The private placement plan was released at around 5 pm on March 10, but was terminated after the market opened on the morning of March 11. Suzhou Longjie (603332)'s private placement plan came to an abrupt end, causing the company's stock price to fall again.
Regarding the reason for the emergency suspension of the private placement, the Securities Times e Company reporter called Suzhou Longjie’s chairman and actual controller Xi Wenjie, Xi Liang and his daughter, as well as the private placement target and Xi Liang’s spouse Zou Kaidong respectively on the morning of the 11th. But none of the above three people responded. He Xiaolin, secretary of the company's board of directors, said in an interview with reporters that a meeting was in progress. "There is no more news yet. Everything will be subject to the announcement."
Fixed-Issuance was urgently suspended
At about 9 o'clock in the morning on March 11, Suzhou Dragon Jie issued an announcement to terminate the issuance of shares to specific objects and withdraw the application documents, saying that the company had held the sixth meeting of the fifth board of directors and the sixth meeting of the fifth board of supervisors on that day, and reviewed and approved relevant proposals.
Less than a day ago, the company just held the fifth meeting of the fifth board of directors and the fifth meeting of the fifth board of supervisors to review and approve the relevant resolutions on the issuance of A shares to specific objects, and made relevant announcements on the evening of the 10th. Disclosure.
html On the evening of March 10, Suzhou Longjie announced that it plans to issue shares to a specific target, Zou Kaidong, to raise a total of no more than 120 million yuan, which will be invested in high-end differentiated polyester fiber construction projects after deducting issuance costs.
announced that since 2023, the company's production capacity utilization rate has become saturated, and the existing production capacity is difficult to meet the growing market demand for products. In this context, through the implementation of this fundraising project, the existing factory buildings will be used to renovate, construct or renovate other related supporting facilities, carry out technical transformation and purchase production equipment. After the project is completed, the company will use high-simulation fur fiber, high-performance The production capacity of differentiated polyester fiber products such as mother yarn and ultra-fine high-elastic multi-component composite fiber will be further increased, increasing the market share in the field of high-end differentiated polyester fiber and enhancing the company's core competitiveness.
The total planned investment amount of the high-end differentiated polyester fiber construction project is 232 million yuan, and the remaining funds required will be made up by the listed company's self-raised funds. As of the announcement date of the private placement plan, the project has not yet completed project filing and completed environmental assessment, energy assessment and other procedures.
According to Suzhou Longjie’s statement on the evening of the 10th, in recent years, with the continuous innovation of polyester fiber product technology and technology, differentiated polyester fiber and its fabrics have improved in performance, texture, appearance, comfort, environmental protection, and luxury. Continuous progress has been made in aspects such as strength and other aspects, promoting the expansion of the breadth and depth of high-end differentiated polyester fiber market applications. Therefore, driven by polyester fiber product innovation and consumers' demand for diversified and high-end fabrics, the high-end differentiated polyester fiber market has broad prospects.
So why is this scheduled increase so urgently halted? In the announcement on
11, Suzhou Longjie simply stated: "After comprehensive consideration of various factors, and after full communication and prudent analysis by the company's board of directors and management, the company has decided to terminate the issuance of shares to specific objects."
Guye turned into actual control People failed
It is worth noting that the above-mentioned specific fundraising targets are persons acting in concert with the actual controller. If the private placement proceeds smoothly, the actual controllers of Suzhou Longjie will be changed from two to three.
The actual controllers of Suzhou Longjie are Xi Wenjie and Xi Liang, who have a father-daughter relationship. The specific target of this issuance of stocks is Xi Liang’s spouse Zou Kaidong. After the issuance, the equity structure of the listed company will also change.
stated in the scheduled increase plan on the evening of the 10th that before the issuance, the actual controllers of Suzhou Longjie, Xi Wenjie and Xi Liang, held 3.18% and 3.18% of the shares of the listed company respectively. The proportion of the company's shares controlled by the controlling shareholder Longjie Investment was 51.82%, controlling a total of 58.19% of the shares of listed companies. After the issuance of
is completed, if the subscription amount of Zou Kaidong, the target of the issuance, is calculated according to the upper limit of the issuance quantity, without taking into account the factors affecting other share changes, Xi Wenjie and Xi Liang will control a total of 52.98% of the listed company's equity, and Zou Kaidong is expected to hold a maximum shareholding ratio of 8.95%.
Zou Kaidong is Xi Liang’s spouse and person acting in concert.At the same time, Zou Kaidong has served as the director of Suzhou Longjie since 2017, the deputy general manager of the listed company from 2020 to 2023, and the general manager from May 2023 to the present. He can have an important impact on the company's production and operation. Combined with the completion of this issuance After the issuance is completed, Zou Kaidong will jointly control the company with Xi Wenjie and Xi Liang. The three of them will collectively control 61.93% of the company's equity and become the company's joint actual controllers. Is the emergency suspension of
's scheduled issuance related to the company's internal objections to the change of actual controller?
html On the morning of March 11, reporters from Securities Times e Company contacted the actual controllers Xi Wenjie, Xi Liang and his daughter, and the target of the private placement, Xi Liang’s spouse Zou Kaidong, but none of the above three people responded. He Xiaolin, secretary of the company's board of directors, said in an interview with reporters that he was in a meeting. "There is no more news yet. Everything will be subject to the announcement."It just achieved a turnaround in 2023.
Affected by the fluctuation of international crude oil prices, the cost of raw materials has increased, and the chemical fiber industry In recent years, operations have faced challenges, and Suzhou Longjie's operating performance also suffered losses. In the context of still losing money in the first three quarters of 2023, the company is expected to achieve a turnaround in losses only in 2023 thanks to the income from financial products.
's past financial reports show that in 2022 and the first three quarters of 2023, Suzhou Longjie's net profit lost 50.4066 million yuan and 13.8425 million yuan respectively; deducting non-net profits, it lost 67.5294 million yuan and 22.9927 million yuan respectively.
However, at the beginning of this year, the company announced that it expected to achieve a net profit of 14.2 million yuan to 17.2 million yuan in 2023, which would be a turnaround compared to the same period last year; it expected to achieve a net profit of 2.6 million yuan to 3.5 million yuan in 2023. Ten thousand yuan.
Regarding the reasons for the turnaround in annual performance, Suzhou Longjie said that raw material prices will be stable in 2023, the downstream market sentiment will rebound, the sales volume of main business products will increase, product unit prices will increase, and new product development will continue to improve. In addition, the company's non-operating income in 2023 is expected to be about 12.5 million yuan, mainly income from financial products.
From 14.8 yuan/share in early 2024 to 5.24 yuan/share in early February, Suzhou Longjie’s stock price fell by nearly 65% in the short term. As of the morning of March 11, the company's stock price fell 1.54%, closing at 7.69 yuan per share, still almost halved from the high at the beginning of the year.
Suzhou Longjie had good expectations for the private placement investment project that was terminated this time. The company said at the time that since the investment project with the raised funds has a high return on investment, it is expected that the company's future profitability and operating performance will increase as the project is completed and reaches production capacity.
However, in the scheduled increase plan on the evening of the 10th, the company also mentioned that since the company’s total share capital will increase after the completion of the issuance of stocks to specific objects, and it will take a certain amount of time for the investment projects raised to generate operating benefits, it may be possible in the short term. It will lead to a certain degree of decline in financial indicators such as the company's return on net assets and earnings per share.
In addition, the main raw materials of the company's products are polyester chips such as pet chips and ptt chips. The procurement cost of raw materials accounts for a high proportion of the main business costs. The price of polyester chips is mainly affected by factors such as fluctuations in international crude oil prices and market supply and demand. The company's product prices will be adjusted accordingly according to changes in the price of polyester chips. Large fluctuations in the price of polyester chips will have a greater impact on the company's product costs. If the company cannot pass on the impact of changes in raw material prices, it will have an adverse impact on the company's profitability.
Editor: Peng Bo
Proofreader: Ran Yanqing
