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The subsidiary of Modern High-tech Fiber has introduced the Guangdong Property Investment Fund to boost the construction of the carbon fiber project!
On the evening of October 21st, Guangdong Nata Functional Fiber Co., LTD. (hereinafter referred to as "Guangdong Nata"), a wholly-owned subsidiary of Guangdong Modern High-tech Fiber Co., Ltd, plans to introduce Guangdong Yuecai Industrial Technology Equity Investment Fund Partnership Enterprise (Limited Partnership) (hereinafter referred to as "Yuecai Industrial Investment Fund") through an increase in capital and share expansion. The fund will increase its capital in Guangdong Nata by 44 million yuan in the form of currency. Obtained a 12.09% equity stake in Guangdong Nata after its capital increase.
Promote the development of carbon fiber projects
As a high-tech enterprise specializing in the research and development, production and sales of polypropylene fibers, we have always focused on innovation and development in the field of chemical fibers, constantly exploring new paths for the extension and upgrading of the industrial chain. Recently, regarding the capital increase of Guangdong Nata by Shanghai Nata New Materials Technology Co., LTD. (hereinafter referred to as "Shanghai Nata"), a subsidiary of Modern High-tech, the company has a clear strategic consideration - Shanghai Nata has chosen to give up its preemptive right to subscribe for capital in this capital increase. After the completion of this transaction, the registered capital of Guangdong Nata will increase from 320 million yuan to 364 million yuan. Although Shanghai Nata's shareholding ratio in it will be diluted from 100% to 87.91%, Guangdong Nata will still be a holding subsidiary within the consolidated financial statements of Modern High-tech. This equity structure adjustment is fully in line with the strategic development needs of Guangdong Nata. It will inject new vitality into its subsequent development.
The project will be constructed in three phases. The first phase will invest 1.803 billion yuan to build production facilities for 10,000 tons/year of differentiated acrylic fiber and 5,000 tons/year of carbon fiber, as well as supporting facilities and public facilities. The second phase will invest 1.414 billion yuan to build a production facility for 10,000 tons per year of differentiated acrylic fiber and 5,000 tons per year of carbon fiber, along with supporting facilities. A third-phase investment of 1.577 billion yuan will be made to build a 40,000-ton/year differentiated acrylic fiber production facility and its supporting facilities.
Modern High-tech is well aware that carbon fiber is a key strategic material urgently needed in the fields of national security and weaponry. It has long faced foreign technological blockades and product monopolies. Its significance in the fields of national defense, military industry and the national economy is self-evident. Since our establishment, we have been deeply engaged in the chemical fiber industry and have accumulated strong reserves in terms of process technology, professional talents, operation management and other aspects, which has laid a solid foundation for the company to enter the carbon fiber field. The carbon fiber-related projects being advanced this time are not only important measures for the company to explore new markets and extend its industrial chain, but also key support platforms for building an upstream and downstream industrial structure and product linkage.
This capital increase and share expansion of Guangdong Nata will effectively supplement the demand for working capital in the project construction and further promote the smooth progress of the carbon fiber project. Modern High-tech has always firmly believed that this project can not only promote the transformation of the carbon fiber industry towards high-end, intelligent and green development, but also inject strong impetus into the high-quality development of national carbon fiber with the actual results of industrial upgrading. In the future, we will carry out quality, performance and adaptability tests and verifications of carbon fiber products in new projects, achieve guided development of upstream and downstream products, fully optimize and strengthen the carbon fiber industry, actively explore special carbon fiber products for specific fields, and contribute to the country's strategic goals of achieving self-reliance and strength in science and technology and becoming a manufacturing power with concrete actions.
