Jiangsu Fengshan Group
recently announced a prospectus on the website of China Securities Regulatory Commission, saying the company is prepared to go public on the Shanghai Stock Exchange.
The Initial Public Offering (IPO) of Jiangsu Fengshan Group
will target fundraising of Yuan575 million, which will be spent on four technical material renovation projects, including the annual 1,500-ton Mesotrione technical production line.
The production activities to be financed from the fundraising will cover seven product varieties, including a capacity extension of the company’s dominant product Quizalofop-P-Ethyl up to 800 tons, out of which 500 tons will be used for production of the derivative product Quizalofop-P-Tefuryl.
Quizalofop-P-Tefuryl, Mesotrione, Cyhalofop-Butyl, Clodinafop-Propargyl, Trichlopyr, Triclopyr-Butotyl are all newly added varieties to the technical material product portfolio of the company.
The prospectus reveals that all funds to be raised under the IPO are intended for major businesses of the company, a smooth implementation of the fundraising-covered projects will be conducive to enrichment of the product line, optimization of the product structure and further enhancement to the overall competitive edge of the company.
Founded in September 1988, Jiangsu Fengshan Group currently owns a capacity of production of 30,000 tons of technical materials and processes 50,000 tons of formulations. Its Quizalofop-P-Ethyl technical and Trifluralin technical capacity is considered top-most in the world, while its Chlorpyrifos and Nicosulfuron capacity ranks first in China.
The Jiangsu Fengshan Group successfully introduced strategic investment in 2014, having started its capital operations thereafter. In the three years from 2014 to 2016, the company’s annual business income touched Yuan921 million, Yuan977 million and Yuan1.019 billion, respectively, while net profit of current period reached Yuan70.4166 million, Yuan74.8197 million and Yuan71.9223 million, respectively.