China’s Shuangyi Technology plans an IPO to finance composite materials projects
Source：Shandong Shuangyi Technology
Shandong Shuangyi Technology Co. Ltd has announced via a China Securities Regulatory Commission (CSRC) prospectus that the company plans an IPO in the Shenzhen Stock Exchange’s Growth Enterprises Market.
Based in Dezhou, Shandong province, Shuangyi Technology engages in the design, production, and service of composite products primarily in China. According to its website, the company currently has four manufacturing factories which are its headquarters, Lingxian Branch Company, Wucheng Branch Company and SYT USA, Inc. The main products cover seven fields of non-metallic mold machining, wind power, advanced composite materials, engineering and agricultural machinery, public and rail traffic, yacht and boat, automobiles. The company declares having established steady partnerships with global wind power companies such as Siemens, Vestas, Gamesa Wind and Zhejiang Windey.
During the period 2014-2016, Shuangyi Technology generated every year respectively CNY351 million, CNY480 million and CNY479 million of revenue, according to public figures. Shuangyi Technology states that “in the wake of the progressive rise of the production scale and sales revenue, the company may need more capital funds. If the company cannot timely raise funds, it will face the risk of money shortage.”
According to the CSRC disclosure, Shuangyi Technology plans to raise CNY483 million (US$71 million) through the IPO, part of which will be invested in an R&D center dedicated to the composite materials applications, as well as in a project of using composite materials in the automotive industry.