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长裕集团IPO:成立仅6年借助收购整合满足上市条件 第二大主营产品产能利用率不足50%欲大幅扩产
Xin Lang Zheng Quan·2025-05-28 07:58

Core Viewpoint - Changyu Group has become the first IPO company accepted on the Shanghai Stock Exchange in 2023, leveraging acquisitions to meet listing requirements and establishing itself as a leading supplier in zirconium and specialty nylon products [1][10]. Company Overview - Established in March 2019, Changyu Group focuses on the research, production, and sales of zirconium products, specialty nylon products, and fine chemical products, with a notable position in the industry [2][4]. - The company has the largest global production capacity for oxychloride zirconium, with an annual capacity of 75,000 tons, and leads in market share across various metrics [3][10]. Acquisition Strategy - Changyu Group achieved rapid growth through strategic acquisitions, including the purchase of Shandong Guangtong New Materials Co., Ltd. in May 2021 and Shandong Guangyin New Materials Co., Ltd. in December 2021, which were crucial for meeting IPO conditions [4][8]. - The acquisitions allowed Changyu Group to significantly enhance its production capabilities and product offerings, particularly in zirconium and specialty nylon [6][10]. Financial Performance - In the years 2022 to 2024, Changyu Group reported revenues of 16.69 billion, 16.07 billion, and 16.37 billion respectively, with net profits of 2.57 billion, 1.88 billion, and 2.05 billion, indicating a decline in both revenue and profit in 2023 [11][10]. - The revenue from zirconium products constitutes approximately 70%-77% of total revenue, while specialty nylon products account for about 14%-19% [11][12]. IPO Plans - The company plans to raise 700 million through its IPO, with allocations for projects including 450 million for ultra-pure oxychloride zirconium and deep processing, 240 million for high-performance nylon elastomer production, and 160 million for bioceramics and functional ceramics [11][12]. - The high-performance nylon elastomer project aims to add 10,000 tons of production capacity, despite current utilization rates for specialty nylon products being below 50% [14][12]. Governance and Management - Changyu Group has not distributed dividends despite achieving a cumulative net profit of 650 million over three years, with a commitment to distribute at least 15% of net profits as cash dividends post-IPO [15]. - The company’s actual controller, Liu Qiyong, and his son control 53.20% of the shares, raising potential governance concerns [16][10]. - Notably, the company’s vice president and board secretary, Li Yaqiun, has a criminal record for dangerous driving, but this has not affected his position or the company’s IPO eligibility [18][17].