Heyuan Gas(SZ:002971) Zheng Quan Zhi Xing·2025-07-25 16:37Core Viewpoint - Hubei Heyuan Gas Co., Ltd. plans to issue A-shares to specific investors in 2024, with a share price set at 14.98 RMB per share, aimed at raising funds for working capital and debt repayment [2][3][4]. Company Overview - Hubei Heyuan Gas Co., Ltd. was established on November 20, 2003, and is located in Longzhouping Town, Changyang Tujia Autonomous County, Yichang City, Hubei Province [14]. - The company operates in the industrial gas sector, producing and selling various gas products, including electronic specialty gases and general industrial gases [24]. Financial Information - The total registered capital of the company is 208 million RMB [14]. - The company reported revenues of 1.32 billion RMB, 1.65 billion RMB, and 1.87 billion RMB for the years 2022, 2023, and 2024 respectively, indicating a decline in revenue for 2024 due to competitive pressures in the liquid ammonia market [8][24]. Share Issuance Details - The share issuance is subject to approval from the China Securities Regulatory Commission (CSRC) and will be executed based on the final plan approved by the CSRC [2][3]. - The issuance price will be adjusted to 14.88 RMB per share after the ex-dividend date for the 2024 interim profit distribution, which is set at 1.00 RMB per 10 shares [2][3]. Shareholder Structure - As of March 31, 2025, the major shareholders include Yang Tao, Yang Feng, Yang Yongfa, and Feng Jie, collectively holding 32.60% of the company's shares [15][16]. - The company has a commitment from the major shareholders not to reduce their holdings for 36 months following the issuance [4][5]. Industry Context - The industrial gas industry is characterized by increasing competition, with both domestic and foreign companies expanding their market presence [24]. - The industry is regulated by multiple government bodies, and compliance with various safety and quality standards is mandatory for operations [21][22]. - Recent policies from the government have supported the development of the industrial gas sector, particularly in high-tech applications such as semiconductors and renewable energy [24].