Chengfeng New Materials terminates the IPO on the main board of the Shanghai Stock Exchange
Latest News: The information disclosed on the website of the China Securities Regulatory Commission shows that Jiangsu Chengfeng New Materials Co., Ltd. (hereinafter referred to as “Chengfeng New Materials”) has terminated its IPO application.
Chengfeng New Materials is mainly engaged in the research and development, production and sales of a full range of polyether and polyester polyurethane flexible foam materials. The company’s polyurethane flexible foam products are mainly used in automobiles (including new energy vehicles), foundry, construction machinery, medical care, bras, household appliances, cleaning, cosmetics, new energy, consumer electronics, office supplies, sewage treatment and many other fields.
The actual controllers of the company are Ruan Guoqiao and Shi Ruhui. Ruan Guoqiao and Shi Ruhui directly hold 14.61% of the shares of Chengfeng New Materials, and indirectly control 65.45% of the shares of Chengfeng New Materials through Changzhou Xushun, Changzhou Qiaoshun, Changzhou Huishun, Changzhou Qiaowang and Changzhou Yuexing. The actor Ruan Rong (daughter of Ruan Guoqiao and Shi Ruhui) holds a 1.00% stake in Chengfeng New Materials. Ruan Guoqiao and Shi Ruhui together control 81.06% of Chengfeng New Materials. Since the establishment of Chengfeng Co., Ltd. in 2002, Ruan Guoqiao and Shi Ruhui have been serving as directors of Chengfeng New Materials and have been responsible for the company’s operation and management for a long time; the board of directors of Chengfeng New Materials consists of seven directors, all nominated by Ruan Guoqiao; since 2017 Since December, Ruan Guoqiao has been the chairman and legal representative of the company. Ruan Guoqiao and Shi Ruhui can have a significant impact on the decision-making of the general meeting of shareholders and the board of directors, the nomination and dismissal of directors and senior management personnel, and the daily operation and management of the company.
Chengfeng New Materials originally planned to publicly issue no more than 36,140,479 shares on the main board of the Shanghai Stock Exchange, accounting for 25% of the company’s total share capital after the issuance; it plans to raise funds of 1.109 billion yuan, which will be used for a new generation of high-physical and environmentally friendly polyurethane Materials and derivatives projects, the first-phase construction project of Guangdong Shifeng new material production base, the new polyurethane material research and development center project, repayment of bank loans and supplementary working capital.
