Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange on December 11, 2025, regarding its application for a specific issuance of A-shares [1] Group 1 - The company is working with intermediary institutions to address the issues raised in the inquiry letter and will supplement and revise the application documents accordingly [1] - The issuance of A-shares to specific targets is subject to approval by the Shanghai Stock Exchange and registration by the China Securities Regulatory Commission, making the final outcome and timeline uncertain [1] - The company will disclose any progress in a timely manner [1]

Core Viewpoint - The company plans to issue up to 1.136 billion A-shares to no more than 35 specific investors, raising a maximum of 2 billion yuan [1] Group 1: Share Issuance Details - The controlling shareholder, Southern Power Grid, intends to subscribe for no less than 41.26% of the issued shares, with a subscription amount not exceeding 1 billion yuan [1] - The pricing benchmark date for the issuance is set for the first day of the issuance period, with the price being no less than 80% of the average trading price of the company's shares over the previous 20 trading days [1] - This transaction constitutes a related party transaction and requires approval from the company's shareholders' meeting, Shenzhen Stock Exchange, and registration consent from the China Securities Regulatory Commission [1]

Core Viewpoint - The company plans to raise up to 800 million yuan through a private placement of A-shares, with the net proceeds allocated to various projects including the industrialization of core components for intelligent transmission systems, equipment development, technology research, and working capital replenishment [1] Summary by Categories Fundraising Details - The company intends to issue no more than 18.8552 million shares at a price not lower than 80% of the average stock price over the 20 trading days prior to the pricing benchmark [1] Use of Proceeds - The net proceeds after deducting issuance costs will be fully utilized for: - Industrialization projects for core components of intelligent transmission systems - Equipment development and industrialization projects - Construction of a technology research and application center - Supplementing working capital and repaying debts [1] Regulatory Process - The final issuance targets will be determined after the company receives the registration decision from the China Securities Regulatory Commission, in consultation with the lead underwriter [1]

Core Viewpoint - Shanghai Huide Technology Co., Ltd. is preparing to issue A-shares to specific investors in 2025, with the total amount of funds raised not exceeding RMB 580 million, which will be used for polyurethane new material projects [13][14]. Group 1: Issuance Approval and Authorization - The company's board of directors and shareholders have approved the resolution to issue A-shares to specific investors, which will be submitted for review at the first temporary shareholders' meeting in 2025 [9][15]. - The issuance plan includes several proposals, such as the feasibility analysis report for the use of raised funds and measures to mitigate the dilution of immediate returns [8][9]. Group 2: Issuance Details - The issuance will involve the issuance of domestic listed ordinary shares (A-shares) with a par value of RMB 1.00 per share [10]. - The issuance will target no more than 35 specific investors, including qualified domestic institutional investors and natural persons, with all investors subscribing at the same price in cash [10][24]. - The final issuance price will not be lower than 80% of the average trading price of the company's shares over the 20 trading days prior to the pricing benchmark date [12][24]. Group 3: Fund Utilization - The net proceeds from the issuance will be fully allocated to the polyurethane new material project, and if the actual net proceeds are less than the planned amount, the company will adjust the investment projects accordingly [14][22]. - The company may use self-raised funds for the project before the proceeds are in place, with a plan to replace them once the funds are available [14]. Group 4: Company Background - Shanghai Huide Technology Co., Ltd. was established on June 25, 2007, with a registered capital of RMB 1.4113 billion and is engaged in the research, production, and sales of polyurethane resin products [16][17]. - The company is listed on the Shanghai Stock Exchange, with its stock trading under the name "Huide Technology" and the stock code "603192" [17][32]. Group 5: Shareholder Structure - The major shareholders include Huide Group, which holds 35% of the shares, and the actual controllers are Qian Jianzhong and Yan Qun, who collectively control 69.07% of the company [30][31]. - The controlling shareholder's shares are not pledged, ensuring stability in the company's ownership structure [31].

Core Viewpoint - The company has decided to extend the validity period of the resolution for issuing A-shares to specific targets by an additional 12 months, ensuring the smooth progress of the issuance process [1][2]. Group 1: Basic Information - The company held its fourth meeting of the tenth board and the fourth meeting of the tenth supervisory board on July 13, 2025, to review and approve the proposal to extend the validity period of the A-share issuance resolution [1]. - The original resolution for the issuance was approved at the first extraordinary general meeting of shareholders on August 27, 2024, with a validity period of 12 months from the date of approval [2]. Group 2: Proposal Details - The company plans to submit the extension proposal to the second extraordinary general meeting of shareholders in 2025 for approval [2]. - Aside from the extension of the validity period, all other aspects of the issuance plan will remain unchanged [2].

Group 1 - The core viewpoint of the report emphasizes that the A-share directed issuance market is closely linked to policy and institutional development, with policy being the main driving force for market growth [1][2] - The report outlines the evolution of the A-share directed issuance market through four stages: initiation (2006-2013), expansion (2014-2016), regulation (2017-2019), and optimization (2020-present) [4][9][11][14] - The current market environment, characterized by a 14% discount rate, indicates a certain safety margin for investors, suggesting that participation in the directed issuance market is timely [2][30] Group 2 - The report analyzes the average return of directed issuance over the past 15 years, which stands at 15.76%, significantly outperforming the average return of the CSI 300 index at 3.26% [30] - It highlights that in 8 out of the last 15 years, the post-lockup return was positive, and in 10 years, it achieved excess returns compared to the CSI 300 index, indicating a favorable investment success rate [30] - The report notes that the correlation between post-lockup returns and market conditions is significant, with higher returns occurring during periods of relaxed policies and favorable market conditions [36] Group 3 - The report discusses the impact of policy adjustments on the issuance conditions and thresholds, which directly affect the feasibility of corporate directed issuance [19] - It emphasizes the importance of pricing mechanisms and the reduction of arbitrage opportunities, which have been influenced by regulatory changes over the years [21] - The report also highlights the shift in funding direction towards key sectors such as renewable energy and high-end manufacturing, driven by regulatory guidance [22][27] Group 4 - The report indicates that the current market is suitable for participation in directed issuance, as the average post-lockup return exceeds 10%, significantly surpassing the CSI 300 index [38] - It points out that the lock-up period for directed issuance shares creates a discount rate, which varies inversely with market conditions, suggesting a strategic approach for investors [38] - The report concludes that the ongoing support from regulatory authorities and favorable macroeconomic conditions present new investment opportunities in the directed issuance market [2][25]