Zhong Guo Jing Ji Wang·2025-11-19 02:47Core Viewpoint - Zhejiang Zhenshi New Materials Co., Ltd. has been approved for its initial public offering (IPO) on the Shanghai Stock Exchange, marking it as the 77th company to pass the review this year [1][2]. Company Overview - Zhenshi Co. specializes in the research, production, and sales of fiber-reinforced materials in the clean energy sector, becoming a global leader in wind turbine blade materials after over 20 years of development [2]. - The company is a national high-tech enterprise, providing innovative solutions across various industries, including wind power, photovoltaic power, new energy vehicles, construction materials, transportation, electronics, and chemical environmental protection [2]. Shareholding Structure - As of the signing date of the prospectus, Tongxiang Huajia holds 832.43 million shares, representing a 56.27% stake, making it the controlling shareholder [2]. - The actual controllers of the company are Zhang Yuqiang and Zhang Jiankan, who together control 96.51% of the shares through various entities [2]. IPO Details - Zhenshi Co. plans to publicly issue no less than 16.44 million shares and no more than 49.31 million shares, with the public offering accounting for 10% to 25% of the total shares post-issuance [2]. - The company aims to raise approximately 398.11 million yuan for projects including the construction of production bases for fiberglass products and composite materials, a production project in Spain, and the establishment of a research and development center [2]. Regulatory Review Insights - The listing committee raised questions regarding the fairness of related party transactions with China Jushi, particularly concerning pricing and procurement processes [3]. - Concerns were also expressed about the company's dependency on major clients and the potential impact of rising raw material prices on future performance stability [3].