Anhui Zhongding to Issue a 1.2 Billion RMB Financing Plan

On November 26, Anhui Zhongding Sealing Parts announced that it planned to publicly issue convertible bonds with a total value of 1.2 billion RMB which had been approved by the China Securities Regulatory Commission (CSRC) for project construction.

Anhui Zhongding Sealing Parts may be the most profitable rubber enterprise at the current stage, and its net profit has reached a staggering level, 1.051 billion RMB. Although the operation revenue of 8.751 billion RMB is much smaller than that at Shandong Linglong Tire, Sailun Jinyu Group, etc., the net profit rate which is above 12% takes the leading position in the industry.

The two projects that are being promoted at this stage are “Zhongding shock absorption rubber and shock absorber products development and production base relocation and expansion project (Phase I)” and “New Energy Vehicle Power Battery Temperature Control Fluid Piping System Project”. The planned total investment is 2.275 billion RMB.

The enterprise stated that the 1.2 billion RMB convertible bonds issued will be divided into 800 million RMB and 400 million RMB for the projects mentioned above, and the construction fund gap will be filled by self-raised funds.

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