On the evening of April 17, Luxi Chemical Group Co.Ltd(000830) announced that the company was planning to issue shares to purchase 100% equity of Luxi Group Co., Ltd. (hereinafter referred to as “Luxi group”) and related party transactions. Due to the uncertainty of relevant matters, the trading of the company’s shares has been suspended since the opening of the market on April 18, and the trading of the company’s bonds “18 Luxi 01” has not been suspended.
For this trading plan, the company expects to disclose it in accordance with relevant requirements within no more than 10 trading days, that is, before May 5, 2022. The trading of the company’s securities will be resumed and the planning of relevant matters will be terminated at the latest from the opening of the market on May 5, 2022, and the company promises not to plan major asset restructuring within at least one month from the date of disclosure of relevant announcements.
Tianyancha data show that Luxi group, established in 1992, is a large state-owned enterprise group developed on the basis of the original Luxi Chemical fertilizer plant. In 1998, Luxi group initiated the establishment of Luxi Chemical Group Co.Ltd(000830) and listed on Shenzhen Stock Exchange. In 2020, Luxi group joined China Sinochem Holdings Co., Ltd. Luxi group currently has total assets of 32.3 billion yuan and has industrial sectors such as basic chemical industry, new chemical materials, chemical fertilizer, design and R & D, chemical engineering and so on.
According to the announcement, the names of the main counterparties of this transaction are Sinochem Investment Development Co., Ltd., Sinochem investment (Liaocheng) Co., Ltd., Liaocheng Caixin Investment Holding Group Co., Ltd. and Liaocheng polymerization Equity Investment Co., Ltd. The specific way of this transaction is that Luxi Chemical Group Co.Ltd(000830) absorbs and merges Luxi group by issuing shares to all shareholders of Luxi group, and Luxi Chemical Group Co.Ltd(000830) plans to issue A-share shares to apply for listing and circulation in Shenzhen Stock Exchange.
After the implementation of this merger, Luxi group will cancel its legal personality, the shares of listed companies held by Luxi group will be cancelled, and SINOCHEM investment, Sinochem Liaocheng, Liaocheng Caixin and aggregate investment will directly hold the newly issued shares of listed companies. The transaction price of Luxi group, Luxi Chemical Group Co.Ltd(000830) the price and quantity of new shares issued by Luxi Chemical Group Co.Ltd(000830) and other matters not covered shall be separately agreed in the formal agreement on absorption and merger of Luxi Group Co., Ltd. by issuing shares signed by all parties and its supplementary agreement.
According to the performance forecast disclosed on Luxi Chemical Group Co.Ltd(000830) january 20, the company expects to realize the net profit attributable to the shareholders of the listed company from 4.55 billion yuan to 4.65 billion yuan in 2021, with a year-on-year increase of 451.63% to 463.75%. During the reporting period, the market demand of the company’s main chemical products increased significantly, and the product price increased significantly year-on-year.
