又一家IPO终止！净利润一度逾20亿，实控人为青岛市国资委

Core Viewpoint - The article discusses the termination of the IPO review for Qingdao Haibay Chemical Co., Ltd. by the Shanghai Stock Exchange due to the company's withdrawal of its application, highlighting the company's financial performance and challenges in a high-energy consumption and high-emission industry [1][4]. Financial Performance - The company operates in the chlor-alkali chemical, organic chemical raw materials, and polymer new materials sectors, with major products including PVC, styrene, polystyrene, and caustic soda. The company reported net profits of 425.19 million yuan, 246.80 million yuan, 2.04 billion yuan, and 970.47 million yuan for the years 2019, 2020, 2021, and the first half of 2022, respectively [2][3]. - The company expects a significant decline in net profit for 2022, projecting a decrease of 47.85% to 39.62%, with revenue estimates ranging from 1.2445 billion yuan to 1.441 billion yuan, reflecting a year-on-year fluctuation of -4.47% to 10.61% [4][5]. Market Environment - In 2022, the company faced challenges due to a significant drop in PVC product prices while raw material prices for ethylene increased, leading to reduced profitability. The prices of styrene's main raw materials, benzene and ethylene, also rose, further compressing profit margins [5]. Regulatory Issues - During the IPO review period, the company received regulatory warnings from the Shanghai Stock Exchange regarding issues related to the clarity of equity ownership and accuracy of financial accounting. The company failed to fully disclose the status of equity pledges related to employee stockholding platforms and had multiple inaccuracies in accounting for various financial categories [6][7][8]. Company Background - Qingdao Haibay Chemical Co., Ltd. was established from the transformation of the state-owned Qingdao Chemical Plant and is controlled by the Qingdao State-owned Assets Supervision and Administration Commission. The company underwent a mixed-ownership reform in 2021, introducing three employee stockholding platforms [9][13].