On 7th May, Finework (Hunan) New Energy Technology Co.,Ltd.(839826) issued an announcement that the company recently submitted listing counseling materials to the Hunan Securities Regulatory Bureau. The company is currently accepting counseling from Minsheng Securities. CSC continuously invested in Finework in 2018 and 2019.
Finework (Hunan) New Energy Technology Co.,Ltd. is founded in 2012. It is the key cultivated enterprise of Changde, Hunan Province. Its principal products are high-strength fasteners such as embedded wire thread inserts, double-headed screws, and tower bolts. The market coverage of embedded wire thread inserts is higher than 70%. The clients are the world’s leading fan blade and host equipment manufacturers such as LM, Vestas, Vision Energy and Sinoma Technology. In 2019, Finework achieved an operating income of 526 million RMB with an year-over-year increase of more than 90%. The net profit attributable to the owner of the parent company was 67.8543 million RMB. The year-over-year growth doubled. At the same year, Finework was listed pilot project in "Mass entrepreneurship and innovation" platform and won the title of “specialized, fined, peculiar and new giant company” named by the Ministry of Industry and Information Technology. On March 2020, the second phase of Finework project was launched. The land is 200 hectars and total investment is 500 million RMB.
With the multiple increase of business and the influence of COVID-19, the demand of capital is increasing. The Changde Branch of Bank of China designed a comprehensive plan of working capital loans, domestic commercial subsidies, export order financing and export financing covered by insurance. The line of credit is raised from 25 million RMB to 95 million RMB to help enterprises further exploit new market.