Smarter Microelectronics (Guangzhou) (SH:688512) Zheng Quan Zhi Xing·2025-07-10 12:10Core Viewpoint - The company, Guangzhou Huizhi Microelectronics Co., Ltd., has received approval for its initial public offering and is utilizing its own funds to pay personnel costs for fundraising projects, with plans to replace these costs with raised funds later [1][5][7]. Fundraising Overview - The company issued 54.3005 million shares at a price of 20.92 RMB per share, raising a total of 1,135.9665 million RMB, with a net amount of 1,028.3289 million RMB after deducting issuance costs of 107.6376 million RMB [1][2]. - The company has established a special account for the storage of raised funds, ensuring all funds are deposited into this account [2]. Project Adjustments - The initial fundraising plan aimed for 1,504.1878 million RMB, but adjustments were made to the allocation of funds for various projects, including the cancellation of the "Chip Testing Center Construction" project [3][4]. - The adjusted total investment for the projects is 1,246.3642 million RMB, with 1,028.3289 million RMB allocated from the raised funds [4][5]. Reasons for Using Own Funds - The company opted to use its own funds for personnel costs due to regulatory requirements regarding payment methods and the need for efficient fund management [5][6]. - The use of self-funds allows for compliance with banking regulations and ensures timely payment of salaries and related expenses [5][6]. Operational Process - The company’s human resources department prepares monthly payroll details, which are then approved internally before payment is made from the company's own funds [6]. - A formal process is in place for the subsequent replacement of these costs with raised funds, ensuring proper documentation and compliance with regulations [6]. Impact on Operations - The decision to use self-funds for personnel costs is based on the company's operational needs and is expected to enhance the efficiency of fund usage without affecting the normal implementation of fundraising projects [7][8]. - The supervisory board has approved this approach, affirming that it aligns with the company's development needs and does not harm shareholder interests [8]. Sponsor's Review - The sponsor, Huatai United Securities, has reviewed the company's decision and found it to be in accordance with relevant regulations, confirming that it will not impact the normal execution of fundraising projects [9].