Henan Billions passes IPO application on May 20, 2011
June 14, 2011, CCM - Henan Billions Chemicals Co., Ltd. (Henan Billions), China's second largest TiO2 producer, has passed its IPO application in the meeting on May 20, 2011, announced by the Issue Review Committee of China Securities Regulatory Commission (CSRC). Previously, China's first and third largest TiO2 producers, namely Shandong Dongjia and Sichuan Lomon, both failed to pass their IPO applications, separately in 2010 and 2009. The company raises funds by the IPO for two new projects, namely a 60,000t/a chloride TiO2 production line and a 2X300,000t/a sulfuric acid project (the second phase), which need about USD99 million altogether. The purpose of an IPO is a major factor in whether the IPO application could pass the review. Previously, Sichuan Lomon and Shandong Dongjia both attempted to raise capital for production capacity expansion of sulfate TiO2 by IPO, considering sulfate TiO2 is restricted by industrial policy, it's no surprising that they failed to pass their IPO applications. In contrast, the purpose of Henan Billions' IPO is to raise capital for the development of chloride TiO2, which is encouraged by industrial policy, especially, the new Guiding Catalog of Industrial Structure Adjustment has been released recently. Therefore, it is more likely to pass when it comes to IPO application review. Good profitability also helps Henan Billions pass the IPO application. During 2007-2010, the company got impressive return on sales (ROS) in TiO2 business, higher than China's listed TiO2 companies and ranking the second among China's TiO2 producers.
Source: TiO2 China Monthly Report June 2011
Content of TiO2 China Monthly Report June 2011:
China sets new record for TiO2 international trade in March 2011 Titanium feedstock import volume increases in March 2011 Kenmare reports 44% increase of ilmenite production in 2010 Jinzhou Titanium to transfer agency for its TiO2 products by public bidding CNNC TD reports net loss in Q1 2011 DuPont to expand its global TiO2 production Pangang Group keeps strong production of TiO2 in May 2011 CCM's TiO2 workshop attracts wide attentions Wuhan Fangyuan makes breakthrough in recycling economy of sulfate process Henan Billions passes IPO application on May 20, 2011 Huntsman: Pigments division's adjusted EBITDA triples in Q1 2011 Price update of TiO2 and titanium feedstock in May 2011 Kronos: TiO2 segment profit sets new record in Q1 2011 TiO2 multinationals announce new round of price hikes in May 2011
PPG to acquire European coating company Dyrup Flint raises prices of UV ink and coating in North America Valspar's profit falls 8.7% in Q2 2011 NDRC releases updated Guiding Catalog of Industrial Structure Adjustment
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