Anxin Securities Co., Ltd
About Guangzhou Tinci Materials Technology Co.Ltd(002709)
Verification opinions on the extension of some raised investment projects and additional investment with self raised funds
Anxin Securities Co., Ltd. (hereinafter referred to as “Anxin securities” and “sponsor”) as the sponsor of Guangzhou Tinci Materials Technology Co.Ltd(002709) (hereinafter referred to as ” Guangzhou Tinci Materials Technology Co.Ltd(002709) ” and “the company”) for non-public offering of shares in 2020, In accordance with the measures for the administration of securities issuance and listing recommendation business, the guidelines for the supervision of listed companies No. 2 – regulatory requirements for the management and use of raised funds by listed companies, the stock listing rules of Shenzhen Stock Exchange, the guidelines for the self-discipline supervision of listed companies of Shenzhen Stock Exchange No. 1 – standardized operation of listed companies on the main board and other relevant provisions, Prudently checked the delay of Guangzhou Tinci Materials Technology Co.Ltd(002709) some raised investment projects and the additional investment with self raised funds. The details are as follows:
1、 Overview of funds raised by non-public offering in 2020
With the approval of the reply on approving Guangzhou Tinci Materials Technology Co.Ltd(002709) non-public Development Bank shares (zjxk [2021] No. 930) issued by the China Securities Regulatory Commission, the company issued 24489816 ordinary shares (A shares) in a non-public manner, with an issue price of 68 yuan / share and a total raised capital of 166530748800 yuan, After deducting various expenses, the net amount of funds actually raised is 164083504478 yuan. The above raised funds have been verified in the capital verification report (ztyz (2021) No. 110c000293) of Grant Thornton Certified Public Accountants (special general partnership). The company has adopted a special account for the raised funds. The listing date of the shares is June 15, 2021.
The investment projects and investment amount of the funds raised by the company’s non-public offering of shares in 2020 are as follows:
No. project name: invested raised funds (10000 yuan)
1 annual output of 20000 tons of electrolyte basic materials and 5800 tons of new 2680106
Lithium electrolyte project
2 lithium battery material project with an annual output of 150000 tons 1486644
3. Sulfur based sulfuric acid project with an annual output of 400000 tons 1938543
4 lithium battery electrolyte project with an annual output of 100000 tons 1553045
5 annual output of 50000 tons of hydrogen fluoride and 25000 tons of electronic grade hydrogen 807917
Fluoric acid (100% off) new project
6 new daily chemical materials project with an annual output of 185000 tons 3190900
7. The supplementary working capital shall not exceed 4995920
Total not exceeding 16653075
2、 Use of raised funds
As of February 28, 2022, the actual use of the company’s raised funds is as follows:
No. project name: proposed raised funds (10000 yuan) invested raised funds (10000 yuan)
1 annual output of 20000 tons of electrolyte basic materials and 580026801062297259
Ton new lithium electrolyte project
148614000 tons of lithium materials
3. Sulfuric acid production project with an annual output of 400000 tons of sulfur 19385431346597
4 lithium battery electrolyte project with an annual output of 100000 tons 1553045502854
5 annual output of 50000 tons of hydrogen fluoride and 25000 tons of electricity 8079175963.11
Sub grade hydrofluoric acid (converted into 100%) new project
6 new chemical materials project with an annual output of 185000 tons for daily use 3190900956378
3、 Previous adjustments of raised investment projects
(I) lithium battery material project with an annual output of 150000 tons
On August 20, 2021, the company held the 17th meeting of the 5th board of directors, deliberated and approved the proposal on additional investment in some raised projects with self raised funds. Based on the fact that the public auxiliary system of the company’s original production base could not meet the current project construction needs of the company, the company upgraded the overall supporting facilities of the original project, In addition, environmental protection supporting facilities and other related construction contents are added. At the same time, due to the sharp rise in the prices of some construction hardware and steel structural materials in 2021, the overall project cost has increased. To sum up, after careful evaluation, the company will make additional investment with self raised funds for the lithium battery material project with an annual output of 150000 tons. The project construction investment is adjusted from 1605544 million yuan to 4114707 million yuan, the initial working capital is adjusted from 158939 million yuan to 510718 million yuan, and the total investment is adjusted from 3194934 million yuan to 4625425 million yuan. The planned investment in the raised funds remained unchanged, still at 148664400 yuan.
(II) sulfuric acid production project with an annual output of 400000 tons of sulfur
On August 20, 2021, the company held the 17th meeting of the 5th board of directors, which deliberated and approved the proposal on additional investment in some raised projects with self raised funds. In order to reduce pollution emissions and environmental pollution, the project team of the company made improvements to the project process, improve the continuous operation rate of the unit and ensure the long-term safe and stable operation of the unit, Some new equipment needs to be purchased. After careful evaluation, the company will make additional investment with self raised funds for the 400000 ton sulfur based sulfuric acid project. The project construction investment is adjusted from 20877000 yuan to 246757000 yuan, the initial working capital is adjusted from 24790000 yuan to 22942000 yuan, and the total investment is adjusted from 233560000 yuan to 269699000 yuan.
The planned investment in the raised funds remained unchanged, still at 193854300 yuan.
(III) a new project with an annual output of 50000 tons of hydrogen fluoride and 25000 tons of electronic grade hydrofluoric acid (equivalent to 100%). On August 20, 2021, the company held the 17th meeting of the Fifth Board of directors, deliberated and approved the proposal on additional investment in some raised projects with self raised funds. In order to improve production safety and production cost, the company optimized the project process, Some new equipment needs to be purchased. After careful evaluation, the company will make additional investment with self raised funds for new projects with an annual output of 50000 tons of hydrogen fluoride and 25000 tons of electronic hydrofluoric acid (100%). After careful evaluation, the company will make additional investment with self raised funds for new projects with an annual output of 50000 tons of hydrogen fluoride and 25000 tons of electronic hydrofluoric acid (100%), The construction investment of the project was adjusted from 924417 million yuan to 1075017 million yuan, the initial working capital was adjusted from 7.1383 million yuan to 9.9667 million yuan, and the total investment was adjusted from 99.58 million yuan to 1174684 million yuan. The planned investment in the raised funds remained unchanged at 807917 million yuan.
On December 10, 2021, the company held the 22nd Meeting of the 5th board of directors, which deliberated and approved the announcement on the extension of some raised investment projects and additional investment with self raised funds. In order to further ensure that the emission of tail gas treatment system meets the standard, the company has carried out the desulfurization system, tail gas treatment system Corresponding treatment equipment has been added to environmental protection treatment systems such as sewage treatment system, and the material selection of key equipment has been optimized. After careful evaluation, the company will make additional investment with self raised funds for the new project with an annual output of 50000 tons of hydrogen fluoride and 25000 tons of electronic hydrofluoric acid (converted into 100). The construction investment of the project is adjusted from 1075017 million yuan to 1198152 million yuan, the initial working capital is adjusted from 9.9667 million yuan to 100291 million yuan, and the total investment is adjusted from 1174684 million yuan to 1298443 million yuan. The planned investment in the raised funds remained unchanged at 807917 million yuan.
(IV) 20000 tons of electrolyte basic materials and 5800 tons of new lithium electrolyte project
On December 10, 2021, the company held the 22nd Meeting of the 5th board of directors, deliberated and approved the announcement on the extension of some raised investment projects and additional investment with self raised funds. According to the progress of the project with an annual output of 20000 tons of electrolyte basic materials and 5800 tons of new lithium electrolyte, the construction of the project has been completed and entered the commissioning stage, At present, the trial production license has been obtained. However, as the process of the project belongs to the hazardous chemical process of “two major and one key”, in order to ensure the safe and stable start-up and operation of the project and reach the production standard, after careful evaluation, the company plans to extend the production time of the project with an annual output of 20000 tons of electrolyte basic materials and 5800 tons of new lithium electrolyte from October 31, 2021 to December 31, 2021.
3、 Changes of this raised investment project
(I) lithium battery electrolyte project with an annual output of 100000 tons
1. Basic information of the project before this change
Project name total investment of the project (10000 yuan) planned investment of raised funds (10000 yuan) construction cycle
Annual output of 100000 tons of lithium battery electrolytic 28945331553045 12-month liquid project
2. Reasons and details of project change
1) Change and extension of project investment amount
In order to cope with the increase of downstream demand and the government’s environmental protection requirements in the future, the company plans to upgrade the process technology and safety and environmental protection equipment of the project. Therefore, some building units and auxiliary works are added to the construction content of the project, which can further improve the logistics volume capacity of the plant and carry out the intelligent upgrading of safety and environmental protection; At the same time, affected by the sharp rise in the price of building raw materials, the investment cost of equipment hardware and steel structure engineering has increased, and the land delivery time has been delayed as a whole. In conclusion, after careful evaluation, the company will make additional investment with self raised funds and postpone the production of the lithium battery electrolyte project with an annual output of 100000 tons. The specific adjustments are as follows:
Proportion of total investment after the change of serial number (10000 yuan) (before the adjustment of investment amount) (10000 yuan)
1. Construction investment 155804530852851527240 64.58%
1.1 construction works 472822947460474638 19.83%
1.2 other expenses of project construction 987.5 128750 300.00 2.69%
1.3 equipment cost 9323121812607880295 37.94%
1.4 installation cost 491.61176468127307 3.69%
1.5 project reserve cost 50 200.00 150.00 0.42%
2. Initial working capital 13364881692545356057 35.42%
3. Total investment 289453347778301883297 100.00%
2) Change description
\uf0d8 the construction investment was changed from 1558045 million yuan to 308528500 yuan, mainly due to the upgrading of safety and environmental protection and the addition of single buildings and auxiliary works; In addition, affected by the sharp rise in the price of building raw materials, the investment cost of equipment hardware and steel structure engineering has increased.
\uf0d8 the additional investment of 1883297 million yuan will be added by the company with self raised funds.
\uf0d8 after this additional investment, it is estimated that the average annual operating income of the project is 30579521 million yuan and the average annual net profit is 1451813 million yuan. The main reasons for the change are: the construction cycle is prolonged and the project construction investment is increased, but the product price has increased, resulting in the increase of overall benefits.
\uf0d8 due to land
