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Cangzhou Dahua Chairman Ping Haijun
Ten years and one sword has forged China’s TDI industry leader, advancing with the times to write a new chapter of Dahua’s glory
Since the end of last year, the domestic TDI market price has risen sharply, making Cangzhou Dahua, which is in the process of share structure reform (600230) has attracted much attention. According to market expectations, Cangzhou Dahua is expected to seize the great opportunity of the rapid development of the domestic capital market and the domestic TDI industry to maximize its Its unique advantages realize the strategic goal of building a domestic first-class chemical enterprise.
After full communication with investors, on February 28, Cangzhou Dahua announced a comprehensive increase in the consideration arrangement, from 2.5 shares for 10 to 3.3 shares for 10. The company’s controlling shareholder Cangzhou Dahua Group Co., Ltd. Within 12 months after the 24-month share lock-up period, the price of selling shares shall be raised from not less than 5 yuan to not less than 8 yuan, and the annual dividend shall not be less than 30% of the realized profits of the year within two years after the shareholding reform. , to ensure the interests of shareholders of tradable shares, and fully demonstrate the company’s sincerity in actively reforming shares and rewarding shareholders.
As the voting on Cangzhou Dahua’s shareholding reform plan is about to begin, the author conducted an exclusive interview with Mr. Ping Haijun, Chairman of Cangzhou Dahua Co., Ltd.
Author: Cangzhou Dahua’s shareholding structure reform is gradually reaching a climax. What significance do you think the shareholding structure reform has for the company’s future development?
Ping Haijun: Share structure reform is of great significance to the healthy development of my country’s capital market and the long-term development of Cangzhou Dahua.
In 1998, with Hebei Cangzhou Dahua Group Co., Ltd. as the main sponsor, Cangzhou Dahua was established. At that time, the company was mainly engaged in the production and sales of chemical fertilizers, and its industrial characteristics were not obvious. In April 2000, Cangzhou Dahua was in Shanghai <A class=akey title=Securitiesonclick=”activateYQinl(this);return false;” href=”http://%20%20www.iask.com/n?k=Securities” target=_blank>Securities is listed on the exchange, and the development of enterprises is thus on the fast track. Using the funds raised, Cangzhou Dahua has successively carried out energy-saving transformation of large chemical fertilizer production equipment, and the construction of projects such as TDI with an annual output of 20,000 tons , the core competitiveness has been significantly improved.
Currently, Cangzhou Dahua has a production capacity of 550,000 tons of urea, 350,000 tons of synthetic ammonia, 35,000 tons of hydrogen peroxide, and 50,000 tons of porous ammonium nitrate. The holding TDI is one of the largest TDI manufacturers in China, The General Administration is known as the banner of China’s TDI industry. The company’s “Iron Lion” brand urea, “Flying Lion” brand TDI and other products have successively passed the ISO9000 international quality system certification. “Iron Lion” brand urea is a “national inspection-free product”. In the seven years since its listing, Cangzhou Dahua’s operating performance has continued to grow rapidly, and its net profit in 2005 is expected to increase by 32.57% year-on-year. It can be said that the effective integration of industrial capital and financial capital and relying on the capital market to become stronger and bigger are important factors for the rapid development of Cangzhou Dahua.
Cangzhou Dahua has benefited a lot from the capital market, so it has the responsibility and obligation to support the further development and improvement of my country’s capital market. After the share reform is completed, Cangzhou Dahua will have a broader development platform and will lay a solid foundation for building a century-old enterprise. Firstly, shareholders form a unified value judgment standard for Cangzhou Dahua and enhance their confidence in development; secondly, the company’s information transparency is further improved, and market credibility is greatly enhanced, thereby establishing a good market image; Diversification has created good conditions, including the introduction of strategic investors to further develop and expand the company; fourth, it has laid a good foundation for the company to implement integration and mergers and acquisitions in the future through innovative financial products and capital operation methods.
More importantly, for a company with a shareholding structure like Cangzhou Dahua, the shareholding reform can further improve the company’s governance level. From the perspective of the degree of shareholder dispersion of Cangzhou Dahua, the governance structure is already better than that of ordinary listed companies. At present, Cangzhou Dahua Group Company is the largest non-tradable shareholder of Cangzhou Dahua, and the others are tradable shareholders mainly fund and institutional investors. After the share structure reform is completed, the distinction between tradable shares and non-tradable shares will be further eliminated, which will further restrain state-owned shareholders and promote corporate governance to a higher level.
Author: Then, how does the company fully protect the interests of shareholders of tradable shares in the share structure reform plan?
Ping Haijun: In this shareholding reform, Cangzhou Dahua Group promised that the lock-up period of shares is three times the legal limit, which can effectively reduce the expectation of market expansion; and the reduction price limit can ensure the long-term holding of the company’s shares Shareholders of tradable shares will not suffer loss of interests; at the same time, the cash dividend promise ensures that the dividend yield is higher than the bank deposit interest rate over the same period.The success of the project is a key step in the transformation of Cangzhou Dahua from the main business of fertilizer to fine chemical industry, and it is also a concrete manifestation of the diversified strategic plan. Cangzhou Dahua has many years of practical experience in chemical management, and moderate diversification on the basis of the enterprise itself will not pose a major risk. Practice has proved that the employees of Cangzhou Dahua rely on years of accumulated experience and entrepreneurial spirit, dare to fight, dare to venture, and dare to innovate. We are confident that the 50,000-ton TDI project continues to be managed well, and the goal of building a domestic TDI production base is achieved.
Author: How is the TDI industry’s domestic competition? BASF and other international chemical giants are speeding up their investment and construction of factories. Domestic TDIIndustry competition is becoming increasingly fierce, how will Cangzhou Dahua adjust itself to meet the challenge?
Ping Haijun: TDI is a key project in the national “Ninth Five-Year Plan”. Its downstream products are foam materials, elastic Body, spandex, synthetic leather, adhesives, coatings and other products are widely used in petroleum, chemical, light industry, textile In the fields of building materials, machinery, electronics, automobiles, printing, etc., it is a basic chemical raw material that is in short supply in China. In the production process of TDI, the requirements for chemical reaction and production process are very complicated, and the safety requirements are more stringent. We Through our own efforts, we have realized the digestion and absorption of technology and formed our own unique technology.
According to statistics, my country’s apparent consumption of TDI in 2004 was 328,000 tons, a year-on-year increase of 9%. TDI consumption will reach 360,000 tons. Although since 2004, domestic production capacity of TDI has increased rapidly, including Gansu Yinguang’s new production capacity of 24,000 tons, Bluestar Restoration of TDI in Taiyuan, Shanxi, TDI equipment relocation to Laiyang, Shandong, and the re-starting of the “two to three” (20,000 tons to 30,000 tons) project that our company has completed, China’s TDI production capacity has reached more than 100,000 tons, but there is still a large market gap, and a large amount of imports are still required every year TDI product.
At present, the Shanghai 160,000-ton TDI project invested and constructed by BASF is about to be put into production. href=”/TDI/” target=”_blank” class=”link”>TDI production capacity will basically be able to meet market demand. Faced with this situation, Cangzhou Dahua is stepping up efforts to expand production scale and enhance market competitiveness. In 2005, Cangzhou Dahua completed the expansion and transformation of the TDI plant with an annual output of 20,000 tons, increasing the production capacity to 30,000 tons tons/year; at the same time, the company’s newly built TDI production plant with an annual output of 50,000 tons is under construction and is progressing smoothly. It is expected that by 2008 the company’s TDI production capacity will reach 80,000-100,000 tons.
As far as Cangzhou Dahua is concerned, the development of TDI industry has two advantages: first, the company is in the TDI has cultivated a large number of excellent professionals in the process of construction and production<
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