China's largest coating producer Guangdong Carpoly Chemical Group Co., Ltd. (Carpoly) is preparing for IPO, according to CCM’s November issue of TiO2 China Monthly Report.
It expects to raise funds of USD108 million by IPO for new projects of its subsidiary Guangdong Carpoly Scientific Materials Co., Ltd. (Carpoly Scientific). The IPO projects include two projects from Carpoly Scientific (210,000 t/a coating production and its auxiliary projects, high performance coating R&D center construction project) and two projects from Carpoly (marketing network transformation & upgrade project, information system upgrade project).
On 8 Nov. 2011, the Ministry of Environmental Protection (MEP) proclaims the results of Carpoly's IPO Environmental Protection Inspection (EPI), which ranges over the period from 1 Jan. 2008 to 31 March 2011. After the inspection, the MEP decides that Carpoly's operations can meet the environmental protection requirements for IPO.
By now, Carpoly has seven wholly-owned subsidiaries (including a second-level subsidiary). With coatings capacity expansions over these years, Carpoly has a growing demand for TiO2. According to MEP's report, Carpoly consumed about eight thousand tonnes of TiO2 in 2010, up 29% year on year. Once Carpoly gets listed, its capacity of coatings will further increase, which is bound to lead to larger consumption of TiO2.
(Guangzhou China, November 28, 2011)
Source: TiO2 China Monthly Report1111
Content of TiO2 China Monthly Report 1111:
Chinaencounters fading TiO2 export VS booming import in Sept.
China's titanium feedstock import peaks in Sept. 2011
Rio Tinto sees strong output of titanium feedstock in Q3
Iluka gets strong ilmenite production in Q3
Kenmare increases its ilmenite production
Sichuan Lomon and Shandong Dongjia both attempt IPO again
TiO2 multinationals benefit from higher selling prices
Cristal to build a new titanium slag plant in Saudi Arabia
ISK's revenue grows on higher TiO2 prices in Q3 2011
Performance of international coating companies in Q3
Dulux reinforces its position in China by absorbing Campelpaint
Chinasees progress in the color masterbatch industry
Carpoly actively preparing for IPO
China's TiO2 price decline goes on in Nov.
Kronos sets off TiO2 price hike for the next year
Editor’s Note
In Oct. 2011, China's manufacturing PMI fell back to 50.4%, with a great decline in import/ export order index and purchasing price index, and an increase in product inventory index. It indicates a relief of the inflation in China accompanied by an adverse external economic environment.
Meanwhile, China's CPI decreases for the third consecutive month and reaches 5.5%. In this case, Premier Wen Jiabao said on 25 Oct. the government would further fine-tune its macroeconomic policy by an appropriate degree at an appropriate time.
China's listed companies are under the inspection of Environmental and Social Responsibility now, and the companies to be listed must pass the Environmental Impact Assessment first, according to the 12th Five Year National Environmental Protection Plan released by the Ministry of Environmental Protection (MEP) on 9 Nov. 2011. China aims to reduce its CO2 emission per GDP by 17% between 2011 and 2015.
In the TiO2 industry, Sichuan Lomon and Shandong Dongjia successively attempted IPO in Nov. 2011. In addition to the strict environmental protection requirements, they also face the challenge of TiO2 price decrease in domestic market that lasts for four months due to the weak demand.
TiO2 China Monthly Report, a monthly publication issued by CCM International on 25th of every month, will penetrate into Chinese TiO2 market from a global view, deeply analyse TiO2 industrial chain and manufacturers’ competitiveness and trace the latest industrial hotspots and dynamics, aiming to provide the most valuable information about China’s TiO2 industry.
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