On the evening of November 1, Jingrui Electric disclosed a plan to issue stocks to specific objects through simplified procedures.
It is proposed to raise no more than 277 million yuan
According to the plan, Jingrui Electric Materials will be issued to no more than 35 specific objects that meet the regulations of the China Securities Regulatory Commission. The total amount of funds to be raised will not exceed 277 million yuan, and the net amount of funds raised will be used for Jiangsu Yangheng Chemical Co., Ltd. The company (hereinafter referred to as “Yangheng Chemical”) has an annual output of 90,000 tons of semiconductor-grade high-purity sulfuric acid technology transformation project (Phase II) for super-large-scale integrated circuits to supplement working capital or repay bank loans. The former plans to invest 194 million yuan in raised funds. The latter invested 83 million yuan. The investment situation of the project is as follows:
Image source: Screenshot of Jingrui Electric Materials Announcement
Jingrui Electric said that if the actual net amount of funds raised from this issuance of shares is less than the needs of the above-mentioned projects planned to invest in the raised funds, the shortfall will be solved by the company itself. Before the funds raised from this issuance are in place, the company can first invest with self-raised funds according to the actual progress of the project, and after the raised funds are in place, replace the self-raised funds with the raised funds.
It is reported that in June last year, the Shenzhen Stock Exchange issued the “Notice on Doing a Good Job in the Application of Refinancing Simplified Procedures for GEM Listed Companies”, announcing that ChiNext companies can implement refinancing through simplified procedures.
According to the announcement, as of the announcement date of this plan, Xinyin International Co., Ltd. (hereinafter referred to as “Xinyin International”) is the controlling shareholder of Jingrui Electric, holding 18.57% of the shares of the listed company, and the natural person Luo Peinan is the actual controller of the listed company. The total amount of funds raised from the issuance of shares this time shall not exceed (inclusive) 277 million yuan, which means that the total amount of funds raised by the issuance to specific objects shall not exceed RMB 300 million yuan and shall not exceed 20% of the net assets at the end of the most recent year, and the simplified procedure shall apply.
After the completion of this issuance, Jingrui Electric’s share capital will increase accordingly, the shareholder structure will change, and the shareholding ratio of the original shareholders will also change accordingly. Xinyin International is still the controlling shareholder of Jingrui Electric, and Luo Peinan is still the actual controller of Jingrui.
In terms of replenishing working capital, Jingrui Electric pointed out that in the past three years, the company’s business has maintained a steady growth trend, and the company has deployed production capacity across the country. In order to ensure that the company keeps up with the rapid development trend of the industry, the company needs to supplement the daily production and operation activities Liquid funds to meet the needs of the company’s business scale expansion and enhance the company’s core competitiveness.
Jingrui Electric believes that the target market of the technical transformation project (Phase II) is mainly the domestic market, especially economically developed regions such as South China, Beijing-Tianjin-Hebei and East China. The construction of the project can better meet the market demand, expand the market share of the product, and improve the company’s influence. The project has raw material advantages and customer resource base.
In addition, it is understood that in June 2020, Jingrui Electric Materials launched Yangheng Chemical’s annual production of 90,000 tons of semiconductor-grade high-purity sulfuric acid technology transformation project for VLSI (Phase I). After trial production and debugging, the metal impurity content of Jingrui’s semiconductor-grade high-purity sulfuric acid products is less than 10ppt, reaching the G5 level, and the quality has reached the level of the first echelon in the same industry in the world. Node requirements.
Jingrui Electric said that at present, the company is actively carrying out customer demonstration tests, and the market has responded well. The smooth construction of the existing first-phase project provides a foundation and guarantee for the smooth implementation of the second-phase project.
Expand the variety of semiconductor high-purity reagents
Jingrui Electric Materials emphasized that the semiconductor-grade hydrogen peroxide and ammonia water products produced by the company have reached the international advanced level. In order to increase the variety of semiconductor-grade high-purity sulfuric acid products, the company achieved holding by acquiring the equity of Yangheng Chemical Co., Ltd., and cooperated with Mitsubishi Chemical Corporation of Japan (hereinafter referred to as “Mitsubishi Chemical”). Raw materials and supporting public works and the company’s management experience in producing high-quality Electronic chemicals produce high-quality semiconductor-grade high-purity sulfuric acid, which replaces imported sulfuric acid and provides high-quality semiconductor-grade high-purity sulfuric acid for domestic and foreign customers.
According to the announcement, Yangheng Chemical’s annual output of 90,000 tons of semiconductor-grade high-purity sulfuric acid technology transformation project for VLSI (Phase II) is located at 8 Xiangjiang Road, New Chemical Materials Industrial Park, Changjiang Town (Rugao Port District), Rugao City, Nantong City, Jiangsu Province. No., the project capacity is 600 million tons/year.
The announcement pointed out that from the perspective of the goal of the technical transformation project (Phase II), Yangheng Chemical Co., Ltd. in the original site area, without increasing the total production capacity of sulfuric acid, the total amount of sewage and pollution factors, will introduce technical equipment to the original basic chemical products. The industrial sulfuric acid production unit has been upgraded to produce some semiconductor-grade high-purity sulfuric acid. The technical transformation standard has reached the international advanced level, and the safety, environmental protection, and input-output level are higher than the original project level.
Promote the integrated circuit industry to climb to the high end
Jingrui Electric said that with the transfer of the electronic information industry to China, the suppression of Chinese technology by the United States and the improvement of the supporting industry chain, import substitution is the trend in the future, and most of the low-end products have achieved import substitution. Some domestic enterprises such as the company have made breakthroughs in import substitution of high-end products such as photoresist, and the trend of import substitution is becoming more and more obvious.
At present, the main challenge facing the development of my country’s wet electronic chemicals industry is the low quality, especially in terms of key technologies and product quality, there is still a big gap with developed countries. Jingrui Electric Materials pointed out that the company continues to invest in research and development on a large scale, and has mastered ultra-pure hydrogen peroxide, ultra-pure nitric acid, ultra-pure hydrochloric acid, ultra-pure ammonia, photoresist, developer, stripping solution, etching solution through independent research and development. and other production processes and their key core technologies, of which ultra-pure wet chemicals have reached the international leading level.
Jingrui Electric said that this issuance can meet the needs of high-quality economic development in the new era and promote the high-end development of the integrated circuit industry.
The Links: CM150TX-24S SKM2X75 GAH126D