Shuangxin Environmental Protection's IPO was approved by the Shenzhen Stock Exchange Listing Committee, making it the third largest polyvinyl alcohol production company in China.

On October 24th, Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. (referred to as Shuangxin Environmental Protection) passed the listing committee meeting of the Shenzhen Stock Exchange main board. CICC is its sponsoring institution, intending to raise 1.86538 billion yuan. According to the statistics of the China Chemical Fiber Industry Association, calculated on a group basis, Shuangxin Environmental Protection is the third largest polyvinyl alcohol manufacturer in China and has become one of the three major polyvinyl alcohol production bases in the country. The prospectus shows that Shuangxin Environmental Protection was established in June 2009 and is a high-tech enterprise specializing in research, production, and sales of polyvinyl alcohol (PVA), specialty polyvinyl alcohol fibers, vinyl acetate (VAC), calcium carbide (carbide) and other upstream and downstream products in the PVA industry chain, with a complete layout of the polyvinyl alcohol industry chain. In terms of business scale, Shuangxin Environmental Protection had a polyvinyl alcohol production volume of 116,900 tons in 2024, according to statistics from the China National Chemical Engineering Fiber Industry Association, ranking in the top three in the industry, accounting for approximately 13% of the domestic total production volume. The company's carbide production capacity is 870,000 tons, according to the statistics of the China Carbide Industry Association, accounting for 2.06% of the national production capacity in 2024, ranking eighth in the country; of which, the sales volume of commercial carbide exceeds 500,000 tons, accounting for 2.86% of the national sales volume of commercial carbide, ranking fifth in the country. Against the background of the industry supply structure becoming more stable and the advantage production capacity concentrating on leading companies, Shuangxin Environmental Protection has maintained a stable industry leading position. In terms of market recognition, the company's products are sold in 29 provinces (autonomous regions, municipalities) in China, and some products are exported to over 40 countries and regions in Europe, South America, Southeast Asia, etc. The company has established long-term and stable cooperative relationships with influential downstream manufacturers in the polyvinyl alcohol industry and related products such as KINGBOARD HLDG, Jilin Chemical Fibre Stock, Beijing Oriental Yuhong Waterproof Technology, as well as major customers downstream in carbide like Beiyuan Chemical and Tangshan Sanyou Chlor-Alkali Co., Ltd. The company's core technologies cover major production processes such as polyvinyl alcohol polymerization, hydrolysis, distillation and mother liquor recovery, quality control of carbide raw materials, smelting equipment improvement, clean production, vinyl acetate preparation, specialty fiber spinning, heat treatment, and polymer environmental additives preparation. The core technologies and production processes have received long-term and continuous industrial validation. During the reporting period, the proportion of core technology product revenue to total revenue was over 90%. The net proceeds from the issuance of shares this time after deducting the issuance expenses will be used for the following projects: Financially, the company achieved operating revenues of 5.061 billion yuan in 2022, 3.783 billion yuan in 2023, 3.486 billion yuan in 2024, and 1.797 billion yuan in the first half of 2025; during the same period, it achieved net profits of 807 million yuan, 558 million yuan, 520 million yuan, and 281 million yuan. According to the prospectus, in 2023 and 2024, due to the decline in the industry chain's prosperity, weakening market demand in downstream applications such as coatings, building materials, textiles, as well as factors such as decreasing raw material and energy prices, the company experienced a decline in operating revenue. In the first half of 2025, operating revenue increased by 1.81% year-on-year, and operating performance stabilized after the downturn.