On April 21, Juhua Co., Ltd. issued an announcement on changing the investment project of raised funds. Juhua Co., Ltd. plans to change the raised funds investment project to the 11kt/a fluorine chemical co-production project. The project is constructed in two phases, namely the first phase 5.5kt/a fluorochemical co-production project and the second phase 5.5kt/a fluorochemical co-production project. The first phase project has been completed and accepted; the second phase project has not yet been constructed, and the project The invested amount is 124.7010 million yuan.
The content of this change is: terminate the construction of the second phase of the 11kt/a fluorochemical co-production project, and permanently supplement the working capital with the unused raised funds of the original project; the completed first phase of the 5.5kt/a fluorochemical co-production The project continues to operate.
It is understood that the main body of the project is the company's wholly-owned subsidiary Zhejiang Quzhou Juxin Fluorine Chemical Co., Ltd. (now merged into the company's entire Zhejiang Quhua Fluorochemical Co., Ltd., a subsidiary of Zhejiang Quhua Fluorochemical Co., Ltd.), the first phase of 5.5kt/a is planned to be completed and put into operation in August 2020, and the second phase of 5.5kt/a is planned to be completed in December 2022. Juhua expects that after the completion of the project, under normal production, the average annual total profit will be 267 million yuan.
Regarding the reasons for the change, Juhua said that although the original project products are expected to have good market prospects, the risk of limited market capacity due to the slow progress of replacing HFOs with HFCs, and the expansion of production scale by multinational companies with technological advantages cannot be ruled out. , Domestic enterprises speed up the R&D and entry process and other risks such as intensified competition in the industry, and the original project will be constructed in two phases.
The first phase of the original project 5.5kt/a fluorochemical co-production project was completed and put into operation for more than two accounting years. Although the project benefits are good, the replacement process of products for HFCs of the same kind is slow, the sales market is not as expected, and the capacity utilization level of existing devices is low.
In view of the fact that the existing production capacity of the first phase has not been fully utilized, and there are still uncertainties in the future market, continuing to implement the second phase of the original project will inevitably lead to the risk of short-term idleness of the new production capacity, which will further affect the company's performance, assets and adverse effect on financial quality.
Therefore, in order to improve the efficiency and effectiveness of the use of raised funds and effectively control investment risks, Juhua plans to terminate the construction of the second phase of the original project (5.5kt/a fluorochemical co-production project) and use the unused raised funds of the project Permanent replenishment of working capital.
In the future, Juhua will make prudent decisions based on changes in the product market demand of the original project, product prices and profit forecasts, and use its own funds to choose opportunities to implement follow-up projects in order to give full play to its first-mover advantage, expand project production capacity to meet market demand, and improve product scale efficiency. Reduce investment and operating costs and improve competitiveness.
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