MJNY(SZ:000723) Shang Hai Zheng Quan Bao·2025-11-07 19:42Core Viewpoint - Shanxi Meijin Energy Co., Ltd. has decided to terminate part of its fundraising investment project related to the hydrogen fuel cell power system and permanently supplement the remaining funds into working capital to improve fund utilization efficiency [3][10][15]. Meeting Overview - The 46th meeting of the 10th Board of Directors was held on November 7, 2025, via communication, with all 9 directors participating [2][4]. - The meeting was chaired by Chairman Yao Jinlong, and the procedures complied with relevant laws and regulations [2]. Resolutions Passed - The board unanimously approved the proposal to terminate the hydrogen fuel cell project, which had an investment progress of 29.37% and a remaining balance of 179.18 million yuan [3][11][15]. - A notice for the 2025 Fourth Extraordinary General Meeting of Shareholders was approved, scheduled for November 25, 2025 [5][6]. - The board also approved the convening of the first bondholders' meeting for "Meijin Convertible Bonds" on the same date [7][8]. Fundraising Project Details - The total amount raised from the convertible bond issuance was 3.59 billion yuan, with a net amount of approximately 3.56 billion yuan after deducting issuance costs [10][11]. - The terminated project had received 73.43 million yuan in funding, with 17.92 million yuan remaining, accounting for 5.04% of the net fundraising amount [11][12]. Project Termination Rationale - The decision to terminate the project was based on changes in the implementation environment, business conditions, and funding needs, aiming to reduce investment risks and enhance fund utilization [11][15]. - The project faced delays due to the city not being included in the national fuel cell vehicle application demonstration city group and slower-than-expected promotion of hydrogen fuel cell vehicles [14][15]. Future Plans - The company plans to utilize the existing facilities and infrastructure to attract partners for collaborative research and production in hydrogen energy transportation and storage, adopting a platform-based, integrated light asset operation model [14][15].