On September 24th, the Maoming City Government website in Guangdong Province publicized the "Environmental Impact Report Draft for the 10,000-ton Carbon Fiber Project of Donghua Energy (Maoming) Co., Ltd." According to the announcement, the 10,000-ton carbon fiber project of Donghua Energy is planned in two phases. Upon completion of Phase I and Phase II, the annual production capacity will reach 4,800 tons of high-performance carbon fiber for each phase, with a total annual capacity of 9,600 tons after both phases are completed.
The specific construction content includes: Phase I plans to add 2 spinning solution lines, 2 spinning lines, and 2 carbonization lines, equipped with a 10,000-ton two-step process polymerization production line, and a solvent recovery device. Upon completion of Phase I, the annual production capacity will be 4,800 tons of high-performance carbon fiber. Phase II will add 2 spinning solution lines, 2 spinning lines, 2 carbonization lines, and a 30,000-ton two-step process polymerization line, along with a solvent recovery device. Upon completion of Phase II, the annual production capacity will be 4,800 tons of high-performance carbon fiber and 40,052 tons of polyacrylonitrile powder. After the completion of both phases, the entire plant will produce 9,600 tons of high-performance carbon fiber and 40,052 tons of polyacrylonitrile powder annually.
According to an article published by this public account in March this year, titled "Guangdong Maoming's Annual Production Capacity of 10,000 Tons of High-Performance Carbon Fiber Project Enters the Environmental Assessment Publicity Stage," the second phase of the project was expected to reach an annual production capacity of 8,000 tons of high-performance carbon fiber. Compared to the latest public document, the planned total production capacity of Donghua Energy's 10,000-ton carbon fiber project has been increased by 1,600 tons/year.
In addition to announcing the planned production capacity, the latest environmental assessment report draft also disclosed information on project investment and construction scale. The total investment for Phase I is 1.716 billion yuan, and for Phase II, it is 2.021 billion yuan, with a combined total investment of 3.737 billion yuan. The land area for Phase I is 209,800 square meters, with a construction area of 120,700 square meters; for Phase II, the land area is 146,000 square meters, with a construction area of 95,000 square meters; after the completion of both phases, the total land area of the plant will be 355,800 square meters, with a total construction area of 215,700 square meters.
On May 21st, the 10,000-ton carbon fiber project of Donghua Energy officially started construction. According to the company's announcement at that time, the total investment for the project was 3.46 billion yuan, with construction content of 10,000 tons of high-performance carbon fiber and 40,000 tons of polyacrylonitrile powder. According to the announcement at the start of construction, the investment for Phase I was 1.588 billion yuan. Compared to the latest public document, both the initial investment and the total investment have increased to some extent, with the total investment rising from the previous 3.46 billion yuan to the current 3.737 billion yuan.
He Shun Technology Carbon Fiber Subsidiary Equity Adjustment On September 23rd, Hangzhou He Shun Technology Co., Ltd. (hereinafter referred to as "He Shun Technology") issued an announcement regarding the adjustment of subsidiary equity ratios. Hangzhou He Xing Carbon Fiber Technology Co., Ltd. (hereinafter referred to as "He Xing Carbon Fiber") is a limited liability company jointly funded by He Shun Technology and Langfang Heng Shou New Material Technology Partnership (Limited Partnership) (hereinafter referred to as "Heng Shou New Material"). The registered capital is 108 million yuan, of which He Shun Technology invested 81 million yuan, accounting for 75% of the registered capital, and Heng Shou New Material invested 27 million yuan, accounting for 25% of the registered capital.
In order to improve operational efficiency, enhance overall management, continuously promote internal resource integration, and achieve effective allocation of company resources, He Shun Technology plans to acquire the 6.50% equity held by Heng Shou New Material in He Xing Carbon Fiber. Considering that Heng Shou New Material has not yet paid in the registered capital for this part, this transfer is gratuitous. The company plans to sign a relevant agreement on equity transfer with Heng Shou New Material. After the completion of this transaction, He Shun Technology will hold 81.50% of the equity in He Xing Carbon Fiber, and Heng Shou New Material will hold 18.50% of the equity in He Xing Carbon Fiber.
He Shun Technology is a high-tech enterprise focusing on the research and development, production, and sales of differentiated and functional biaxially oriented polyester films. In November 2023, the company used part of the over-raised funds to jointly invest in the establishment of a holding subsidiary, Carbon Material Technology Company, with Heng Shou New Material, for the research and development, production, and sales of M-class graphite fibers (i.e., high-modulus carbon fibers with a carbon content of more than 99%).
On December 28, 2023, He Shun Technology released the "Announcement on Signing the Project Investment Agreement". According to the content of the announcement: the company and Heng Shou New Material signed the "Project Investment Agreement" with the Management Committee of Hangzhou Qiantang New District. It is planned to invest in the construction of a 350-ton M-class carbon fiber project in Hangzhou Qiantang New District, with a total investment of 1 billion yuan.