Xingtong Shipping(SH:603209) Shang Hai Zheng Quan Bao·2025-06-11 21:34Core Viewpoint - The company, Xingtong Shipping Co., Ltd., has successfully completed the issuance of 45,000,000 A-shares to specific investors, with the shares registered and set to be traded on the Shanghai Stock Exchange after a lock-up period [2][10]. Group 1: Issuance Overview - The company issued 45,000,000 shares at a price of 14.28 RMB per share, raising a total of 642.6 million RMB [4][8]. - The net proceeds from the issuance, after deducting issuance costs of approximately 9.83 million RMB, amount to 632.77 million RMB [10]. - The shares are subject to a lock-up period of 18 months for the actual controller, Chen Qilong, and 6 months for other investors [2][12]. Group 2: Regulatory and Approval Process - The issuance followed a series of internal approvals, including meetings of the board and shareholders held in March and April 2023 [3][5]. - The Shanghai Stock Exchange approved the issuance on December 21, 2023, and the China Securities Regulatory Commission granted registration approval on June 17, 2024 [7]. Group 3: Shareholder Changes - Following the issuance, the total share capital of the company increased from 280 million shares to 325 million shares [29][32]. - Chen Qilong's shareholding increased from 5,880,000 shares to 9,388,403 shares, while the combined shareholding of the controlling shareholders was diluted from 34.56% to 30.86% [30][32]. Group 4: Use of Proceeds - The funds raised will primarily be used for the purchase and construction of stainless steel chemical vessels and LPG vessels, as well as to supplement working capital [21]. Group 5: Impact on Company Structure - The issuance will not change the control of the company, as the major shareholders remain the same [19][30]. - The company's asset and net asset levels will increase, leading to a decrease in the debt-to-asset ratio, thereby enhancing financial strength and solvency [20].