Highton Development(SH:603162) Zheng Quan Zhi Xing·2025-07-21 11:31Company Overview - Fujian Highton Development Co., Ltd. is focused on domestic coastal and international bulk cargo shipping services, having developed a strong market competitiveness in the domestic private bulk shipping sector [12][14]. - The company has seen its self-operated fleet in overseas shipping areas grow by over 300% since its listing, indicating significant expansion in its operational capabilities [14]. Industry Context - The shipping industry plays a crucial role in supporting economic development and national strategies, handling approximately 95% of China's foreign trade transportation [10][12]. - Recent government policies encourage the growth of shipping enterprises, promoting mergers and acquisitions to enhance competitiveness and operational scale [10][11]. - China's shipping industry is positioned for accelerated growth, supported by its leading global position in shipping fleet size and port infrastructure [12][13]. Fundraising Plan - The company plans to issue A-shares to specific investors, aiming to raise up to RMB 210 million, with net proceeds allocated to purchasing three new bulk carriers [29][30]. - The total investment for the project is estimated at RMB 269.4 million, with the company intending to enhance its fleet capacity and optimize its global shipping routes [29][30]. Share Issuance Details - The share issuance price is set at RMB 7.00 per share, which is not less than 80% of the average trading price over the 20 trading days prior to the pricing date [15][22]. - The issuance will not exceed 30% of the company's total share capital before the issuance, ensuring that control remains with the existing major shareholders [16][19]. Investor Relations - The main investors in this issuance are Daqing Investment and Dalan Investment, both controlled by the company's actual controller, Zeng Erbin, who plans to fully subscribe to the new shares [14][19]. - This move is expected to strengthen the company's control and operational stability, enhancing market confidence [14][19].