On March 23, Hubei Xingfa Chemical Industry Group Co., Ltd. issued an announcement to disclose the non-public offering of shares. The company intends to include no more than 10 specific investors, including the company's controlling shareholder Yichang Xingfa Group Co., Ltd., to issue no more than 69.91 million shares in private. The price per share is not less than 19.31 yuan, and the total amount of funds to be raised It is expected to not exceed 1.350 billion yuan.

This non-public issuance is a major move of the Hubei Xingfa Group to expand and strengthen the integrated industrial chain of minerals and phosphors. The raised funds will be used to acquire 49% equity of Yidu Xingfa, increase capital, Yidu Xingfa, and newly build an annual output of 100,000 yuan. Ton of wet-process phosphoric acid refining project and the newly-constructed annual output of 2 million tons of mineral processing projects and additional working capital. After the wet phosphoric acid refining project is completed and put into production, it will reduce the dependence of the chemical production capacity of Xingfa Phosphorus on the yellow phosphorus production, significantly reduce the overall energy consumption of the phosphorus chemical production capacity, and help to digest the upstream phosphate rock production capacity and improve the refining level of phosphoric acid. The downstream fine chemical products provide more space. After the completion of the mineral processing project, it will greatly increase the company's ability to use low-grade phosphate rock ore, and increase the intensive use of phosphate rock resources.

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