DFSS(SH:603377) Shang Hai Zheng Quan Bao·2026-01-05 00:36Core Viewpoint - The company plans to hold the first bondholders' meeting for the "Dongshi Convertible Bonds" on January 16, 2026, to discuss the termination of certain fundraising investment projects [3][20]. Meeting Details - The bondholders' meeting will take place on January 16, 2026, at 14:00 in Beijing [3]. - The meeting will be conducted both in-person and via communication methods, with voting being recorded [3][10]. - The record date for bondholders is January 8, 2026 [3]. Meeting Agenda - The primary agenda item is to review the proposal to terminate the "Yunnan Dongfang Shishang New Energy Vehicle Purchase Project" and the "Hubei Dongfang Shishang New Energy Vehicle Purchase Project" [7][20]. - The proposal has already been approved by the company's board of directors and requires further approval from the shareholders' meeting and bondholders' meeting [20][48]. Fundraising Project Overview - The company raised a total of 428 million yuan through the issuance of convertible bonds, with a net amount of 419.15 million yuan after deducting fees [21]. - The projects in question have seen limited progress, with the Yunnan project having invested 13.98 million yuan (25.89% completion) and the Hubei project having no investment [25][26]. Reasons for Termination - The decision to terminate the projects is based on changes in market conditions and the company's operational situation, which have created significant uncertainties and risks [25][26]. - The Hubei project is particularly affected by legal issues, including the impending judicial auction of its assets [26][28]. Remaining Fundraising Situation - As of December 30, 2025, the balance in the fundraising account is 397,200 yuan, with significant amounts temporarily used to supplement working capital [27]. - The company is facing challenges in returning the temporarily used funds to the designated account due to various legal and operational issues [28][30]. Board Meeting Decisions - The board of directors unanimously approved the proposal to terminate the fundraising projects, emphasizing the need for resource optimization and long-term development [48][49]. - The decisions made in the board meeting will be submitted for approval at the upcoming shareholders' and bondholders' meetings [50][53].