Satellite Petrochemical bet 33.5 billion petrochemical projects and plans to raise 3 billion more blood!

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The total investment of the project is 35 billion yu.

Satellite Petrochemical Continues Significant Expansion

According to Satellite Petrochemical's latest 2019 non-public issuance plan for A-shares, it plans to non-publicly issue shares to no more than 10 specific targets that meet the regulations of the China Securities Regulatory Commission, raising no more than 3 billion yu.

It is understood that the total investment of the project is 35 billion yu.

Compared with historical data, the annual production capacity was 448,300 tons at the beginning of the listing in 201 After 8 years of development, the production capacity has expanded to 65 million tons, which is a rapid grow.

Despite the rapid increase in production, the company's development has not been smooth saili.

From 2016 to 2018, Satellite Petrochemical's revenue reached 355 billion yuan, 188 billion yuan, and 1029 billion yuan respectively, and the net profit attributable to the parent was 312 million yuan, 942 million yuan, and 941 million yuan respective.

As of March 31, 2019, Satellite Petrochemical had total assets of 1826 billion yuan, current assets of 331 billion yuan, total liabilities of 559 billion yuan, and net assets of 1880 billion yu.

The C2 industry invested by this fund-raising is the most important project of Satellite Petrochemical in the near futu.

The C2 industry targeted by Satellite Petrochemical is a piece of cake that is still expandi.

In recent years, domestic polyethylene production and consumption have developed rapidly, and the gap between supply and demand has been expandi.

Ethylene glycol is an important organic chemical raw material with a wide range of us.

Most of the ethylene oxide is used to produce ethylene glycol, and because ethylene oxide is not suitable for long-distance transportation, the demand is all dependent on domestic producti.

This fundraising is not the first time that Satellite Petrochemical has expanded with the help of capit.

According to public information, before this fundraising, Satellite Petrochemical had raised funds twice in 2011 and 201 According to the 2016 report on the use of funds raised, the performance of its fundraising investment projects in 2011 was not satisfacto.

None of the three projects achieved the promised benefits, and the cumulative income was less than 20% lower than the commitme.

The project of "technical transformation of producing 30,000 tons of super absorbent resin" has suffered losses year after year since its completion, and the cumulative income from 2014 to 2016 was -68,214,500 yu.