Zhong Guo Jing Ji Wang·2025-11-09 07:40Core Viewpoint - Jinpan Technology (688676.SH) has received approval from the Shanghai Stock Exchange's Sci-Tech Innovation Board for its application to issue convertible bonds to unspecified investors, pending final approval from the China Securities Regulatory Commission (CSRC) [1][2]. Group 1: Convertible Bond Issuance - The total amount to be raised from the issuance of convertible bonds is not to exceed 1.6715 billion yuan, which will be allocated to various projects including intelligent manufacturing for data center power modules and high-efficiency energy-saving equipment [2][3]. - The convertible bonds will be issued at face value of 100 yuan each, with a term of six years from the date of issuance [4][5]. - The bonds will have an annual interest payment structure, with the principal and final year's interest paid upon maturity [5]. Group 2: Project Investment Allocation - The investment projects include: 1. Intelligent manufacturing for data center power modules and high-efficiency energy-saving equipment, with a total investment of approximately 523.42 million yuan, of which 473.37 million yuan will be funded by the bond issuance [3]. 2. High-efficiency liquid-immersed transformers and amorphous alloy core intelligent manufacturing projects, with a total investment of approximately 734.22 million yuan, of which 616.53 million yuan will be funded by the bond issuance [3]. 3. Construction of a research and development office building, with an investment of approximately 82.97 million yuan, funded entirely by the bond issuance [3]. 4. Supplementing working capital with 501.40 million yuan from the bond issuance [3]. Group 3: Regulatory and Market Considerations - The listing committee raised questions regarding the reasonableness of the production capacity planning for the digital factory project and potential risks related to capacity digestion, emphasizing the need for sufficient information disclosure [1].