Zheng Quan Zhi Xing·2025-05-19 12:00Core Viewpoint - The report summarizes the continuous sponsorship work of Dongwu Securities for Funeng Technology (Ganzhou) Co., Ltd., detailing the company's stock issuance and the subsequent management of raised funds, as well as significant events during the sponsorship period [1][2][3]. Group 1: Company Overview - Funeng Technology (Ganzhou) Co., Ltd. issued 140 million A-shares at a price of 23.70 RMB per share, raising a total of 3.318 billion RMB [1]. - The company is located in Jiangxi Province, with a registered capital of 1.222 billion RMB [3]. - The actual controller of the company is the People's Government of Guangzhou [3]. Group 2: Sponsorship Work Overview - Dongwu Securities established a robust continuous sponsorship work system, conducting regular communication, site inspections, and due diligence [2]. - The company adhered to relevant laws and regulations regarding information disclosure and the management of raised funds [2][10]. Group 3: Significant Events During Sponsorship - The company postponed the completion date of the "8GWh lithium-ion power battery project" to July 2023, with independent directors and the sponsor providing consent [3]. - The company approved the use of idle raised funds for cash management, which was subsequently ratified by independent directors [4]. - The company terminated part of the fundraising projects and redirected the remaining funds (265.2629 million RMB) to new projects, including a 30GWh new energy battery project [4][5]. Group 4: Financial Performance and Risks - The company has been operating at a loss, with risks of further losses due to slowing demand in the new energy vehicle market and declining battery prices [6]. - The company is expected to complete its major projects by December 2025, but initial phases may incur losses due to low capacity utilization and increased depreciation [6][10]. Group 5: Control Changes - Following the continuous sponsorship period, the company's control shifted from Hong Kong Funeng to Industrial Control Group, with the actual controller changing to the People's Government of Guangzhou [8][9].