Core Viewpoint - Shanghai Cathay Biotech Co., Ltd. is conducting a private placement of A-shares, which will significantly increase the control of its major shareholder, Shanghai Yaoxiu, from 20.00% to 35.29% after the issuance, thereby consolidating the actual control of the company by Xiucai Liu's family [2][20]. Group 1: Issuance Details - The total number of shares to be issued is 137,911,755, which does not exceed 30% of the total share capital before the issuance [12][19]. - The issuance price is set at 42.97 CNY per share, adjusted from an initial price of 43.34 CNY due to previous dividend distributions [14][13]. - The total funds raised from this issuance amount to 5,926,068,112.35 CNY, with a net amount of 5,914,724,993.63 CNY after deducting issuance costs [12][26]. Group 2: Shareholder Structure - Post-issuance, the actual control of the company by Xiucai Liu's family and controlled enterprises will increase to 44.04% [20]. - The major shareholder, Shanghai Yaoxiu, will have its shareholding increased significantly, enhancing its control over the company [2][20]. - The shareholding structure complies with the listing conditions as per the relevant regulations [2][20]. Group 3: Lock-up Period and Trading - The shares issued will be subject to a lock-up period of 60 months, during which they cannot be transferred [15][27]. - After the lock-up period, the shares will be listed and traded on the Shanghai Stock Exchange's Sci-Tech Innovation Board [27]. Group 4: Company Overview - Shanghai Cathay Biotech Co., Ltd. specializes in the research, production, and sales of new bio-based materials, primarily focusing on bio-based long-chain dicarboxylic acids and bio-based polyamide products [6][7]. - The company has established long-term partnerships with international firms such as DuPont and Evonik, leveraging its leading position in the global market for bio-based long-chain dicarboxylic acids [7][20].

Core Viewpoint - Zhongke Guosheng recently secured 200 million yuan in A+ round financing, aimed at expanding production capacity in Jiangsu Taixing to reduce costs further [3][4] Group 1: Company Overview - Zhongke Guosheng was established in July 2021 and has successfully developed continuous production processes for HMF (5-hydroxymethylfurfural) and FDCA (furandicarboxylic acid) [3][4] - The company has achieved a supply of FDCA at the hundred-ton level and has delivered ton-level orders to leading overseas polyester companies in 2024 [4][5] Group 2: Product Development and Applications - FDCA has unique furan ring structures that enhance material properties, such as better gas barrier performance and excellent mechanical strength, but high production costs have limited its commercial application [3][4] - The company has developed high-value furan-based monomers and is actively working on various application scenarios, including food and pharmaceutical packaging, textiles, and more [5][6] Group 3: Technological Advancements - Zhongke Guosheng has developed cost-effective production processes, overcoming challenges related to catalyst stability and impurity tolerance in FDCA production [4][6] - The company has established a flexible R&D and production system to shorten the commercialization cycle of furan-based materials [5][6] Group 4: Market Potential and Investor Insights - Investors express strong confidence in the potential of biobased materials, highlighting Zhongke Guosheng as a leading player in the field with significant technological advantages and a robust management team [6][7] - The market for FDCA is expected to grow due to its high performance and environmental benefits, with Zhongke Guosheng positioned to lead in global applications [6][7]