Red Square goes public

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Hong Sifang (603395) was listed on the main board of the Shanghai Stock Exchange today. The company is affiliated with China National Salt Industry Group Co., Ltd., and is a fertilizer manufacturer specialized in the research, development, production, sales, and service of compound fertilizers and nitrogen fertilizers. This listing will provide Red Square with additional financial support, helping it to further expand its market presence and enhance its competitiveness. Hong Sifang is affiliated with China National Salt Industry Group Co., Ltd., and is a fertilizer manufacturer that specializes in the research, development, production, sales, and service of compound fertilizers and nitrogen fertilizers. The company raised approximately 399 million yuan in its initial public offering. The net amount obtained from the public offering, after deducting issuance costs, will be invested, in order of priority, in expanding the production capacity for 200,000 tons per year of specialized fertilizers designed to improve efficiency; expanding the production of high-quality potassium fertilizers for cash crops at a rate of 50,000 tons per year along with related infrastructure projects; repaying bank loans; and replenishing working capital.