Core Viewpoint - The company Astone Technology (阿石创) plans to raise up to 900 million yuan through a private placement of A-shares to fund various semiconductor material projects and improve its financial structure [1][3]. Fundraising Details - The fundraising will target no more than 35 specific investors, including securities investment funds, securities companies, insurance institutions, and qualified foreign institutional investors, all subscribing in cash [3]. - The number of shares to be issued will not exceed 45.9661 million shares, accounting for no more than 30% of the company's total share capital before the issuance [3]. - The issue price will be no less than 80% of the average trading price of the company's shares over the 20 trading days prior to the pricing date [3]. Project Investments - The funds will be allocated to several key projects: - **Photoresist Material Project**: Total investment of 146 million yuan, with 145 million yuan from the raised funds, aimed at optimizing production processes and enhancing domestic capabilities in photoresist materials [3]. - **Ultra-Pure Semiconductor Target Material Project**: Total investment of 357 million yuan, with 355 million yuan from the raised funds, focusing on high-purity semiconductor target materials to address supply shortages in the domestic market [3][4]. - **Semiconductor Material R&D Project**: Total investment of 202 million yuan, with 200 million yuan from the raised funds, targeting high-end target materials and high-performance ceramic substrates [4]. Financial Strategy - An additional 200 million yuan from the raised funds will be used to supplement working capital and repay bank loans, aimed at alleviating financial pressure from business expansion and improving the capital structure [4]. - The company has established a three-year dividend plan (2025-2027), prioritizing cash dividends that will not be less than 10% of the distributable profits for the year [5]. Shareholding Structure - The issuance will not change the company's control structure, with the actual controllers maintaining a combined shareholding of 47.34% before the issuance, which will decrease to 36.42% post-issuance [4].