① At 2:11 on February 18, an explosion occurred in the casting well area that produces aluminum bars in the workshop of Yatong Technology, a wholly-owned subsidiary of Asia Pacific Technology. ② In the first half of 2023, Asia Pacific Technology achieved revenue of 3.02 billion yuan, and Yatong Technology achieved revenue of 1,251 billion yuan. According to this estimate, Yatong Technology accounted for 41.4% of revenue in the first half of last year.
Financial Services Association, Feb. 18 (Reporter Zhao Zixiang) An explosion occurred at a subsidiary of an A-share listed company. This afternoon, the Hai'an Municipal Emergency Management Bureau issued an information notice showing that at 2:11 on February 18, 2024, an explosion occurred in the foundry area of the Asia Pacific Light Alloy (Nantong) Technology Co., Ltd. (hereinafter referred to as “Yatong Technology”) workshop in the Haian Economic and Technological Development Zone.
Up to now, 3 people have died and 2 have gone missing. Search, rescue and aftercare work is ongoing.
According to public information, Yatong Technology is a wholly-owned subsidiary of Asia Pacific Technology (002540.SZ), a listed company. Also, according to relevant media reports, after the explosion occurred, comrades in charge of the party and government at the city and county levels commanded the rescue on the scene. The fire department was organized to arrive at the scene as soon as possible, and firefighters at the scene are still searching and rescuing. Asia Pacific Science and Technology claims that the explosion was true, and the company is still verifying the details.
According to Asia Pacific Technology's 2023 semi-annual report, as of the end of the reporting period, Yatong Technology's total assets were 2,966 billion yuan and net assets were 2,683 billion yuan; during the reporting period, Yatong Technology achieved operating income of 1,251 billion yuan and net profit of 145 million yuan.
A Financial Services Association reporter noticed that Asia Pacific Technology achieved revenue of 3.02 billion yuan in the first half of 2023. According to this estimate, Yatong Technology accounted for 41.4% of revenue in the first half of last year.
Furthermore, Yatong Technology was founded on July 4, 2008. The registered address is No. 29 Haifang Road, Hai'an Economic Development Zone, Jiangsu. The legal representative is Zhou Fuhai. Zhou Fuhai is also the current chairman of Asia Pacific Technology.
According to public information, Yatong Technology's business scope includes non-ferrous metal composites, copper-aluminum alloy materials, heat dissipation pipes, aluminum alloy profiles, automobile parts and their materials, etc. According to the Investor Relations Activity Record released by Asia Pacific Technology on February 2, 2024, the listed company claims that the company is an important supplier of aluminum in the automotive lightweight field and occupies a leading global share in the field of automotive grade lightweight special aluminum, especially in the automotive chassis system suspension arms and ESP valve bodies for vehicle body electronic stabilization systems.
The official WeChat “Hai'an Release” article of the Hai'an Finance Media Center on February 17 shows that on February 17, the Hai'an Real Economy High Quality Development Conference and the 2023 Influential Entrepreneur Award Ceremony were held, and the name of Yatong Technology appeared on the “Top 100 Industrial Enterprises” list.
It is worth mentioning that in June 2023, the registered capital of Yatong Technology changed from 250 million yuan to 50 million yuan. All of the capital increase funds will be used for the construction of a project with an annual output of 12 million lightweight and high-performance aluminum parts for automobiles, a high-performance high-precision special aluminum profile manufacturing project for aviation, and a project with an annual output of 14,000 tons of high-efficiency and highly corrosion-resistant aluminum tubes for household air conditioning.
A Financial Services Association reporter learned from industry insiders that during the aluminum rod production and casting process, aluminum liquid flowing into the casting well was a major risk of explosion. In 2022, a Guangdong company had aluminum water leaking from a deep well casting crystal plate, causing a large amount of high-temperature aluminum water to flow into the deep casting well, causing an explosion.