Xinxiang Chemical Fiber Additional raise 600 million yuan to build Spandex fiber project

NetEase Financial February 9, Xinxiang Chemical fiber Wednesday Night announced the targeted additional plans, the number of non-public offerings is not less than 60 million shares, no more than 130 million shares (including the number).　　The issue price is not less than 5.44 yuan/share, the collection of funds of 500 million yuan for the annual output of 12,000 tons of continuous polymerization of the differential spandex fiber project, the remaining 100 million for repayment of bank loans. As of December 31, 2010, Egret Group has 269 million shares of Xinxiang chemical fiber, accounting for 42.25% of total equity, is the controlling shareholder, the state-owned Assets Supervision and Administration Committee of Xinxiang People's government of Henan Province holds a 100% stake of Xinxiang Egret Chemical Fiber Group Limited Liability company, which is the actual control person for Xinxiang chemical fiber.　　According to the number of the issue of the upper limit to calculate, after the release, the Egret group holding shares in Xinxiang chemical fiber ratio of total equity is not less than 35.1%, still for its controlling shareholder, Xinxiang City Sasac is still the actual control of the company. Xinxiang chemical Fiber said that China's spandex mainly used in knitting and woven elastic fabrics. In the knitting industry, the use of spandex core-spun yarn, coated yarn and spandex with cotton fiber silk interwoven. As a result of the continuous development of textile and knitting technology, the application of spandex more and more widely, from the past only for swimwear, stretch denim clothing development to dance sports apparel, sweaters, warm shirts, worsted fabrics, spandex fiber demand.　　As of the end of 2009, China's spandex production of about 200,000 tons, an increase of 21.21%, the domestic consumption of 201,000 tons, the year-on-year growth of 27.27%, the product is in short supply situation. Xinxiang Chemical Fiber January 27 from the suspension, the day Rose 5.79%.