , production of binders and coating materials.
(4) Desizing agent and bleach activer.
(5) An essential component of bleaching formulations for hair cosmetics.

Textiles & Leather

Luxury Leathers,Printed Pu Leather,Textile Chemical,Leather Chemical

Gemhold (SJZ) Trading Co., Ltd. , https://www.gemhold.cn