Core Viewpoint - Tianfulong Group has submitted its prospectus for registration, aiming for an IPO on the Shanghai Stock Exchange, with a revised fundraising target of 790 million yuan, down from the initial 1.09 billion yuan [1][3]. Group 1: Company Overview - Tianfulong Group, established in May 2009, specializes in the research, production, and sales of fiber materials, focusing on differentiated polyester staple fibers and recycled polyester [5]. - The company has a registered capital of 360 million yuan and is primarily owned by Zhu Daqing and Chen Hui, who collectively hold 79.30% of the shares [5][7]. Group 2: Financial Information - As of the end of 2024, Tianfulong's cash and cash equivalents amounted to approximately 756 million yuan, with low asset-liability ratios of 10.32% and 8.96% for consolidated and parent company levels, respectively [4]. - The company plans to invest in projects including an annual production of 170,000 tons of low-melting-point polyester fiber and 10,000 tons of high-elastic low-melting-point fiber, along with the establishment of research centers [3][4]. Group 3: IPO Details - The initial fundraising plan included 300 million yuan for working capital, which has been removed in the revised prospectus [3]. - The total investment for the projects is estimated at 1.145 billion yuan, with 790 million yuan to be raised through the IPO [4]. Group 4: Shareholding Structure - Zhu Daqing holds 61.81% of the shares, while Chen Hui owns 17.49%, making them the actual controllers of the company [7]. - The company has undergone multiple capital increases and share transfers, with historical transactions involving family members and significant shareholdings [7][10].

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