Shuangxin Environmental Protection has submitted its registration for an IPO on the Shenzhen Stock Exchange, aiming to raise 1.86538 billion yuan.

On October 27, Inner Mongolia Shanxin Environmental Protection Materials Co., Ltd. (referred to as Shanxin Environmental Protection) applied for a change in the IPO review status of the Shenzhen Stock Exchange main board to "registration submitted". CICC is its sponsoring institution, and the planned fundraising is 1.86538 billion yuan. According to the prospectus, Shanxin Environmental Protection is a high-tech enterprise specializing in the research and development, production, and sales of upstream and downstream products in the polyvinyl alcohol (PVA), special polyvinyl alcohol fiber, vinyl acetate (VAC), calcium carbide (acetylene) and other PVA industry chains, with a full layout of the polyvinyl alcohol industry chain. Polyvinyl alcohol is a water-soluble degradable polymer material with many properties such as bonding, fibrillation, emulsification stability, gas barrier, film formation, and biodegradability. It is mainly used for the production of industrial aids, special fibers, adhesives, safety glass interlayer film (PVB film), water-soluble film, optical film, and is widely used in fine chemicals, green construction, papermaking, fibers, automobiles, degradable packaging, optoelectronics, medicine and other industries. The company's core technology covers the polymerization, alcoholysis, distillation, and mother liquor recovery of polyvinyl alcohol, quality control of acetylene raw materials, smelting equipment improvement, clean production, preparation of vinyl acetate, spinning of special fibers, heat treatment, and production of polymeric environmental aids. In terms of operational scale, according to statistics from the China Chemical Fiber Industry Association, on a group-caliber basis, the company is the third largest polyvinyl alcohol producer in China and has become one of the three main polyvinyl alcohol production bases in the country. In 2024, the company's polyvinyl alcohol production reached 116,900 tons, ranking in the top three in the industry and accounting for approximately 13% of the domestic total production; the company's acetylene capacity is 870,000 tons. According to statistics from the China Acetylene Industry Association, in 2024, the company's acetylene capacity accounted for 2.06% of the national total, ranking eighth in the country; among which, the sales volume of commercial acetylene exceeded 500,000 tons, accounting for 2.86% of the national commercial acetylene sales volume, ranking fifth in the country. The actual net proceeds from the issuance of shares this time, after deducting issuance expenses, will be used for the following projects: financially, in 2022, 2023, 2024, and January-June 2025, the company achieved operating income of 5.061 billion yuan, 3.783 billion yuan, 3.486 billion yuan, and 1.797 billion yuan respectively; during the same period, the net profit was 807 million yuan, 558 million yuan, 521 million yuan, and 281 million yuan respectively.