IPO Observation | HAIYANG Technology IPO Refining Defects Still Having Dubious Shareholders

In the process of changing from a collective ownership enterprise to a limited liability company, whether the refining process was legal and compliant is an important factor affecting its listing.

Recently, HAIYANG Technology Co., Ltd. (hereinafter referred to as "HAIYANG") disclosed its IPO first-round questionnaire response, with regulatory agencies focusing on the company's historical development, refining process, employee stockholding platform, and accounts receivable issues.

This enterprise, located in Taizhou, Jiangsu Province, plans to list on the Shanghai Stock Exchange main board, with a recommendation from Dongxing Securities (601198). The company plans to issue no more than 4531.29 million shares, with a total fundraising amount of approximately RMB6.12 billion, to be invested in "Year-Round Production of 10,000 Tons of Modified Polymers Project (Phase I), Year-Round Production of 4.5 Million Tons of High-Performance Polyester Fabric Project, and Supplemental Working Capital".

The refining program did not undergo audit assessment.

HAIYANG Technology's earliest roots can be traced back to Taizhou Synthetic Fiber Factory, which later changed its name to Taizhou Tapestry Factory. In May 1993, the factory was approved by the People's Government of Taizhou and Nanjing Chemical Industry Group Co., Ltd. (later renamed Sinopec (600028)) to integrate into Nanjing Chemical Industry Group Co., Ltd., and renamed it as the South China Chemical Industrial Company, and then underwent a refining process in 2006.