海湾化学启动IPO辅导：前次上市申请撤回仅半年 原拟募资30亿

Core Viewpoint - Qingdao Bay Chemical Co., Ltd. has submitted an application for the first public offering of stocks and listing, which has been accepted by the Qingdao Securities Regulatory Bureau, with a filing date of December 23, 2025, and the counseling institution being CITIC Securities [1][2]. Group 1: Company Background - Qingdao Bay Chemical was established in 1999, focusing on the research, production, and sales of chlor-alkali chemicals, organic chemical raw materials, high polymer new materials, and inorganic silicon products, with main products including PVC, polystyrene, and caustic soda [4]. - The company's major shareholder is Qingdao Bay Group Co., Ltd., holding a 62% stake, while the actual controller is the Qingdao State-owned Assets Supervision and Administration Commission [7]. Group 2: Financial Performance - The company's revenue for the years 2019 to 2022 was as follows: 2019: 703.78 million, 2020: 605.31 million, 2021: 1.30 billion, and 2022 (first half): 696.23 million [4]. - Net profit attributable to the parent company for the same periods was: 2019: 48.49 million, 2020: 30.12 million, 2021: 207.67 million, and 2022 (first half): 100.58 million [4]. - The total assets as of June 30, 2022, were 1.33 billion, with a debt-to-asset ratio of 63.28% [5]. Group 3: Previous IPO Attempts - The company previously applied for an IPO on the Shanghai Stock Exchange in December 2022, which was later withdrawn in June 2025 due to changes in market conditions [3][6]. - The previous IPO plan included projects such as a 3×7.5 million tons/year epoxy chloropropane green circular economy project and a 15 million tons/year epoxy resin project, with a total fundraising target of 3 billion [6][7]. Group 4: Regulatory Issues - During the previous IPO review, the company was under regulatory warning from the Shanghai Stock Exchange due to incomplete disclosures regarding employee stock ownership and inaccuracies in accounting for various financial items [8][11].