MJNY(SZ:000723) Shang Hai Zheng Quan Bao·2025-06-27 21:30Meeting Overview - The 39th meeting of the 10th Board of Directors of Shanxi Meijin Energy Co., Ltd. was held on June 27, 2025, via communication, with all 9 directors participating [2][5] - The meeting was chaired by Chairman Yao Jinlong, and the procedures complied with relevant laws and regulations [2] Resolutions Passed - The Board unanimously approved the proposal to postpone the completion date of the "Meijin Hydrogen Energy Headquarters Base Phase I" project from June 2025 to June 2026 due to the actual construction progress and investment status [3][22] Monitoring Committee's Opinion - The Supervisory Committee also approved the postponement, stating it was a prudent decision based on the project's actual situation and would not affect the implementation of the fundraising project [9][22] Fundraising Project Details - The company issued 35,900,000 convertible bonds at a face value of 100 RMB each, raising a total of 3.59 billion RMB, with a net amount of approximately 3.56 billion RMB after expenses [18] - As of May 31, 2025, the company had invested approximately 328 million RMB in the fundraising projects, leaving a balance of about 29 million RMB [18] Project Progress and Delay Reasons - The project consists of four main buildings, with three having passed preliminary acceptance, while one building is undergoing design changes [19][21] - The delay was attributed to design adjustments, supply delays, and other unforeseen factors, leading to a cumulative delay of over 100 days [21] Impact of Delay on Operations - The postponement is expected to have no significant adverse impact on the company's current operations, as it does not involve changes to the project’s implementation subject, total investment, or fund usage [22][24] Approval Procedures - The postponement was approved by both the Board of Directors and the Supervisory Committee, adhering to necessary procedures and regulations [23][24] Guarantee Situation - The company provided a guarantee of 46.93 million RMB for its subsidiary, which is seeking a credit line of up to 110 million RMB from a bank [31] - The subsidiary, Foshan Feichi Automotive Technology Co., Ltd., has a high debt ratio exceeding 70% as of March 31, 2025 [30][31] Investment Fund Establishment - The company is a limited partner in the establishment of the Anhui Jun'an Equity Investment Fund, contributing 150 million RMB [43] - The fund has completed registration and is progressing with its operations [44]