How to solve the problem of financing difficulties in the development process is a difficult problem that many chemical companies are facing to solve. On the basis of joint restructuring and introduction of strategic investors, Haohua Aerospace Chemical Co., Ltd. boldly implemented equity reforms, effectively solved bottlenecks that constrained enterprise development, and promoted the sustained and rapid development of the company.
Yuhua Aerospace is a large-scale integrated chemical company with chlor-alkali products as its main business. In June 2004, the company was restructured from a state-owned enterprise to a private enterprise. In November of the same year, it joined the China Shenghua Chemical (Group) Corporation by way of capital increase and share expansion. The company was relatively controlled by Yonghua Corporation and became the first introduction strategy in Jiaozuo City. Investors, enterprises that have entered central enterprises. In the past five years, Yuhua Aerospace has relied on the advantages of central enterprises in terms of policies, funds, etc., to expand the project, expand the scale, adjust the structure, and promote growth, so that the company has undergone great changes: the scale of the main business has doubled, caustic soda and polyvinyl chloride The annual production scale has been expanded from 80,000 tons in 2004 to 400,000 tons, a new increase of 320,000 tons in five years, and the development speed has exceeded the past 38 years; the economic benefits have been continuously improved. From 2004 to 2008, the sales revenue grew by 1.04 billion yuan. To 4.18 billion yuan, profits and taxes increased from 149 million yuan to 272 million yuan. In 2009, under the influence of the financial crisis, enterprises completed sales revenue of 2.99 billion yuan, and realized profits and taxes of 182 million yuan, of which 60.58 million yuan were profits.
In the financial crisis, companies have also exposed some deep-seated problems and contradictions: Some devices are lagging behind, the main business is not large enough, the product structure is not rational, and the market is not sufficiently resistant to risks. These problems affect and restrict the enterprise’s Survival and development. In order to further enlarge and strengthen enterprises and enhance market competitiveness, Haohua Aerospace decided to implement 80,000 tons/year of diaphragm caustic soda in the old system and 80,000 tons/year of polyvinyl chloride systems to relocate and reconstruct the second phase of the Xiangyang Industrial Park. The new 240,000 tons/year ion-exchange membrane caustic soda and 200,000 tons/year polyvinyl chloride project. After these projects are completed and put into production, annual sales revenue will increase by 1.85 billion yuan, profits and taxes will reach 300 million yuan, and the leading product scale will reach 640,000 tons/year and 600,000 tons/year, entering the top 3 industries, and the market competitiveness will be significantly enhanced. .
The total investment of the project is 1.2 billion yuan. Due to the company's high debt-to-equity ratio, tight capital, and heavy repayment pressure, issues such as project funds and guarantees, if they rely on their own strength, will be difficult to resolve within a short time. The head office provides financing guarantees to solve the project fund raising problem. However, when the company was incorporated into Yonghua Group, the shareholding ratio of China Hanhua was 30.42%, which was inconsistent with the requirement that the SASAC and China National Chemical Corporation stipulated that the proportion of financing shares held must exceed 51%, and it was difficult to provide funds for project construction. Guarantees have prevented the project construction funds from being put in place in time.
In this case, Haohua Aerospace Company reviewed the situation, decided decisively, decided to transfer the shares held by natural person shareholders, and used equity for development to ensure that the development chain was not interrupted.
With the strong support of the Henan Provincial Party Committee, the provincial government and the Jiaozuo Municipal Committee and the municipal government, after many consultations and full demonstrations, on May 19 last year, China National Chemical Corporation approved the acquisition of Yuhua Natural Co., Ltd.’s natural person shareholders. Some of the total equity. At present, the equity acquisition work has fulfilled all the legal procedures and has entered the implementation stage in accordance with the provisions of the Company Law and the Articles of Association.
The equity reform has benefited Yuhua Aerospace, which not only guarantees the progress of the project, but also effectively protects the economic interests of shareholders. China Hanhua will fully support the company's project construction and follow-up development, and strive to enable Yuhuan Aerospace to realize sales revenue of 10 billion yuan in 2 to 3 years. It is understood that the company's 240,000 tons / year ion-exchange membrane caustic soda, 200,000 tons / year PVC project is accelerating, has completed the project investment 109790000 yuan, is expected to put into operation by the end of this year. The 1 million-ton/year calcium carbide residue cement project has signed a cooperation framework agreement, and the 150,000-ton/year PVC pipe and railway logistics center project is undergoing preliminary preparations.
Yuhua Aerospace is a large-scale integrated chemical company with chlor-alkali products as its main business. In June 2004, the company was restructured from a state-owned enterprise to a private enterprise. In November of the same year, it joined the China Shenghua Chemical (Group) Corporation by way of capital increase and share expansion. The company was relatively controlled by Yonghua Corporation and became the first introduction strategy in Jiaozuo City. Investors, enterprises that have entered central enterprises. In the past five years, Yuhua Aerospace has relied on the advantages of central enterprises in terms of policies, funds, etc., to expand the project, expand the scale, adjust the structure, and promote growth, so that the company has undergone great changes: the scale of the main business has doubled, caustic soda and polyvinyl chloride The annual production scale has been expanded from 80,000 tons in 2004 to 400,000 tons, a new increase of 320,000 tons in five years, and the development speed has exceeded the past 38 years; the economic benefits have been continuously improved. From 2004 to 2008, the sales revenue grew by 1.04 billion yuan. To 4.18 billion yuan, profits and taxes increased from 149 million yuan to 272 million yuan. In 2009, under the influence of the financial crisis, enterprises completed sales revenue of 2.99 billion yuan, and realized profits and taxes of 182 million yuan, of which 60.58 million yuan were profits.
In the financial crisis, companies have also exposed some deep-seated problems and contradictions: Some devices are lagging behind, the main business is not large enough, the product structure is not rational, and the market is not sufficiently resistant to risks. These problems affect and restrict the enterprise’s Survival and development. In order to further enlarge and strengthen enterprises and enhance market competitiveness, Haohua Aerospace decided to implement 80,000 tons/year of diaphragm caustic soda in the old system and 80,000 tons/year of polyvinyl chloride systems to relocate and reconstruct the second phase of the Xiangyang Industrial Park. The new 240,000 tons/year ion-exchange membrane caustic soda and 200,000 tons/year polyvinyl chloride project. After these projects are completed and put into production, annual sales revenue will increase by 1.85 billion yuan, profits and taxes will reach 300 million yuan, and the leading product scale will reach 640,000 tons/year and 600,000 tons/year, entering the top 3 industries, and the market competitiveness will be significantly enhanced. .
The total investment of the project is 1.2 billion yuan. Due to the company's high debt-to-equity ratio, tight capital, and heavy repayment pressure, issues such as project funds and guarantees, if they rely on their own strength, will be difficult to resolve within a short time. The head office provides financing guarantees to solve the project fund raising problem. However, when the company was incorporated into Yonghua Group, the shareholding ratio of China Hanhua was 30.42%, which was inconsistent with the requirement that the SASAC and China National Chemical Corporation stipulated that the proportion of financing shares held must exceed 51%, and it was difficult to provide funds for project construction. Guarantees have prevented the project construction funds from being put in place in time.
In this case, Haohua Aerospace Company reviewed the situation, decided decisively, decided to transfer the shares held by natural person shareholders, and used equity for development to ensure that the development chain was not interrupted.
With the strong support of the Henan Provincial Party Committee, the provincial government and the Jiaozuo Municipal Committee and the municipal government, after many consultations and full demonstrations, on May 19 last year, China National Chemical Corporation approved the acquisition of Yuhua Natural Co., Ltd.’s natural person shareholders. Some of the total equity. At present, the equity acquisition work has fulfilled all the legal procedures and has entered the implementation stage in accordance with the provisions of the Company Law and the Articles of Association.
The equity reform has benefited Yuhua Aerospace, which not only guarantees the progress of the project, but also effectively protects the economic interests of shareholders. China Hanhua will fully support the company's project construction and follow-up development, and strive to enable Yuhuan Aerospace to realize sales revenue of 10 billion yuan in 2 to 3 years. It is understood that the company's 240,000 tons / year ion-exchange membrane caustic soda, 200,000 tons / year PVC project is accelerating, has completed the project investment 109790000 yuan, is expected to put into operation by the end of this year. The 1 million-ton/year calcium carbide residue cement project has signed a cooperation framework agreement, and the 150,000-ton/year PVC pipe and railway logistics center project is undergoing preliminary preparations.
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