Shuangxin Environmental (001369.SZ) has released its prospectus for an initial public offering (IPO) on the main board. The company plans to issue 287 million shares, accounting for 25.02% of its total post-issuance share capital. The entire issuance consists of new shares, with no existing shareholders participating in the offering. The subscription period for the IPO is set for December 19, 2025.
The initial strategic placement will comprise 86.1 million shares, representing 30.00% of the total issuance. Among these, the special asset management plan established by senior executives and core employees is expected to subscribe to no more than 10.00% of the total issuance (28.7 million shares), with a maximum investment of RMB 1.26894 billion. Other strategic investors are expected to subscribe to a combined amount not exceeding RMB 4.18 billion. Any difference between the final strategic placement and the initial allocation will be reallocated to the offline offering, with specific proportions and amounts to be determined after the pricing date on December 17, 2025 (T-2).
Shuangxin Environmental is a high-tech enterprise specializing in the R&D, production, and sales of polyvinyl alcohol (PVA), PVA specialty fibers, vinyl acetate (VAC), and calcium carbide (a key raw material for PVA production). The company boasts a fully integrated PVA industry chain. Calcium carbide, as a foundational chemical material, is primarily used to produce acetylene, which is further synthesized into PVC, PVA, and BDO—essential materials in the organic chemical industry.
PVA is a water-soluble, biodegradable polymer with properties such as adhesiveness, fiber-forming capability, emulsion stability, gas barrier performance, film-forming ability, and biodegradability. It is widely used in industrial additives, specialty fibers, adhesives, PVB films for safety glass, water-soluble films, optical films, and more, serving industries like fine chemicals, green construction, papermaking, textiles, automotive, biodegradable packaging, optoelectronics, and pharmaceuticals. PVA is a key material supported by national industrial policies.
According to the unqualified audit report issued by Lixin Certified Public Accountants (Special General Partnership) (Report No. XHKJ [2025] ZB11703), the company’s net profit attributable to shareholders (after deducting non-recurring gains and losses) for 2022, 2023, 2024, and the first half of 2025 was RMB 803 million, RMB 526 million, RMB 485 million, and RMB 269 million, respectively.
The net proceeds from the IPO, after deducting issuance expenses, will be allocated to the following projects: - Annual production of 16,000 tons of PVB resin and 16,000 tons of PVB functional films - Annual production of 60,000 tons of water-based adhesives - Energy-saving and efficiency-improving technological upgrades for the PVA industry chain - Energy-saving and efficiency-improving upgrades for calcium carbide production lines - R&D center construction - Pilot production facility for PVA products - Supplementary working capital
The total planned investment using the raised funds amounts to RMB 1.865 billion.
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