① Following the listing of Transanhua Zhilian (002010.SZ) and Xin'an Chemical (600596.SH), Zhejiang Transanhua Group's capital map is expected to expand again; ② Transanhua Synthesis is part of Transanhua Zhilian's chemical business, mainly engaged in synthetic new materials business such as Shunding Rubber; ③ In June of this year, investors that Transanhua Zhilian promised to introduce did their best to promote the successful listing of Transanhua Synthesis in China by the end of 2026.
Financial News Agency, December 15 (Reporter Wang Bin) Following the listing of Chuanhua Zhilian (002010.SZ) and Xin'an Chemical (600596.SH), Zhejiang Chuanhua Group's capital map is expected to expand again.
This evening, Transanhua Zhilian announced that the company plans to spin-off its holding subsidiary Zhejiang Transanhua Synthetic Materials Co., Ltd. (hereinafter referred to as “Transmission Synthesis”) to be listed on the Shenzhen Stock Exchange. It stated that the current spin-off and listing of Transanhua Synthesis will give full play to the role of the capital market in optimizing resource allocation and achieve a direct connection between Transanhua Synthesis and the capital market; at the same time, it is conducive to optimizing the governance structure of Transanhua Synthesis and maximizing the interests of all shareholders of the company.
According to the announcement, Transanhua Synthesis belongs to the chemical business division of Transanhua Zhilian. Established in July 2011, it is mainly engaged in the production, R&D, and sales of synthetic new materials such as butadiene rubber. Its core product, rare earth butadiene rubber, has significant advantages in market demand, product performance, production process and downstream applications.
Judging from the equity structure, Transanhua Zhilian holds 50.84% of the shares in Chuanhua Synthesis.
A financial news agency reporter noticed that it is not without warning that Transanhua Zhilian's “A to tear down A” this time is not without warning. On June 29 of this year, Transanhua Zhilian announced that in order to further promote the strategic development of Transanhua Synthesis and optimize its capital structure, it plans to bring in 5 investors, including the Transanhua Science and Technology Innovation Fund. Specifically, Transanhua Zhilian used 1.44 billion yuan to generate a 100% shareholder equity valuation, and transferred 27.77%, 4.86%, 4.99%, 2.97%, and 2.43% of the shares to Transanhua Science and Technology Innovation Fund, Transanhua Group, Hangmin Group, Yu Hanjie, and Tang Zheng respectively. The transaction transferred a total of 43.02% of Transanhua Synthesis's shares, with a total transfer price of 619 million yuan.
At the time, Transanhua Zhilian promised to do its best to promote the initial public offering and listing of Transanhua Synthesis on the Shanghai Stock Exchange, Shenzhen Stock Exchange, or other domestic stock exchanges jointly approved by both parties as soon as the transaction was completed. Furthermore, if Transanhua Synthesis fails to complete a qualified listing by December 31, 2026, the investors introduced this time have the right to request Transanhua Zhilian or the authorized entity of Transanhua Zhilian to purchase all or part of the underlying company shares held by investors in cash or by issuing shares at that time (except when the securities regulatory authorities suspend the initial public offering of shares and the listing review process).
The controlling shareholder of Transanhua Zhilian is Transanhua Group. The latter was founded in 1986. Currently, its business covers five major sectors: chemicals, logistics, agriculture, science and technology cities, and investment, and is one of the top 500 domestic enterprises.
In terms of performance, in the first three quarters of this year, Transanhua Zhilian achieved revenue of 25.76 billion yuan, a year-on-year decrease of 8.84%; net profit was 504 million yuan, a decrease of 17.07% over the previous year. In January-June of this year, the company's butadiene rubber business achieved sales revenue of 843 million yuan and net profit of 101 million yuan; gross margin was 20.05%, down 6.67 percentage points from the same period last year.
A reporter from the Finance Association noticed that the popularity of spin-offs and listings has not abated since this year. Up to now, 8 A-share listed companies have achieved the A-share listing of 9 subsidiaries through “A split A” during the year. However, there are also variables in spin-offs and listings. Since 2022, about 20 companies have ended their spin-offs and listings due to various reasons.