Dawning Group's application for IPO on the Shanghai Stock Exchange has been accepted, with three main businesses: cyanide, octanol, and coal-to-hydrogen.

On December 27, Anhui Shuguang Chemical Group Co., Ltd. (referred to as Shuguang Group) submitted its application for IPO on the main board of the Shanghai Stock Exchange, which has been accepted. Orient is its sponsor institution, and it plans to raise 1.5 billion yuan. The prospectus shows that Shuguang Group is a large integrated chemical enterprise with cyanide, modern coal chemical, fine chemical, and chemical new materials industries as its main businesses, integrating science, industry, and trade. While focusing on the cyanide business, the company adheres to a "multi-headed, multi-line" product layout strategy, actively expanding its "coal" and "gas" business, continuously enriching its product categories. It has formed three mature business sectors: cyanide, butanol, and coal-based hydrogen, and is actively promoting the construction process of the BDO business sector. The company is not only one of the leading cyanide production bases in China and even Asia, but also a certified enterprise under the "International Cyanide Management Code" and an important producer of coal-based multi-product organic chemicals in Anhui province. Its "Qingyi" brand industrial sodium cyanide not only has a high market share domestically but is also exported to many countries and regions in South America, Africa, Oceania, Central Asia, Southeast Asia, among others. In the industry, China's cyanide production capacity is mainly based on sodium cyanide. Including the issuer, there are five companies with a sodium cyanide production capacity equivalent to more than 50,000 tons/year. These companies include Hebei Chengxin Group Co., Ltd., Chongqing Zhiguang Chemical Co., Ltd., Yingkou Sanzheng Fine Chemical Co., Ltd., and Weifang Binhai Petrochemical Co., Ltd., with some companies using their capacity directly to produce downstream products. According to statistics from the China Inorganic Salt Industry Association, in 2023, the company's domestic market share of sodium cyanide is 24%, ranking second domestically and 6% globally, ranking fifth. The company already has an annual production capacity of 500,000 tons of butanol, accounting for about 7% of the total domestic butanol industry capacity and ranking fourth in the industry. The total global sales volume of sodium cyanide is about 800,000 tons (converted to 100%), and the company's total global sales volume is about 50,000 tons, with a global market share of 6%, ranking fifth. In terms of finances, the Shuguang Group achieved operating income of approximately 3.78 billion yuan, 3.658 billion yuan, 3.547 billion yuan, and 1.503 billion yuan in 2021, 2022, 2023, and January to June 2024, respectively. During the same period, net profits were approximately 878 million yuan, 3.61 billion yuan, 5.05 billion yuan, and 1.72 billion yuan respectively.