Menovo(SH:603538) Mei Ri Jing Ji Xin Wen·2025-05-28 08:47Core Viewpoint - The recent revision of the "Regulations on the Supervision of Fundraising by Listed Companies" by the China Securities Regulatory Commission emphasizes the need for dedicated use of raised funds, focusing on core business operations and supporting the development of the real economy. This regulation will take effect on June 15, 2025, and aims to enhance the safety and standardization of the use of raised funds [2][17]. Group 1: Fundraising and Project Changes - Meinuo Pharma has faced issues with slow progress in the use of raised funds, multiple changes to fundraising projects, and lower-than-expected project returns since its IPO in April 2017, which raised 381 million yuan [3][4]. - The company initially planned to invest 281 million yuan in a project to produce 3 billion solid dosage forms annually, but the completion date has been postponed multiple times, with the project only reaching usable status in December 2022 after an investment of 82.78 million yuan, significantly less than the planned amount [5][6]. - The expected internal rate of return for the solid dosage project was 25.72%, with a projected net profit of 143 million yuan, but actual returns in 2023 and 2024 were -5.54 million yuan and -10.20 million yuan, respectively [6][7]. Group 2: Additional Project Issues - The project for the production of 400 tons of raw materials also faced delays, with the completion date pushed to October 2022, and the actual returns in 2023 and 2024 were only 775,640 yuan and 3,965,840 yuan, far below the projected annual profit of 16.38 million yuan [7][8]. - The drug research center project was ultimately canceled after multiple delays, with no funds invested in it, as the company opted to acquire a related entity instead [8][9]. Group 3: Convertible Bond Fundraising - In January 2021, Meinuo Pharma issued convertible bonds totaling 520 million yuan, with plans to invest 400 million yuan in a high-end formulation project and 120 million yuan in working capital. However, this project has also faced delays, with completion now pushed to July 2025 [10][11]. - As of December 31, 2024, the company had invested 263 million yuan in the high-end formulation project, which is 67% of the promised investment [11][12]. Group 4: Regulatory Implications - The new regulations will impose stricter oversight on the use of raised funds, requiring companies to provide detailed explanations for any changes in project funding and to adhere to stricter disclosure requirements [17]. - Meinuo Pharma's past practices of changing project uses and delaying implementations may face increased scrutiny under the new rules, necessitating more careful planning and justification for any future changes [17].