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IPO of China’s Jiangsu Flag Chemical Industry approved
Aug. 25, 2016
The prospectus indicates that Jiangsu Flag Chemical Industry has requested listing on the second-board market to issue 19 million A shares to raise funds of 580 million yuan, which will be spent on a novel pesticide project by Huai’an Guorui Chemical Ltd, the company's R&D center, and utilized as working capital input.
Jiangsu Flag Chemical Industry is currently a pesticide export-oriented enterprise, with customers including prime global agrochemical companies such as Dow AgroSciences and Bayer CropScience. In the current report period (2013–2016), 50% of the main business income of Jiangsu Flag Chemical Industry originated from exports. In 2012, the company strengthened its domestic market exploration, and the proportion of sales in the domestic market grew from 23.28% in 2013 to 29.02% in 2015. Nevertheless, the company has noted that in the near future, sales from exports will still remain at a higher proportion.
According to the latest semiannual report, in the first half of 2016 Jiangsu Flag Chemical Industry achieved business revenue of 424 million yuan, up 2.68% year-on-year, and net profit of 40.889 million yuan. down 21.08% year-on-year. Jiangsu Flag Chemical Industry stated that the increased revenue was attributable to the increased business volume and income, while the declining profit was due to market changes causing a rapid fall in the unit price of some products.
Source: AgroNews
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