AgroPages-Xinnong goes for IPO in China to support its annual 1,000-ton pyraclostrobin project-Agricultural news

Xinnong goes for IPO in China to support its annual 1,000-ton pyraclostrobin project

Recently Chinese agrochemical company Zhejiang Xinnong Chemical has announced an IPO prospectus for fundraising of Yuan400 million for its annual 1,000-ton pyraclostrobin and 6,600-ton environment-friendly water-based formulation productions.

The launch of the above projects will enable Xinnong’s product structure to be more rational and product variety to be more optimized. In the meantime, Xinnong’s competitive edge and risk-resistant capacity will be enhanced considerably, which is expected to bring a new source of profitability for the company.

According to the earlier 2017 annual report of Xinnong, its annual business income reached Yuan808 million which is 34.87 percent up year on year while net profit reached Yuan76.017 million which is 95.57 percent year on year. In 2017, the sales of all major products of the company appeared on the rise. The growth of the sales of pesticide technical and intermediates was attributed to the steadily rise of demand from the long-term partners of cooperation while the growth of the sales of formulations was contributed by the increased sales of the zinc thiazole formulation series innovated by the company.