Wonderful Sky Financial Group Assists DongguangChemical Limited (Stock Code: 1702.HK) with the Successful Listing on HKEx
Dongguang Chemical Limited (1702.HK) is one of the major coal-based urea producers with headquarters in Hebei Province. On 11th July 2017, the Company commenced trading on the Main board of The Hong Kong Stock Exchange with the assistance from Wonderful Sky..
The Offer Shares initially offered under the International Placing have been slightly over-subscribed. The Executive Director and chairman of Dongguang Chemical Limited., Mr. Wang Zhihe suggests, “With the operating history of over 40 years and strong performance, Dongguang Chemical enjoys a leading position in the urea industry. The successful listing is an important milestone for the Company. I, on behalf of the Company, would like to express our deepest gratitude to the investors for their recognition and support. The outstanding performance of the share price on the first trading day has given great encouragement to us. It also reflects the strengths of the Company and investors’ confidence. We will further expand our business, and enhance our market position to sustainable growth and generate fruitful returns for shareholders.”
The predecessor of the company, Dongguang Huafei, was originally established in 1970 as a local state-owned enterprise and was later privatised and reorganised in July 1998. Dongguang Chemical has been operating in the urea industry since 2001. The early start in this growing industry had allowed it to develop into an experienced player in the region with long-term and established relationships with customers in the industry. The long operating history has also allowed the company to develop its production know how and management which in turn enhances its production efficiency by maximizing the quantity and quality of products while minimizing costs. Its management team has extensive experience and an in-depth understanding of the history and future trends of the urea industry in the PRC which is instrumental to its continued success.
According to Frost & Sullivan, Dongguang Chemical ranked No. 9 among all urea production companies in the PRC in terms of both production capacity and revenue from sales of urea in 2016. In addition, the company ranked No. 3 and No. 11 in terms of revenue from sale of urea for industrial use and agricultural use, respectively, among all urea production companies in the PRC in 2016. In 2016, in recognition of high occupational and production safety standard and our strong financial performance in 2015, the company was accredited as “Safety Production Standardisation Second-Class Enterprise” and “2015 National Top 20 Gross Profit Enterprise in Nitrogen Fertiliser Industry” by Safety Production Supervision and Management Bureau of Hebei Province and China Nitrogen Fertiliser Industry Association, respectively. For the detailed awards, please refer to the sub-section headed “Business – Awards and Accreditations” of this prospectus.
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