Core Viewpoint - Muxi Co., Ltd. announced a plan to manage idle fundraising of up to RMB 2.9 billion to optimize fund management and enhance short-term financial returns, ensuring that it does not affect the normal progress of its fundraising projects [1] Group 1: Fund Management Announcement - Muxi Co., Ltd. will use part of its idle fundraising for cash management, purchasing high-security, liquid financial products with a maturity of no more than 12 months [1] - The company emphasized that the cash management will strictly control risks and allow for redemption or withdrawal based on project funding needs [1] Group 2: IPO and Stock Performance - Muxi Co., Ltd. was listed on the Sci-Tech Innovation Board on December 17, 2025, raising a net amount of RMB 3.899 billion, with its stock price soaring 7 times on the first day to close at RMB 829.90 per share, resulting in a market capitalization of RMB 332 billion [1] - However, the stock price has declined significantly since the IPO, closing at RMB 505 per share on February 4, 2026 [2] Group 3: Financial Performance Forecast - The company projected a revenue of RMB 1.6 billion to RMB 1.7 billion for 2025, representing a year-on-year growth of 115.32% to 128.78% [4] - Muxi Co., Ltd. expects to incur a net loss attributable to shareholders of RMB 650 million to RMB 798 million for 2025, which is a reduction in losses by 43.36% to 53.86% compared to the previous year [4] Group 4: Industry Context - The practice of using idle fundraising for cash management is not uncommon, as seen with other companies like Moer Technology, which announced a plan to use up to RMB 7.5 billion for similar purposes [5] - In 2025, a majority of the 19 companies listed on the Sci-Tech Innovation Board issued announcements regarding idle fund management, with most limits ranging from 70% to 80%, aligning with Muxi Co., Ltd.'s announced amount [6]

Core Viewpoint - The company has approved a plan to temporarily utilize up to 475 million yuan of idle raised funds for cash management, ensuring that fundraising safety and investment plans are not affected [1] Group 1: Fund Utilization - The approved amount for cash management is capped at 475 million yuan [1] - The usage period for these funds is valid for 12 months from the date of board approval [1] - The funds can be used in a rolling manner [1] Group 2: Investment Strategy - The investment products chosen will be of high safety, good liquidity, and low risk, specifically capital-protected products [1] - The board has authorized the chairman to make decisions regarding the investments, while the financial director will organize the implementation [1] Group 3: Financial Management - The returns from these investments will belong to the company [1] - Priority will be given to replenishing funds for investment projects and daily operations [1] - At maturity, the funds will be returned to the dedicated fundraising account [1]

Group 1 - The company announced a net fundraising amount of 586 million yuan through a private placement of shares [1] - As of September 30, 2025, the company has cumulatively invested 349 million yuan [1] - The company plans to use no more than 120 million yuan of temporarily idle raised funds for cash management, investing in products with a maximum investment period of 12 months that are highly secure, liquid, and have capital protection agreements [1] Group 2 - The validity period for the cash management plan is within 12 months from the date of approval by the board of directors [1] - The funds can be used in a rolling manner [1] - The relevant board meeting and independent director meeting in 2025 have approved this proposal, and the sponsor has no objections [1]

Core Viewpoint - The company, MoEr Thread, plans to utilize up to 7.5 billion RMB of idle raised funds for cash management to enhance the efficiency of fund usage [1][4] Group 1: Fund Management - The company announced it will use idle funds for cash management within a 12-month period following board approval [1][4] - The investment types include safe and liquid products such as time deposits, structured deposits, and large-denomination certificates of deposit [4] - The purpose of this cash management is to improve the efficiency of raised funds while ensuring the safety and planned usage of these funds [4] Group 2: Financial Background - The company raised approximately 7.9996 billion RMB from its initial public offering (IPO), with a net amount of 7.576 billion RMB after deducting issuance costs [4] - The funds from the IPO were fully received by November 28, 2025, and verified by Ernst & Young [4] Group 3: Stock Performance - MoEr Thread's stock surged by 468.78% on its debut day, closing with a 425.46% increase [6] - As of December 11, the stock price had increased by 723.49% compared to the issue price, significantly outperforming related indices [6] - On December 12, the stock experienced a drop of nearly 20%, falling below 800 RMB [7][8] Group 4: Future Outlook - The company is set to hold its first MUSA Developer Conference on December 19-20, where it will unveil a new GPU architecture [7] - For the first nine months of 2025, the company reported a revenue of 785 million RMB and a net loss of 724 million RMB, with an expected net loss for the full year between 730 million and 1.168 billion RMB [7]

Core Viewpoint - The company and its subsidiaries plan to utilize up to 7.5 billion yuan of idle raised funds for cash management, with a usage period of 12 months from the board's approval date [1] Group 1 - The net amount raised from the company's initial public offering (IPO) is 7.576 billion yuan, which was received on November 28, 2025 [1] - The investment will be directed towards purchasing principal-protected products such as agreed deposits [1] - The relevant proposal was approved by the board on December 12, 2025, and does not require shareholder meeting approval [1] Group 2 - Although the investment carries market volatility risks, the company has implemented multiple risk control measures [1] - The sponsor has no objections to this matter [1]

Core Viewpoint - The company plans to utilize up to 2.4 billion yuan of temporarily idle raised funds for cash management, with a validity period of 12 months, allowing for rolling use of the funds [1] Group 1: Fund Management - The board of directors approved the use of idle funds from a specific A-share issuance in 2022, totaling 3.777 billion yuan raised, with a net amount of 3.745 billion yuan as of June 30, 2025 [1] - The company intends to invest in capital-preserving products, ensuring that the investment does not affect the implementation of fundraising projects [1] Group 2: Financial Strategy - The priority of the returns will be to replenish project funds and supplement working capital, with the funds to be returned to a designated account upon maturity [1]

Core Viewpoint - The company announced that its wholly-owned subsidiary will utilize 50 million yuan of idle raised funds for cash management, investing 30 million yuan in CITIC Securities income certificates and 20 million yuan in structured deposits at CITIC Bank's Qingdao branch, both of which are principal-protected floating income products [1] Group 1 - The board and supervisory board approved the use of up to 220 million yuan of idle raised funds for cash management within 12 months [1] - As of June 30, the progress of the company's fundraising projects varies, and this investment will not affect the implementation of these projects [1] - The investment aims to improve the efficiency of fund utilization and potentially enhance performance [1]

Core Viewpoint - Jiangsu Changqing Tree New Materials Technology Co., Ltd. plans to use 49 million yuan of temporarily idle raised funds to purchase structured deposits from Bank of China, Zhenjiang Dagang Branch, with a term of 87 days, starting from September 30 and maturing on December 26 [1] Group 1 - The company previously had a structured deposit of the same amount that matured on September 26, yielding an actual return of 45,100 yuan [1] - On April 11, the company approved a proposal to use up to 550 million yuan of idle raised funds for cash management, valid for 12 months [1] - Although the investment is in a principal-protected product, there are still market volatility risks, and the company has implemented multiple risk control measures [1] Group 2 - The investment is believed to not affect daily operations and fundraising projects, while improving capital efficiency and benefiting shareholders [1]

Group 1 - The independent directors of Shanghai Sinan Navigation Technology Co., Ltd. held their second meeting of 2025 on August 28, 2025, via communication voting, with all three directors present [1][2] - The main agenda was to discuss the proposal for using temporarily idle raised funds for cash management, with a maximum amount of RMB 320 million, which complies with relevant regulations and does not affect the normal implementation of investment projects [1] - The independent directors unanimously agreed to the proposal, with a voting result of 3 in favor, 0 against, and 0 abstentions, and decided to submit it for board review [1]