中环环保拟向实控人募资不超过3亿元 用于补流偿债

Core Viewpoint - The company, Zhonghuan Environmental Protection, plans to raise up to 300 million yuan through a private placement of shares to its actual controller, Liu Yang, to alleviate financial pressure and optimize its financial structure [1] Group 1: Fundraising Details - The company will issue no more than 43.8 million shares, accounting for 9.51% of the total share capital before the issuance, at a price of 6.85 yuan per share, which is 80% of the average stock price over the last 20 trading days [1] - Liu Yang will fully subscribe to the shares with cash and has made several commitments regarding the issuance, including a six-month lock-up period for share reduction and a commitment to use self-owned or legally raised funds for subscription [1] Group 2: Financial Necessity - The company has experienced rising financial costs, with expenses of 115 million yuan, 130 million yuan, 154 million yuan, and 108 million yuan from 2022 to the first nine months of 2025, indicating a need for additional working capital to reduce financial expenses and improve profitability [2] - The company’s main operations in wastewater and solid waste treatment require significant operating capital, and as of September 30, 2025, accounts receivable reached 1.125 billion yuan, exacerbating cash flow pressure [2] Group 3: Previous Fundraising Efforts - In 2020, the company raised approximately 550 million yuan through a private placement, primarily for waste incineration power generation projects and to supplement working capital, but these projects have not achieved the expected benefits [2] - In 2022, the company issued 8.64 million convertible bonds, raising 864 million yuan for waste incineration projects and working capital, with some projects not meeting expected benefits due to lower-than-expected power generation and lack of competitive pricing approval [3] Group 4: Current Market Position - As of December 12, the company's stock closed at 9.01 yuan per share, with a total market capitalization of 4.148 billion yuan [4]