Zheng Quan Zhi Xing·2025-07-17 16:07Core Viewpoint - The report outlines the approval and process for using self-owned funds by Cambricon Technologies Corporation Limited to pay for fundraising projects, subsequently replacing these funds with raised capital, ensuring compliance with regulatory requirements [1][5][7]. Fundraising Overview - The company raised a net amount of RMB 1,649,290,009.61 through a specific issuance of A-shares in 2022, as approved by the Shanghai Stock Exchange and the China Securities Regulatory Commission [1][2]. - The funds will be allocated to projects including the "Advanced Process Platform Chip Project" and the "Stable Process Platform Chip Project," with an additional investment of RMB 600 million into its wholly-owned subsidiary, Shanghai Cambricon Information Technology Co., Ltd. [2]. Project Investment Details - The company approved the addition of Shanghai Cambricon as the implementation entity for new projects, including the "General Intelligent Processor Technology R&D Project" [3]. - The investment amount for the "Stable Process Platform Chip Project" was adjusted from RMB 699.7368 million to RMB 449.7368 million, with the reduced RMB 250 million allocated to supplement the company's working capital [3]. Use of Self-Owned Funds - The company utilized self-owned funds for project payments due to regulatory requirements regarding employee compensation and social insurance, which cannot be paid directly from the fundraising account [4]. - The process involves using self-owned funds initially and then replacing them with equivalent amounts from the fundraising account after proper accounting [4]. Impact on Operations - The use of self-owned funds is expected to enhance operational efficiency and ensure the smooth progress of fundraising projects without affecting the normal conduct of these projects [5]. Approval Process - The board and supervisory committee approved the use of self-owned funds for project payments, ensuring compliance with internal procedures and regulatory standards [5][6]. Sponsor's Verification Opinion - The sponsor, CITIC Securities, confirmed that the use of self-owned funds and subsequent replacement with raised funds complies with relevant regulations and does not harm shareholder interests [5][6].