Hengxin Life Raises 1 Billion in IPO, Surges 79% on First Day
Hengxin Life mainly engages in the research, development, production, and sales of paper and plastic tableware. The main products include biodegradable PLA-coated paper cups/bowls, PLA-coated paper food boxes, PLA cups/lids, PLA food boxes, PP/PET cups/lids, etc.
Fan Yanru, Yan Deping, and Yan Shujing are the controlling shareholders and actual controllers of the company. Fan Yanru and Yan Deping are a married couple, and Yan Shujing is their daughter. Yan Deping serves as the chairman and general manager of Hengxin Life and is the largest partner in Hefei Hengping and Hefei Hengyan, also serving as the executive partner of Hefei Hengping and Hefei Hengyan. Yan Shujing serves as a director of Hengxin Life. Before this issuance, Fan Yanru, Yan Deping, and Yan Shujing collectively controlled 88.52% of the company's voting shares.
The total amount of funds raised from the new share issuance by Hengxin Life is 101,796.00 million yuan, with the actual net amount of funds raised after deducting issuance expenses being 89,891.47 million yuan, to be used for the annual production of 30,000 tons of PLA compostable green and environmentally friendly bioproducts project, intelligent upgrade and transformation project, R&D technology center project, and to supplement working capital.
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