Core Viewpoint - The company, Zhaomin Technology, announced a plan to issue convertible bonds to raise up to RMB 590 million for various projects, including the production of automotive components and precision engineering plastics [1][2]. Fundraising and Investment Projects - The total investment for the projects is RMB 1.75 billion, with the following allocations: - New production project for 800 million sets of automotive components and ultra-precision engineering plastics: RMB 320 million [2] - Construction of a production base for automotive parts and high-end precision components in Thailand (Phase 1): RMB 110 million [2] - Supplementing working capital: RMB 160 million [2] - The total amount raised from the convertible bond issuance will be fully invested in these projects [1][2]. Convertible Bond Details - The convertible bonds will be issued at a face value of RMB 100 each and will have a term of six years from the issuance date [2][3]. - The bonds will pay interest annually and will allow bondholders to convert them into shares after a six-month period from the issuance [3]. - The issuance will be open to various investors, including individuals and institutions, with specific exclusions as per legal regulations [3]. Company Background - Zhaomin Technology was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on May 28, 2021, raising a total of RMB 857 million, with a net amount of RMB 782 million after expenses [4]. - The company’s initial fundraising plan was to invest RMB 504 million in various projects, including the construction of production bases and a research center [4].
肇民科技拟发不超5.9亿可转债 年内实控人方套现5.6亿