Core Points - The Shenzhen Stock Exchange will hold its 24th listing review meeting on October 24, 2025, to review the application of Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. [1] - The company aims to raise funds totaling 186,538.34 million yuan for various projects, including the production of PVB resin and functional films, water-based adhesives, and energy-saving technology upgrades [1][2] Fundraising Projects - Project 1: Annual production of 16,000 tons of PVB resin and functional films, with an investment scale of 55,753.00 million yuan and intended fundraising of 55,731.26 million yuan [2] - Project 2: Annual production of 60,000 tons of water-based adhesives, with an investment scale of 35,158.00 million yuan and intended fundraising of 35,112.35 million yuan [2] - Project 3: PVA industry chain energy-saving technology upgrade project, with an investment scale of 17,050.00 million yuan and intended fundraising of 16,584.84 million yuan [2] - Project 4: Calcium carbide production line energy-saving technology upgrade project, with an investment scale of 12,000.00 million yuan and intended fundraising of 11,362.41 million yuan [2] - Project 5: R&D center construction project, with an investment scale of 16,901.60 million yuan and intended fundraising of 16,880.66 million yuan [2] - Project 6: PVA product pilot plant construction project, with an investment scale of 7,925.82 million yuan and intended fundraising of 7,866.81 million yuan [2] - Project 7: Supplementing working capital, with an investment scale of 43,000.00 million yuan and intended fundraising of 43,000.00 million yuan [2] - Total investment scale is 187,788.42 million yuan, with intended fundraising of 186,538.34 million yuan [2] Shareholding Structure - Inner Mongolia Shuangxin Energy Chemical Co., Ltd. holds 49,116.70 million shares, accounting for 57.11% of the total share capital, making it the controlling shareholder [2] - Qiao Yuhua indirectly controls 62.10% of the voting rights through Shuangxin Resources and Antel, making him the actual controller of the company [2] Underwriter Information - The sponsor (lead underwriter) for Shuangxin Environmental Protection is China International Capital Corporation, with representatives Zhou Bin and Zhao Huan [3]

Group 1 - The core viewpoint of the article is the commencement of a new high-performance polyvinyl alcohol (PVA) fiber project by Inner Mongolia Shangwei New Materials Co., Ltd., a subsidiary of Anhui Wanwei Group, with an investment of 126 million yuan to produce 6,000 tons per year [1] - Anhui Wanwei Group is recognized as one of the largest and technologically advanced manufacturers of PVA products in China, with its main products consistently ranking first in domestic production and among the top globally [1] - The project includes the construction of a production line and supporting facilities, with civil engineering expected to be completed by August 2026 [1] Group 2 - High-strength and high-modulus PVA fibers possess characteristics such as high strength, high modulus, low elongation, and resistance to acids and solvents, making them suitable for use in construction materials [2] - Water-soluble PVA fibers are differentiated functional fibers that are ideal for textile applications and are widely used in non-woven fabrics and paper production [2] - Major global producers of high-strength and high-modulus PVA fibers include companies from Japan, Malaysia, and China, with a total production capacity of approximately 120,000 tons [2]