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VTR to Apply to be listed on GEM Again
VTR is ready to apply for getting listed on GEM again for the company's future development in mid-2012.
Aiming to be listed on GEM this time, according to the VTR's new company environmental protection report in November 2011, it is claimed that the company has cut its fund raising programs from 5 to 3. One is the program of heat resistant phytase's and neutral phtase's technological improvement and their industrialization, and the other is the program of the marketing network service's construction. Therefore, the sum of the raised fund decreases from USD29.4 million to USD22.5 million. (TABLE) "Compared with the first failure, it is more optimistic about the second time that VTR has the potential to be listed on GEM in mid-2012." says Mr. Luo, Manager of VTR.
In fact, in April 2011, China Securities Regulatory Commission (CSRC) commented on VTR's first listing failure mainly for the following three reasons. Firstly, the continued growth in accounts receivable balances, which accounts highly for the company's total assets, may have the potential risk of capital return. Besides, the decreasing sales volume of the company's main products, feed compound enzymes, and the uncertainty of the increasing sales volume of feed phytase would affect the company's business picture. The last main question is the uncertainty of enzyme market digestion of the fund raising program of enzymes product expansion existed.
Mr. Luo explains that the company's listing project of this time has been done a little fixing in connection with the CSRC's comment. As it mentioned above, the company has cut two fund raising programs to raise the opportunity to be listed on GEM. Also, although the common feed phytase market has been in over supply currently in China, Mr. Luo is confident on its company's product sales, especially as its heat resistant phytase industrialization has become true. The company has made some heat resistant comparisons on different brands heat resistant phytase and it is concluded that the heat resistance of VTR's product is better than the other's, said by Mr. Luo. Moreover, the company will launch its neutral phytase product in two years, which will make the company consolidate its domestic feed phytase market share.
However, even CSRC complains about VTR's fund raising program of enzyme capacity expansion, the company insists on the reservation of the enzyme capacity expansion attributed to the phytase's bright future. The program is to construct the second phase of enzymes production line with capacity of 12,000t/a, located in Inner Mongolia Autonomous Region. Actually, the company that mainly produces phytase has the enzymes production line with capacity of 8,000t/a. Mr. Luo is optimistic about the phytase's bright future mainly thanks to the rapid growth of livestock and poultry industry. It is predicted that the meat consumption will be more substantial with the improvement of farmers' income in some regions of China. The document named The Twelfth Five-Year Plan of National Livestock and Poultry Genetic Resources Conservation and Utilization claims that the proportion of large-scale breeding of livestock and poultry in the whole nation will increase by 10%-15% by 2015. Phytase, which efficiently increase the animal dietary phosphorus utilization so as to reduce the feeding cost, will become the active stock in the near future.
VTR is a high-tech enterprise, which employs modern bioengineering technology and advanced techniques of botanic extraction and is committed to research, development and manufacture of feed additive and animal health products. Founded in 1991, the company is the first feed enzyme enterprise integrating a complete network of R&D, manufacture and sales. The company has achieved great progress and glories these years. In 2009, it drafted the determine method of feed phytase activity and determine method of feed xylanase activity. In 2010, "Yiduozyme" was authorized as the Famous Trademark in Guangdong Province.
Source: Industrial Biotechnology China News 1202
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VTR to apply to be listed on GEM again
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