Core Viewpoint - Hubei Heyuan Gas Co., Ltd. is planning to issue A-shares to specific investors in 2024 to raise funds for operational liquidity and debt repayment, amidst increasing competition and financial risks in the industrial gas sector. Group 1: Company Overview - Hubei Heyuan Gas Co., Ltd. was established on November 20, 2003, and is listed on the Shenzhen Stock Exchange under the stock code 002971 [12]. - The company specializes in the production and sales of industrial gases, including electronic specialty gases and functional materials [20][21]. Group 2: Financial Performance - The company's total revenue for the reporting periods was RMB 1,321.61 million, RMB 1,654.56 million, and projected declines in 2024 due to competitive pressures in the liquid ammonia market [3][4]. - As of June 2025, the company's interest-bearing debt reached RMB 3,695.23 million, with liquidity ratios showing a downward trend [2][3]. Group 3: Risks and Challenges - The company faces significant debt repayment risks due to substantial investments in the Yichang Electronic Specialty Gas and Functional Materials Industrial Park and the Qianjiang Electronic Specialty Gas Industrial Park [2]. - There is a risk of increased operational costs and reduced profitability due to the depreciation of fixed assets once construction projects are completed [3]. - The industrial gas sector is experiencing intensified competition from both domestic and international players, which may impact the company's market position [4][20]. Group 4: Share Issuance Details - The company plans to issue shares at a price of RMB 14.98 per share, with adjustments based on any corporate actions such as dividends [4][5]. - The total number of shares to be issued will be determined based on regulatory approvals and market conditions [5][6]. Group 5: Shareholder Structure - As of June 30, 2025, the actual controllers of the company, including Yang Tao and others, collectively hold 32.60% of the shares [14][15]. - The top ten shareholders hold a combined 62.06% of the company's shares, indicating a concentrated ownership structure [14].

Core Viewpoint - Hubei Heyuan Gas Co., Ltd. is preparing to issue A-shares to specific investors in 2024, with legal opinions provided by Taihe Tai (Wuhan) Law Firm regarding compliance with relevant laws and regulations [1][2][3]. Group 1: Legal Opinions and Compliance - The law firm has issued a supplementary legal opinion based on the inquiry from the Shenzhen Stock Exchange regarding the company's A-share issuance [2]. - The supplementary legal opinion is an integral part of the previous legal opinion and lawyer's work report, clarifying that any discrepancies will be governed by the latest document [2][3]. Group 2: Financial and Administrative Penalties - In 2023, the company incurred a total of 693,600 yuan in administrative penalties, primarily due to late payment of taxes such as stamp duty and property tax [4]. - The company has faced two administrative penalties during the reporting period, with specific incidents involving safety violations and tax issues [4][5]. Group 3: Internal Control Measures - The company has established a comprehensive tax management system to mitigate tax risks and ensure compliance with tax laws, including regular self-inspections and training for financial personnel [6][7]. - Following the administrative penalties, the company has implemented corrective measures, including financial audits and enhanced training for staff to prevent future violations [11][12]. Group 4: Assessment of Violations - The administrative penalties faced by the company are classified as minor violations, not constituting major legal infractions under relevant regulations [12][13]. - The company has taken steps to rectify the issues leading to penalties, ensuring compliance with safety and operational standards [11][12].

江西省盐业集团股份有限公司 Jiangxi Salt Industry Group Co.,Ltd （江西省南昌市红谷滩区庐山南大道 369 号） 首次公开发行股票主板上市公告书 保荐人（主承销商） 中国（上海）自由贸易试验区世纪大道 1589 号长泰国际金融大 厦 16/22/23 楼 2023 年 4 月 7 日 江西省盐业集团股份有限公司 上市公告书 特别提示 江西省盐业集团股份有限公司（以下简称"江盐集团"、"本公司"、"公 司"或"发行人"）股票将于 2023 年 4 月 10 日在上海证券交易所主板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 1 本公司提醒广大投资者注意首次公开发行股票（以下简称"新股"）上市初 期的投资风险，广大投资者应充分了解风险、理性参与新股交易。 具体而言，上市初期的风险包括但不限于以下几种： 江西省盐业集团股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明与提示 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书不存在虚假记载 ...