Xingye Cast Pipe Co., Ltd. raises RMB 3.2 billion through A-share issuance
Category:Xin Xing Ji Hua News
Add time:2013-12-03
Summary:
11Month18In the evening, Xinxing Cast Pipe Co., Ltd., a core enterprise of Xinxing Inter China Group, published a plan for a public offering, intending to6.25yuan/per share as the issuance price for the public offering of5.12hundred million shares. Xinxing Inter China Group intends to6.25yuan/subscribe for1.28hundred million shares, with a subscription amount of8billion yuan.11Month26On the date, Xinxing Cast Pipe released a public offeringA share issuance result announcement, stating that the issuance plan has been completed, with a total amount of funds raised of32billion yuan.
It is understood that the main products produced by Xinxing Cast Pipe Co., Ltd. include Xinxing cast iron pipes, Xinxing castings, Xinxing gratings, Xinxing steel, Xinxing composite pipes, and other series of products. Among them, the annual production scale of centrifugally cast ductile iron pipes ranks first in the world, with its comprehensive technological strength leading internationally and accounting for approximately45%，30%of the domestic market share. The products are sold to100many countries and regions; it has bi-metallic composite pipes that fill international gaps. The comprehensive technological strength and production scale of steel gratings and steel-plastic composite pipes rank first in China.
This issuance is of great significance to the transformation and upgrading of Xinxing Cast Pipe. In recent years, the company has actively extended its industrial chain and value chain upstream and downstream, actively seeking to secure metallurgical resource bases, and continuously accelerating its involvement in new materials, new energy, and logistics and trade sectors, transforming from cast iron pipes to pipe industry, from pipe industry to “pipe industry+manufacturing steel base”, and from traditional steel and cast iron products to higher value-added products such as bi-metallic pipes, automotive steel, and manufacturing steel.
According to the announcement, the fund-raising investment project for this public offering is to increase investment in Xinjiang's cast iron pipes, used for Xinjiang's cast iron pipes300ten thousand tons of special steel project phase II, building an annual output of200ten thousand tons steel project in Hesheng Industrial Park, Bazhou, Xinjiang, ultimately forming300ten thousand tons of steel production capacity. The company's investment projects to increase investment in Xinjiang's cast iron pipes have been included in the Xinjiang steel industry development plan.
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