Hengfeng Tools IPO plans to raise funds by 230 million to expand capacity

With the demand for knives in the domestic manufacturing industry tending to be high-end, Hengfeng Tools Co., Ltd. entered the golden period of development, and the products were in short supply. A few days ago, the company's environmental verification report exposed its IPO specific plan in advance. According to the news from the Zhejiang Provincial Environmental Protection Agency, Hengfeng Tools has two wholly-owned subsidiaries. The verification target is only the parent company and the production subsidiary Jiaxing Yi Aisi. The verification period is from January 2009 to December 2011. The publicity period is from March 13 to 22, 2012. The verification report shows that Hengfeng Tools intends to submit application materials for public offering and listing to the China Securities Regulatory Commission in the middle of this year. It plans to land on the GEM, and the initial public offering of 16.66 million shares will raise 230.3 million yuan to invest in an annual output of 355,000 pieces (sets). Complex and efficient edge measuring tool production and construction project." The EIA report of the project has been approved. According to the data, Hengfeng Tools was formerly known as Haiyan Guigong Cutting Tool Co., Ltd., founded in July 1997. It is a high-tech enterprise specializing in the research and development and production of high-speed cutting tools. The main products include broaching spline gauge and forming. Milling cutter hobs, knives and knives, etc., of which the self-developed spline measuring tools have filled the domestic gap. At present, the company has become one of the most comprehensive enterprises in the complex tool and precision gauge industry in China. In addition, Hengfeng Tools is also one of the drafting units of the National Complex Tool Standards, as well as the convening unit of the National Standards Committee Spline Measuring Tool Working Group. The company has established more than 800 auto parts manufacturers, such as FAW-Volkswagen, Shanghai GM, Nanjing Iveco, Shanghai Volkswagen, Dongfeng Honda, Chery Automobile, Shanghai Turbine, Harbin Steam Turbine and other large steam turbine companies, as well as Shenyang Liming, Nanfang Power and other aviation manufacturers. Formed professional support, the products sell well at home and abroad, of which only the market share of CNC precision broaching tools accounts for more than 30% of the domestic market. As a “new force” in the tool industry, Hengfeng Tools has thrived in years. The company said that with the continuous improvement of scale and comprehensive strength, the company's existing production capacity and equipment can no longer meet the requirements of customers. As of 2010, the company's approval scale was 229,000 pieces of precision knives, and the actual output reached 240,000 pieces, and in 2011 it reached 357,700 pieces. The data shows that in 2010 the company achieved a total sales of 121.75 million yuan and a profit of 86.12 million yuan; in 2011, the sales revenue reached 147.88 million yuan and the profit was 77.65 million yuan.

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