BOCO(SH:600289) Zheng Quan Zhi Xing·2025-08-29 12:17Summary of Key Points Core Viewpoint The report outlines the fundraising activities and management of Yiyang Xintong Co., Ltd., highlighting the challenges faced due to judicial freezes on fundraising accounts, which have significantly impacted the company's ability to utilize the raised funds effectively. Fundraising Overview - The company raised a total of RMB 111,143.30 million through the issuance of 65,129,400 shares at a price of RMB 17.065 per share, with a net amount of RMB 109,587.29 million after deducting issuance costs of RMB 1,556.01 million [1] - As of June 30, 2025, the company had invested RMB 47,819.59 million in fundraising projects, with RMB 32,934.54 million utilized from the raised funds [2][9] Fund Management - The company established a fundraising management system in compliance with relevant laws and regulations, which was revised in 2024 to meet updated regulatory requirements [2][3] - Special accounts for fundraising were opened at various banks, and strict approval procedures were implemented to ensure the funds are used for their intended purposes [3] Judicial Freezes and Impact - Judicial freezes have cumulatively reduced the balance of the fundraising accounts by RMB 49,346.93 million, severely limiting the company's ability to use these funds [4][5] - The company has faced significant operational challenges due to these freezes, leading to a temporary halt in fundraising project implementations [5][9] Project Termination - On August 28, 2025, the company decided to terminate several fundraising projects, including the "Smart City Construction Project" and others, reallocating the remaining unused funds to supplement working capital [6][8] Financial Summary - As of June 30, 2025, the total amount raised was RMB 109,587.29 million, with RMB 32,934.54 million utilized, leaving RMB 14,885.05 million unspent from the fundraising accounts [7][9]