Kinco Automation( Shanghai) (SH:688160) Shang Hai Zheng Quan Bao·2025-09-18 20:38Fundraising Overview - The company Shanghai Buke Automation Co., Ltd. successfully raised a total of RMB 427.14 million by issuing 21 million shares at a price of RMB 20.34 per share, with a net amount of RMB 381.45 million after deducting issuance costs [1] - The funds were fully deposited and verified by Tianjian Accounting Firm, with the verification report issued on November 9, 2020 [1] Fundraising Account Management - The company opened specialized fundraising accounts at various banks, including China Construction Bank and Guangfa Bank, to ensure proper management and usage of the raised funds [2][3] - Multiple tripartite and quadripartite regulatory agreements were signed with the banks and the sponsor, Haitong Securities, to oversee the management of these accounts [3][4] Account Cancellations - Several fundraising accounts have been canceled over the years, including two accounts at China Construction Bank in May 2021 and August 2021, and others at Guangfa Bank and China Construction Bank in subsequent years [5][6][7] - The cancellation of these accounts led to the termination of the associated regulatory agreements [5][6][7] Fund Utilization - The company allocated RMB 120 million of the raised funds to its wholly-owned subsidiary, Shenzhen Buke Electric Co., Ltd., for project implementation, including RMB 46 million for the "Production Center Upgrade Project" [7] - In August 2022, the company approved a change in the investment project from "Production Center Upgrade Project" to "Intelligent Manufacturing Production Base Construction Project," with funds being redirected to another subsidiary, Changzhou Jingna Motor Co., Ltd. [8][9]