Zheng Quan Zhi Xing·2025-08-07 16:24Fundraising Overview - The company has issued convertible bonds with a total face value of RMB 480 million, with a net fundraising amount of RMB 466.97 million after deducting issuance costs [1][2] - The funds are stored in a dedicated account, and a regulatory agreement has been signed with the underwriter and the bank [2] Fund Allocation Changes - The company decided to adjust the investment amount for the "New Energy Direct Current Contactor Expansion Project" from RMB 20 million to RMB 5.75 million due to lower-than-expected fundraising and changes in market conditions [2][6] - The reduced funds will be redirected to a new project, "High-end Electronic Vacuum Devices and Integrated Systems Intelligent Manufacturing Expansion Project," expected to be completed by 2027 [2][7] Project Details - The new project will focus on high-tech vacuum capacitors, vacuum relays, and vacuum active devices, aiming to enhance production scale and product quality [7][9] - The total investment for the new project is estimated at RMB 147.8 million, with RMB 142.5 million sourced from the raised funds [9][10] Market Context - The semiconductor equipment industry is experiencing rapid growth, with the market size in China increasing from RMB 96.84 billion in 2019 to RMB 219.02 billion in 2023 [14] - The demand for electronic vacuum devices is expected to rise significantly due to advancements in semiconductor manufacturing and the growth of the aerospace sector [14][15] Strategic Importance - The project aims to solidify the company's position in the high-end market and enhance its competitive edge by leveraging proprietary technologies [13][14] - The company has established a strong customer base, including key players in the semiconductor and aerospace industries, ensuring a reliable market for its products [11][12] Approval Process - The changes to the fundraising project have been approved by the company's board and supervisory committee, pending further approval from the shareholders' meeting [17][18] - The underwriter has confirmed that the company has followed necessary procedures and complies with relevant regulations [18]