Dacheng Advises CCRMM on NEEQ Listing

On July 28, Chongqing Changjiang River Modelling Materials (Group) Co., Ltd (CCRMM) were successfully listed on the National Equities Exchange and Quotations (NEEQ) system, with the securities as “CCRMM” and the stock code as 833138. Shanghai-based senior partner Fan Xingcheng, and Chongqing-based attorneys Huang Yuling and Yan Kefen advised CCRMM on the listing.

CCRMM is a large domestic professional precoated sand producer and supplier and solution provider of reuse of waste sand, with capacity for mining and processing crude sand, producing precoated sand and sand cores, recycling waste sand and producing auxiliary materials, and has formed integrated comprehensive service advantages in self-supply of raw materials, production and extended manufacture, and waste sand recycling. The company now owns 10 subsidiaries, including 6 wholly-owned subsidiaries and 4 holding subsidiaries. In 2014, its net profit amounted to RMB 78,354,100 and total assets amounted to RMB 728,128,500.

CCRMM grew from a collective enterprise established on September 24, 1958. In its development, the company has experienced four stages: collective enterprise, collective and state-owned joint enterprise, limited liability company and joint stock limited company. The company has a long history, with extremely complicated historical evolution. Dacheng established a special team to carry out the special verification of its historical evolution, displayed it to the public in accordance with the law, and finally got fully conformed from Chongqing Beibei District People’s Government and Chongqing Municipal People’s Government on leftover problems in the historical evolution. In the feedback on CCRMM, NEEQ repeatedly questioned CCRMM’s historical problems. Dacheng analyzed these problems according to the laws, regulations and policies back then in the historical evolution of CCRMM, pointed out the problems observed, advised ways of solution and decided to display to the public on the official website of Chongqing Share Transfer Center Co., Ltd to avoid any potential dispute due to the historical leftover problems. Upon confirming that no objection was submitted during the publication, those problems were reported to Chongqing Municipal People’s Government for confirmation. Although CCRMM only applied for NEEQ listing, since this matter was extremely complicated, Dacheng conducted a thorough review on CCRMM strictly according to the requirements for IPO in China and finally achieved success. During the listing, Dacheng team of Dacheng conducted comprehensive inspection and verification on CCRMM strictly according to the requirements referred to in Administrative Measures for Law Firms in Securities and Code for Lawyers in Securities, especially on the inspection, verification and solutions to its complicated historical leftover problems. Dacheng’s work has been highly praised by all the agencies.