Shuangxin Environmental Protection (001369.SZ), which has a full polyvinyl alcohol industry chain layout, plans to be listed on the Shenzhen Motherboard IPO

According to the Zhitong Finance App, Shuangxin Environmental Protection (001369.SZ) issued an initial public offering of shares and a prospectus of intent to list on the main board. The number of shares issued this time was 287 million shares, and the number of shares issued this time accounted for 25.02% of the company's total share capital after issuance. All of these issuances are new shares, and the original shareholders are not publicly offering their shares. The subscription date for this launch is December 19, 2025.

The number of initial strategic placements issued in this offering was 86.1 million shares, accounting for 30.00% of the current offering. Among them, the issuer's senior management and core employees participating in the special asset management plan set up in this strategic placement are expected to be no more than 10.00% of the number of subscriptions, that is, no more than 28.7 million shares, and the subscription amount will not exceed 126.894 million yuan; other investors participating in the strategic placement expect the total subscription amount not to exceed 418 million yuan. Investors participating in the strategic placement will partially return the difference between the final placement quantity and the initial placement amount to offline distribution. The exact ratio and amount will be determined after the issuance price is determined on December 17, 2025 (T-2).

Shuangxin Environmental Protection is a high-tech enterprise specializing in R&D, production and sales of upstream and downstream products in the PVA industry chain, such as polyvinyl alcohol (PVA), polyvinyl alcohol special fiber, vinyl acetate (VAC), and calcium carbide (calcium carbide). It has a full polyvinyl alcohol industry chain layout. Among them, calcium carbide is the “cornerstone” of chemicals, mainly used to produce acetylene to synthesize important chemical materials such as PVC, PVA, and BDO, and is a basic raw material in the upstream organic chemical industry. Polyvinyl alcohol is a water-soluble, biodegradable polymer material with many properties such as adhesiveness, fibrillation, emulsification stability, film formation, and biodegradability. It is mainly used to produce industrial additives, special fibers, adhesives, safety glass laminating films (PVB films), water-soluble films, optical films, etc., and is widely used in fine chemicals, green buildings, paper, fiber, automobiles, degradable packaging, optoelectronics, pharmaceuticals, etc., and is a new material development direction supported by the country.

According to the standard “Audit Report” issued by Lixin Certified Public Accountants (Special General Partnership) with unqualified opinions (ZB11703), the net profit attributable to the parent company before and after deducting non-recurring profit and loss was 803 million yuan, 526 million yuan, 485 million yuan, and 269 million yuan for 2022, 2023, 2024, and 2025-1-6, respectively.

The net amount of capital actually raised after deducting the issuance fee will be used for the following projects: a project with an annual output of 16,000 tons of PVB resin and an annual output of 16,000 tons of PVB functional film, a water-based adhesive project with an annual output of 60,000 tons, a PVA industry chain energy saving and efficiency technology transformation project, a R&D center construction project, a PVA product pilot plant construction project, and a supplementary working capital project. The total amount of capital raised to be invested is RMB 1,865 billion.