Core Viewpoint - The company, Guangdong Siquan New Materials Co., Ltd., plans to issue A-shares to specific investors to enhance its capital strength and profitability, driven by the growing demand for thermal management materials in various sectors, including consumer electronics and new energy vehicles [1][7][19]. Group 1: Background and Purpose of the Issuance - The issuance is motivated by the increasing demand for thermal management materials due to advancements in consumer electronics, 5G, AI, and IoT technologies, which require improved performance and efficiency [1][6]. - The new energy vehicle market is a significant application area for thermal management materials, with global sales expected to reach 22.4 million units in 2025, up from 18.2 million in 2024, indicating a 24.4% growth [2]. - The data center market is also expanding rapidly, with the global cold plate liquid cooling market projected to grow from 5.3 billion yuan in 2024 to 105.6 billion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 111.27% [3]. Group 2: Investment and Market Trends - The new materials industry, particularly thermal management materials, is crucial for national economic development, supported by government policies aimed at fostering innovation and quality in material production [6]. - The company aims to optimize its production capacity and reduce risks by establishing a manufacturing line in Vietnam, responding to increased investments from major consumer electronics brands [4][5][7]. - The digital economy's growth is driving demand for higher computational power, which in turn increases the need for efficient thermal management solutions in data centers and high-performance computing [7][8]. Group 3: Financial Aspects of the Issuance - The total funding requirement for the projects associated with this issuance is approximately 465.9 million yuan, which cannot be met by the company's own funds, necessitating external financing [9][10]. - The issuance will involve the sale of up to 24,226,160 shares, not exceeding 30% of the company's total share capital prior to the issuance [17]. - The funds raised will be allocated to projects including the Vietnam thermal management product project, a liquid cooling research center, and the enhancement of the company's information systems [15][19]. Group 4: Compliance and Fairness of the Issuance - The issuance process has been reviewed and approved by the company's board and will be presented to the shareholders for a fair vote, ensuring compliance with relevant regulations [20][21]. - The selection of specific investors for the issuance will adhere to regulatory requirements, with a maximum of 35 investors participating [11][16]. - The pricing of the shares will be based on the average trading price over the 20 trading days prior to the issuance date, ensuring fairness in the pricing mechanism [12][16].
思泉新材: 2025年度向特定对象发行股票方案的论证分析报告