Recently, the development and Audit Committee of CSRC approved the application of issuing convertible bonds by Feilu Co., Ltd. (300665). The company will raise 177 million yuan to expand production and upgrade, and invest in two major projects with an annual output of 20000 tons of water-based resin and high-end equipment water-based coating. According to the issuance plan, the total amount of convertible bonds to be issued by Feilu shares is 177 million yuan, each book value is 100 yuan, and the duration is 6 years. The coupon rate will be determined through consultation with the main underwriter before issuance. The conversion price of convertible bonds shall not be lower than the average trading price of a shares of the company on the twenty trading days prior to the announcement of the prospectus, with conditional redemption and conditional resale clauses attached. According to the plan, Feilu Co., Ltd. plans to invest 126 million yuan of raised funds into the new project of 20000 tons of water-based resin annually, and the remaining 51.17 million yuan of raised funds into the new project of water-based coating for high-end equipment. The total investment of the above two projects is expected to be 321 million yuan, and the part exceeding the raised funds of convertible bonds will be solved by the former raised surplus funds and the company's self financing. It is understood that it is the general trend of the industry to replace oil-based coating with water-based coating, and the demand for water-based coating in rail transit industry is growing. The company said that the two projects raised will help the company to continue to maintain its leading position in the field of rail transit equipment anti-corrosion, at the same time, it can accelerate the expansion of some new areas outside the rail transit industry, and create new profit growth points. According to the performance express released by the end of February, in 2019, the company made steady progress in accordance with its strategic objectives, continuously expanded its market share, realized an operating revenue of 492 million yuan, an increase of 28.36% year on year, and realized a net profit of 21.05 million yuan attributable to the parent company. (source: Securities Times)
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