Wetown Electric(SH:688226) Shang Hai Zheng Quan Bao·2025-12-30 23:43Core Viewpoint - The company has decided to postpone the completion date of the "5GWh Energy Storage System Construction Project" to April 2026, based on a careful assessment of industry developments and project conditions [4][5][7]. Group 1: Fundraising Overview - The company has received approval from the China Securities Regulatory Commission to issue 30,000,000 shares at a price of RMB 19.27 per share, raising a total of RMB 578.1 million, with a net amount of RMB 569.86 million after deducting issuance costs [2]. - The funds are managed in a dedicated account, with oversight agreements in place with the sponsor and the supervising bank [2]. Group 2: Project Details - The company has outlined the investment status of the fundraising projects as of December 29, 2025, detailing the cumulative investment amounts [3]. - The postponement of the project does not alter the investment subject, purpose, or scale [5][7]. Group 3: Reasons for Delay - The delay is attributed to the rapid evolution of core components in energy storage products, necessitating adjustments to the production line to enhance efficiency and longevity [4]. - The company aims to align the new production line with future mainstream battery technologies [4]. Group 4: Impact of Delay - The postponement is a strategic decision that will not affect the project's implementation or the interests of shareholders, particularly minority shareholders [7]. - The delay is expected to improve capital efficiency and resource allocation, aligning with the company's long-term strategic goals [7]. Group 5: Approval Process - The board of directors approved the postponement during a meeting on December 29, 2025, and the matter does not require shareholder approval [8]. Group 6: Sponsor's Opinion - The sponsor has confirmed that the delay is a prudent decision based on industry conditions and will not change the investment total, subject, or purpose [9][10].