Raise 3 billion to build resin and other projects! Another chemical company rushes to IPO!

Qingdao Gulf Chemical Co., Ltd. (or the "Company") recently submitted an initial public offering prospectus (declaration draft). The company intends to rush to IPO on the Shanghai Stock Exchange, and this time the company intends to publicly issue no more than 253 million RMB ordinary shares, accounting for no more than 15% of the company's total share capital after issuance, and not less than 10%.

Gulf Chemical is expected to raise 3 billion yuan, and the funds raised will be used for the epichlorohydrin green circular economy project (phase I), 150,000 tons/year epoxy resin project, 400,000 tons/year ethylene oxychloride expansion project, and supplementary working capital.

Gulf Chemical's main business is the research and development, production and sales of chlor-alkali chemicals, organic chemical raw materials and polymer new materials and inorganic silicon products, the main products include ethylene PVC, styrene, polystyrene 1 and caustic soda, and the use of part of the self-produced caustic soda to produce sodium metasilicate, to achieve the extension of inorganic chemicals business.

In 2019, 2020, 2021 and the first half of 2022, Gulf Chemical achieved operating income of RMB7.038 billion, RMB6.053 billion, RMB13.028 billion and RMB6.962 billion, and net profit attributable to owners of RMB485 million, RMB301 million, RMB2.077 billion and RMB1.006 billion, respectively.

Qingdao Bay Chemical plans to build an epichlorohydrin project at No. 66 Gangfeng Road, Poli Town, and the plant is about to start construction, with a total investment of 204947 million yuan. Gulf Chemical's 240,000 tons/year bisphenol A project and 3×75,000 tons/year epichlorohydrin project are major projects for the conversion of new and old kinetic energy in Shandong Province.

Gulf Chemical epoxy resin project 150,000 tons per year epoxy resin project (south plant) will start construction at present, with a total investment of 1498.798 million yuan. The project introduces the production process of Huntsman Advanced Materials License (Switzerland) Co., Ltd., with a planned investment of about 1.5 billion yuan and an annual output of 150,000 tons of epoxy resin, including 116,000 tons/year of bisphenol A-type epoxy resin (liquid and solid), 14,000 tons/year of bisphenol F epoxy resin, 20,000 tons/year of waterborne epoxy resin and compound epoxy resin, and the construction of a high-salt wastewater recycling comprehensive utilization device.