① Keyuan Refining announced the completion of Series C financing. After this financing, the company's valuation reached 7 billion yuan; ② Keyuan Refining and the Keyuan Holding Group behind it are giants in the chemical industry that should not be underestimated. Currently, Keyuan Holdings has established four major industrial bases in China. Its core product, the ABS industry chain, had an annual output value of 2.3 million tons in 2022, making it one of the world's largest producers back then.
“Science and Technology Innovation Board Daily”, March 8 (Reporter Yu Shiqi) Amidst silence, another unicorn popped up in Ningbo.
On March 7, Keyuan Holding Group announced that its subsidiary Keyuan Refining has completed Series C financing. After this financing, Keyuan Refining's valuation has reached 7 billion yuan.
According to its disclosure, the investment was made exclusively by Shanghai Yongzheng Investment Holding Group Co., Ltd. (hereinafter referred to as “Yongzheng Investment”). Judging from public information, the investor Yongzheng investment is quite low-key, and there have been no cases of large investments before.
However, Keyuan Refining and the Keyuan Holding Group behind it are giants in the chemical industry that should not be underestimated. Keyuan Holding Group is mainly engaged in the fine chemicals, thermoplastic elastomers and engineering plastics industries. The subsidiary Changhong Hi-Tech landed on the Shanghai motherboard in 2020, with a current market value of 8.398 billion yuan.
At present, Keyuan Holdings has established four major industrial bases in China. Its core product, the ABS industry chain, had an annual output value of 2.3 million tons in 2022, making it one of the world's largest producers back then.
Among them, Keyuan Refining is the main company of Keyuan Holdings' industrial base in Ningbo, Zhejiang. It was founded in April 2007 and is mainly engaged in the fine chemical business of fuel oil deep processing.
Prior to that, Keyuan Refining had actually tried many things in the capital market.
As early as 2010, Keyuan Fine Chemical listed the US OTCBB company SilverPearl and changed its name to KEYP (Keyuan Petrochemical (US)) and listed on the US NASDAQ. However, in May 2017, Keyuan Petrochemical was privatized and delisted from the US. In 2019, Keyuan Refining also attempted to restructure and list Renzhi Shares (002629) at a price of 10.3 billion yuan, but the deal eventually ended with termination.
The listing was blocked twice, but Keyuan Refining did not give up; on the contrary, it began to move more in the primary market. In November 2019, two major domestic industrial investment giants, Wen's Investment and Sunwoda, joined forces with Hangzhou PE Hongda Junhe to invest in Series A financing for Keyuan Refining.
In April 2020, the Guofu Innovation Fund within the Guangxi State-owned Assets System took over, and Series B financing was fully funded by it. Four months later, Fuzhe Capital, a wholly-owned subsidiary of Zhejiang state-owned capital, and Xinghe Holdings, an established comprehensive investment group in Shenzhen, together provided “ammunition” for Keyuan Refining's B+ round.
It completed 3 rounds of financing in a row within 2 years, but after that, Keyuan's refined financing seemed to have pressed the “pause button”. It wasn't until today, four years later, that it completed Series C financing, and announced that its market capitalization had reached 7 billion yuan, entering the ranks of “unicorns.”
Keyuan Refining did not provide more detailed information on the changes in the pace of financing and the specific situation of the latest round of financing. It is worth noting that the pace of capacity expansion of Keyuan Holding Group has not stopped. The target output value for 2024 is 21.17 billion, and the total output value is planned to exceed 100 billion within five years.