Forest Packaging(SH:605500) Zheng Quan Zhi Xing·2025-08-25 16:13Fundraising Overview - The company raised a total of RMB 948.5 million by issuing 50 million shares at RMB 18.97 per share, with net proceeds amounting to RMB 889.57 million after deducting issuance costs of RMB 58.93 million [1][4] - The funds were allocated to various projects, including RMB 112.74 million for replacing pre-invested funds, RMB 200.37 million for project investments, and RMB 123.70 million for working capital [1][4] Fund Management - The company established a dedicated account for managing the raised funds, adhering to regulations and guidelines to ensure proper usage and efficiency [1][2] - A tripartite supervision agreement was signed with banks and the underwriter to ensure the funds are used specifically for their intended purposes [1][2] Fund Usage and Adjustments - As of June 30, 2025, the company had one dedicated fundraising account with a balance of RMB 2.26 million [3] - The company approved the temporary use of up to RMB 170 million of idle funds for working capital and cash management, with a commitment to return the funds to the dedicated account within 12 months [5][6] - A significant portion of the funds was redirected from the terminated "Green Eco-Friendly Paper Packaging Online Customization Smart Factory Project" to the new "Annual Production of 500,000 Tons of Packaging Paper Equipment Upgrade Project" due to changes in market conditions [4][8] Project Performance - The company reported that the "Annual Production of 90 million square meters of Carton Packaging Materials Expansion Project" and "Green Eco-Friendly Digital Inkjet Printing Paper Packaging Smart Factory Project" did not meet expected production capacity due to market demand fluctuations [4][8] - The company has extended the construction timeline for the new project to April 2026, following careful planning and adjustments to ensure quality and compliance with regulations [8]