Fundraising Overview - The company completed its initial public offering (IPO) with a total of 14,534,232 shares issued at a price of RMB 55.00 per share, raising a total of RMB 799,382,760.00, with a net amount of RMB 707,379,026.55 after deducting issuance costs [1][2] Fund Management - The company established dedicated accounts for managing the raised funds in compliance with regulatory requirements, ensuring strict approval processes for fund usage [2][3] - The company has signed a tripartite (or quadripartite) supervision agreement with the bank and the sponsor to ensure the funds are used exclusively for their intended purposes [2] Account Closure - The company decided to close a specific fundraising account at Shanghai Pudong Development Bank due to the completion of fund usage, transferring all remaining funds to another account at China Merchants Bank [3][4] - The closure of the fundraising account was completed, and the corresponding supervision agreement with the sponsor and the bank has been terminated [4]

Core Viewpoint - Tiancheng Technology (688603.SH) has faced delays in its fundraising projects, with significant implications for its operational strategy and future growth [1][2]. Group 1: Financial Performance and Fundraising - Tiancheng Technology disclosed a total investment of 112.61 million yuan in fundraising by the end of 2024, with a cumulative investment progress of 15.92% [1]. - The company raised a total of 799.38 million yuan through its IPO, with a net amount of 707.38 million yuan after deducting issuance costs, which was 306.29 million yuan more than originally planned [2]. - The IPO was conducted at a price of 55.00 yuan per share, with 14.53 million shares issued, representing 25% of the total share capital post-issuance [2]. Group 2: Project Development and Delays - The "Annual Production of 30,000 Tons of Special Electronic Materials and Electronic Chemicals Project" and the "Zhuhai R&D Center Construction Project" both have a progress rate of 0%, with completion dates postponed to April 2027 [1]. - The slow progress of the projects is attributed to the company's strategy of unified project planning and design, which requires land acquisition for the Zhuhai R&D Center, which has been delayed due to policy changes [1]. - The company aims to improve the efficiency of fundraising usage and avoid resource duplication, leading to the decision to synchronize the development of related projects [1]. Group 3: Strategic Partnerships - Minsheng Securities Investment Co., a subsidiary of the lead underwriter, participated in a strategic allocation, acquiring 726,711 shares, which is 5% of the total issuance, with an investment amount of approximately 39.97 million yuan [3]. - The shares acquired by Minsheng Investment are subject to a holding period of 24 months from the date of the IPO [3].