Yuxing plans to expand the functional polyester film project

On December 26, Yuxing Co.
, Ltd.
issued an announcement that the company intends to issue shares to no more than 35 specific objects, the number of shares will not exceed 86.
6259 million, and the total amount of funds raised will not exceed 700 million yuan, which will be used to expand the annual output of 250,000 tons of functional polyester film project and replenish working capital
.
The latest closing price of the company's shares was 13.
18 yuan per share, with a total market value of 3.
8 billion yuan
.

This functional polyester film project was formerly known as the special film project with an annual output of 250,000 tons of functional polyester
.
In order to better promote the preliminary preparations of the project, the board of directors of the company agreed to change the name of the project and change the total investment from 1.
305 billion yuan to 1.
264 billion yuan
.
Of the funds raised, RMB520 million will be invested in the project, and the remaining RMB180 million will be used to replenish working capital
.

After the project change, it is planned to build a new functional polyester production line with an annual output of 250,000 tons, and a new functional polyester film production line with an annual output of 60,000 tons, with a construction period of 24 months
.
The new functional polyester capacity will be used to supply raw materials for new and existing film production lines
.
After the project reaches production, it is expected that the new annual operating income will be 2.
075 billion yuan and the net profit will reach 167 million yuan
.

It is reported that the main business of Yuxing Co.
, Ltd.
is the research and development, production and sales of special functional polyester film, and is one of the largest manufacturers of
special functional polyester film in China.
In the first three quarters of this year, the company achieved a total operating income of 1.
371 billion yuan, a year-on-year increase of 35.
51%.