天承科技上市一年多两大募投项目零进度 国联民生保荐

Core Viewpoint - Tiancheng Technology (688603.SH) has faced delays in its fundraising projects, with significant implications for its operational strategy and future growth [1][2]. Group 1: Financial Performance and Fundraising - Tiancheng Technology disclosed a total investment of 112.61 million yuan in fundraising by the end of 2024, with a cumulative investment progress of 15.92% [1]. - The company raised a total of 799.38 million yuan through its IPO, with a net amount of 707.38 million yuan after deducting issuance costs, which was 306.29 million yuan more than originally planned [2]. - The IPO was conducted at a price of 55.00 yuan per share, with 14.53 million shares issued, representing 25% of the total share capital post-issuance [2]. Group 2: Project Development and Delays - The "Annual Production of 30,000 Tons of Special Electronic Materials and Electronic Chemicals Project" and the "Zhuhai R&D Center Construction Project" both have a progress rate of 0%, with completion dates postponed to April 2027 [1]. - The slow progress of the projects is attributed to the company's strategy of unified project planning and design, which requires land acquisition for the Zhuhai R&D Center, which has been delayed due to policy changes [1]. - The company aims to improve the efficiency of fundraising usage and avoid resource duplication, leading to the decision to synchronize the development of related projects [1]. Group 3: Strategic Partnerships - Minsheng Securities Investment Co., a subsidiary of the lead underwriter, participated in a strategic allocation, acquiring 726,711 shares, which is 5% of the total issuance, with an investment amount of approximately 39.97 million yuan [3]. - The shares acquired by Minsheng Investment are subject to a holding period of 24 months from the date of the IPO [3].