Muller new material concealed sewage discharge two eat ticket production workshop was sealed by the Environmental Protection Agency

Müller New Materials (300700.SZ) recently announced that it has been found that the company’s production workshop has been found to have private concealed pipe discharge water pollutants and environmental protection facilities that need to be built. Or use illegal activities, the Changsha Municipal Environmental Protection Bureau issued two fines for it, a fine of 900,000 yuan.
On July 3rd and 4th, the "China Times" reporter came to Muller for two consecutive days to rent for many years. This is also the "Chengcheng Workshop" that was investigated this time. Although Muller New Materials claimed in the announcement that “this punishment has not affected the normal production and operation of the company and has not caused any significant adverse impact on the company”, the reporter’s field investigation found that the price paid by Muller New Materials is far more than After 900,000 yuan, the production workshop with 200 diamond wire production lines was actually shut down and began to dismantle the equipment. In addition, industry insiders worry that environmental violations will be investigated or will impact the company's planned $210 million convertible bond issuance plan.
On July 6, our reporter called Muller New Materials to understand the impact of environmental protection on the company. Its office staff said that “the old workshop (Chengcheng workshop) will be moved back to the company and will not affect the production capacity”, but it is not given Conclusion basis. Asked "the old workshop to stop production and relocation time, relocation and resumption of production time" then answer "do not know." The staff of the company's securities department said that "the impact is not big", and let the reporter see the announcement.
The workshop where the equipment is being dismantled <br> The reporter saw in the "Chengcheng Workshop" that 10 gates covering the 10,456 square meters workshop have been affixed with the "Changsha High-tech Zone Urban Management Environmental Protection Bureau Seal March 13, 2018" The seal of the typeface. Only about one-third of the door shutters in the east rise, and the environmental seals above the doors are clearly visible. A forklift moves in and out, and the equipment removed from the workshop is transported out of the shovel and parked on the side of the truck. About one in a dozen people are busy in the workshop and outside, several are wearing the new equipment in Muller, and others are aware that a worker who is relocating the company is busy cleaning and removing the equipment in the workshop.

In September 2017, the new product of Müller, which was launched on the GEM, is the electroplated diamond wire, which is mainly used for cutting hard and brittle materials such as sapphire and crystalline silicon. Clients include Longji (15.560, 0.19, 1.24%), Jinglong Group, GCL-Poly, BYD (46.400, 0.37, 0.80%), Lansi Technology (12.750, 0.19, 1.51%), and Bun Optics. Sapphire processing enterprise.

The diamond wire production process of Müller's new material uses diamond micropowder and steel wire as raw materials to make a diamond wire by forming a composite coating of diamond and metallic nickel on the surface of the steel wire (embryo wire) by electrodeposition. The principle is mainly the principle of composite plating. The key processes include pre-plating pretreatment, sanding and thickening.

Electroplating processing is actually an environmental problem that is well known in the industry. Some of the pipe joints of the large-scale electroplating production line of the “Chengcheng Workshop” that the reporter saw have been disconnected. The pile legs of the equipment are filled with rust marks, and the ground is visible in many places. Green and dark black. This scene is indeed difficult to relate to “no pollution”.
The person wearing the new material tooling at the door of the workshop told the reporter, “There are 200 production lines here, and the environmental protection department will not let it dry. The company will remove the equipment here.” The migrant worker who took on the task of equipment demolition said, “July On the 2nd, it is expected to be demolished for more than half a month."
The information to be removed was confirmed by the property owner of the “Chengcheng Workshop”. “The new material rent has been produced here for several years. At most, I rented two workshops for 1878 square meters. They bought the land themselves. After the base, I retired a small one in the early two years. The rest of this one has 10,000 square meters. This time it is said that there are some troubles in environmental protection and it can no longer be produced. After the equipment is moved out, it takes time for some repair work. It is expected that the workshop will be returned to us in October this year."
According to the prospectus, as of December 31, 2016, there were 380 electroplated diamond wire production lines in Müller New Materials, 200 lines in No. 75-274 in Chengcheng Workshop, and 180 in the company's self-built base. Based on this calculation, the suspension or rectification of the “Chengcheng Workshop” may affect half of its production capacity, and the demolition of the production line may result in asset impairment. But what is puzzling is that the Muller new material announcement information does not mention this.
Impact on convertible bonds issued?
The Changsha Municipal Environmental Protection Bureau's Administrative Penalty Decision (Changhuan Law [2018] No. 46) indicates that on March 8, the law enforcement officers of the Changsha Environmental Monitoring Detachment conducted a special law enforcement inspection on the Muller New Material Chengcheng Workshop and found that the workshop was outside the workshop. On the west side, on the south and west sides, there are three plastic pipes running through the outer wall of the workshop, which are connected with the sensitized recovery liquid tank and the acid-base neutralization tank in the workshop, and connect the production wastewater of the workshop to the rainwater ditch outside the plant. Finally, it will be merged into the underground sewage pipe network of the park. The three plastic pipes were identified as private concealed pipes.
On March 15th, the test report of ZF (2018) No. 005 issued by Changsha City Environmental Monitoring Center Station showed that some of the wastewater discharged from the production process was strong acid and strong alkaline, and contained heavy metal pollutant nickel. According to the National Hazardous Waste List (Order No. 39 of the Ministry of Environmental Protection), the sensitizing waste liquid in this case is hazardous waste, and the waste code is 900-304-34. The private installation of concealed pipe discharges water pollutants violates the Law of the People's Republic of China on Water Pollution Prevention and Control.
The reporter learned that the law enforcement inspection of the Changsha Municipal Environmental Protection Bureau on March 8 found that the investigation was initiated on March 9th, and the decision on the violation of the law was ordered to be ordered on April 17, and the advance notice of the administrative punishment (hearing) was issued on June 7. On June 15, the administrative penalty decision was issued and a fine of 500,000 yuan was decided.
In addition, the administrative penalty decision letter issued by the Long Ring Law (2018) No. 47 issued on June 15 shows that the new material was also found on March 15, 2018 by the law enforcement officers of the Changsha Environmental Monitoring Detachment. The environmental protection facilities required for the construction of the diamond cutting line project in the workshop (production) are not completed and have not been accepted, and the construction project is put into production or use. The Changsha Municipal Environmental Protection Bureau also issued a fine of 400,000 yuan.
A person who has been engaged in environmental law enforcement for a long time told this reporter that on June 13th, Hunan Province just held the highest-level provincial ecological environmental protection conference in history, and grasped the “blue water and blue sky”. According to his understanding, the privately-installed concealed pipes contain heavy metal pollutants and hazardous wastes, which are “very serious illegal acts. According to the latest explanation of the two high environmental pollution crimes, they are classified as 'seriously polluted environment' and may touch 338 of the Criminal Law.”
In June 2017, the China Securities Regulatory Commission and the Ministry of Environmental Protection signed the "Cooperation Agreement on Jointly Developing Environmental Information Disclosure of Listed Companies." In December 2017, the CSRC revised the content and format criteria for the annual report and semi-annual report of the listed company, and clearly required the companies of the key emitters to compulsory disclosure of sewage information. Other companies implemented the principle of “disclosure without disclosure”. The reporter of "China Times" combed and found that in addition to Muller new materials, Xiangxin Huazi Technology and Hunan Gold received environmental protection tickets this year. In the week of June 25th - June 29th, Zhongxing Fungus Industry, Shagang Steel, Lanfeng Biochemical, Huifeng Shares and Dongjiang Environmental Protection received an inquiry letter from the exchange due to environmental issues, and the environmental protection of listed companies. Compliance regulation is becoming stricter.
Another lawyer who has been engaged in corporate listing and refinancing business for a long time also said that from the amount of fines and rectification requirements, the environmental protection of Muller New Materials was found to be “personal feelings are serious” and will be affected if it is identified as a major illegal act. The company's continued stable operation may affect the company's subsequent debt refinancing.
On June 20, Muller New Materials announced that the application for convertible bond issuance has been accepted by the CSRC. After last year's IPO fundraising of 216 million yuan, the total amount of funds raised by the company's convertible bonds plan will not exceed RMB 20 million, and it is planned to invest in an annual output of 6 billion meters of diamond wire industrialization projects.
On June 22, the Muller New Materials Announcement disclosed information on environmental violations. On July 4, the Changsha Municipal Environmental Protection Bureau confirmed to the reporter that on June 15, the above-mentioned long-term law (2018) No. 46 and No. 47 administrative punishment decision letter had been issued, and that the new material was handed over.

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