On January 18th, Xingfa Group has obtained approval from China Securities Regulatory Commission (CSRC) about the private issuing of shares, which allows Xingfa Group to issue no more than 128,558,310 non-public shares and refinance a record-high of 1.4 billion yuan.

　　One billion yuan of the raised funds will be used for the Yidu Xingfa Group Phase II Project of Comprehensive Utilization of Resources, and 400 million yuan will be used to pay for its bank loans. The implementation of this project will further improve the comprehensive utilization of phosphate rock resources and optimize the industrial chain of “mine-electricity-phosphorus integration”, reducing production costs, optimizing product structure, and speeding up industrial restructuring and upgrading, which will lay a solid foundation for Xingfa Group to continue maintaining its leading position in the industry, and enhance market competitiveness and profitability.

　　In recent years, Xingfa Group has actively studied new policies, new situations and new features in capital market. By taking full advantage of the platform of listed companies, it has boosted the transformation and upgrading of enterprises through the high frequency refinancing in capital market. So far the group has raised more than 7 billion yuan through equity and bond financing methods. The financing amount and frequency ranks the top of listed companies in Hubei Province.

　　Xingfa Group focuses on the development strategy of “High-End Products, Green Industries and Internationalized Operation”, and continuously improves the industrial chain by raising funds so as to upgrade its products. At present, the Group has manufactured products of three grades. While it focuses on producing food-grade products, with the pharmaceutical-grade and industrial-grade products as the supplementary, it has made great efforts in developing the electronic-grade products. Now there are 12 series and 184 kinds of products, of which the production and sales of six products such as Sodium hexametaphosphate ranking first in the world. The products are widely used in food additives, electronics, new building materials, aerospace aviation, agricultural chemicals and other fields. Xingfa Group has taken the lead in formulating 49 national and industrial standards and an international standard, and set up branches and offices in the United States, Germany, Brazil, Vietnam and Hong Kong. In addition, it has established a long-term relationship with Procter & Gamble, Dow Chemical, Unilever and other Fortune Global 500 companies, with 60% of the leading products being exported to more than 100 countries and regions.

　　According to Li Guozhang, Chairman of Xingfa Group, the non-public offering of shares was launched in April last year and passed the China Securities Regulatory Commission’s approval on November 28th and approved by CSRC on January 18th this year. He said that the transformation and upgrading cannot wait and must be accelerated. They will steadily push forward the stock issuance work in accordance with the relevant requirements of the CSRC, striving for the early completion of the investment project construction to achieve the expecting production and efficiency, adding new vitality to Yichang’s economic development. (Reporter: Tian Yunbing; correspondent: Wu Ping, and Cai Liang)