Meichang Shares
Sep 08, 2020
On September 7, Meichang shares announced that the company’s 2018 fourth extraordinary general meeting of shareholders reviewed and approved the “Proposal on the Use of Funds Raised by the Company’s Initial Public Offering” and agreed to use the raised funds to invest in efficient diamond wire construction projects.
Approved by the China Securities Regulatory Commission on Approval of the Approval of the Registration of the Initial Public Offering of Yangling Meichang New Materials Co., Ltd. (China Securities Regulatory Commission [2020] No. 1564) approved the registration, the company's initial public offering of new RMB ordinary shares (A shares) 40.1 million shares, The issuance price is 43.76 yuan/share, and the total fundraising is about 1.751 billion yuan. After deducting the issuance cost of about 103 million yuan, the net fundraising is about 1.648 billion yuan. Lixin Zhonglian has verified the capital availability of the company's initial public offering on August 10, 2020, and issued the Lixin Zhonglian Yanzi [2020] D-0029 "Capital Verification Report".
The high-efficiency diamond line construction project will build 300 automated electroplating diamond line production lines, supporting inspection equipment and environmental protection facilities by leasing production workshops and warehouses. The project is conducive to further improving the company's high-efficiency diamond line production capacity, and continues to leverage its scale advantages to continuously strengthen product competitiveness; at the same time, expand product supply areas, optimize the company's product structure, and enhance sustainable development capabilities; in addition, the project will increase environmental protection investment. Improve the company's environmental protection system, promote environmentally friendly operations, and improve the company's overall operating efficiency.
The implementation site of the high-efficiency diamond wire construction project is located in Fuhai Industrial Park, Yangling Demonstration Zone, Shaanxi Province. The project has obtained the investment project record issued by the Development and Reform Bureau of the Yangling District. The project code is 2018-611102-33-03-007298, and it has been obtained as Yangling Demonstration Zone "Approval of the Environmental Impact Report on the High-Efficiency Diamond Wire Construction Project of Yangling Meichang Technology Co., Ltd." issued by the Environmental Protection Bureau (Yang Guanhuan Approval [2018] No. 23). In 2018, the company used its own funds to implement the high-efficiency diamond wire construction project. As of the announcement date, 134 high-efficiency diamond wires have been built and put into production, corresponding to an annual production capacity of 10 million KM.
The company stated that the management has studied the growth rate of new installed capacity of global photovoltaic power generation, analyzed the current market situation, industry development and competition, and based on its own core competitiveness judgment, after careful research and discussion, plans to accelerate the promotion of the project The implementation of the company will complete the construction of the remaining 166 high-efficiency diamond wires by the end of June 2021. After all are put into production, the company will have an annual production capacity of 42 million KM diamond wires.
