Core Viewpoint - Jingwang Electronics (603228.SH) announced a significant change in shareholder equity due to the completion of its 2024 equity incentive plan, resulting in a dilution of shareholding for major shareholders, reducing their combined stake from 65.54% to 60.00% [1][3]. Shareholder Changes - The total number of shares held by major shareholders decreased from 588,657,775 shares to 562,615,975 shares, reflecting a reduction in ownership percentage from 65.54% to 60.00% [1][2]. - Major shareholders include Shenzhen Jinghong Yongtai Investment Holding Co., Ltd. and Zhichuang Investment Co., Ltd., both of which saw their shareholdings decline [2]. Equity Incentive Plan and Share Dilution - From July 17, 2024, to June 15, 2025, the company granted 2,129,800 restricted shares and repurchased 206,800 shares, leading to an increase in total shares from 898,181,889 to 934,950,557 [3]. - The conversion of convertible bonds also contributed to the increase in total shares, with a total of 34,441,249 shares converted from "Jing 20 Convertible Bonds" and 404,419 shares from "Jing 23 Convertible Bonds" [3]. Financial Impact - Between June 16, 2025, and July 3, 2025, the weighted average price of Jingwang Electronics was 36.909 yuan, resulting in a cash-out amount of 961 million yuan for the major shareholders after a reduction of 26,041,800 shares [3][4].

Core Viewpoint - The report outlines the equity changes of Shenzhen Jingwang Electronics Co., Ltd., indicating a reduction in shareholding due to stock incentive plans and convertible bond conversions, leading to passive dilution of the stakeholders' shares [1][6][9]. Group 1: Equity Change Details - The equity change is attributed to the completion of the stock incentive plan, the repurchase and cancellation of some restricted stocks, and the conversion of convertible bonds, resulting in an increase in total share capital and a decrease in the percentage of shares held by the information disclosing parties [6][8]. - Before the equity change, the information disclosing parties held a total of 588,657,775 shares, representing 65.54% of the total share capital of 898,181,889 shares. After the change, they hold 562,615,975 shares, which is 60.00% of the new total share capital of 937,693,150 shares [7][8]. Group 2: Shareholding Structure - The major shareholders include Shenzhen Jinghong Yongtai Investment Holding Co., Ltd. and Zhichuang Investment Co., Ltd., with significant stakes held by individuals such as Liu Shaobai and Huang Xiaofen [3][4]. - The shareholding structure indicates that the information disclosing parties collectively hold 60.00% of the company post-equity change, down from 65.54% [5][9]. Group 3: Future Plans - The company plans to reduce its shares through centralized bidding and block trading, with a total of 9.35 million shares (1% of total share capital) and 18.63 million shares (2% of total share capital) to be sold within a specified timeframe [6][7]. - There are no current plans for the information disclosing parties to increase or decrease their holdings in the next 12 months, unless required by regulatory disclosures [7][10].

Core Points - The company has approved the use of up to RMB 300 million of idle raised funds for cash management, with specific allocations for "Jing 20 Convertible Bonds" and "Jing 23 Convertible Bonds" [1][16] - The purpose of this cash management is to enhance the efficiency of fund usage while ensuring the safety of the raised funds and not affecting the implementation of investment projects [1][14] - The funds for this investment are entirely sourced from temporarily idle raised funds [2] Summary by Sections 1. Overview of the Financial Management - The company and its subsidiary, Zhuhai Jingwang, will use up to RMB 30 million of idle raised funds for cash management, with a maximum of RMB 5 million from "Jing 20 Convertible Bonds" and RMB 25 million from "Jing 23 Convertible Bonds" [1][16] - The usage period is valid for 12 months from the date of board approval, allowing for rolling use of funds within the specified limits [1][16] 2. Source of Funds - The funds for the financial management are entirely from temporarily idle raised funds [2] 3. Basic Information on Raised Funds - The company issued "Jing 20 Convertible Bonds" on August 24, 2020, raising a total of RMB 178 million, with a net amount of RMB 176.02 million after expenses [2] - The company also issued "Jing 23 Convertible Bonds" on April 4, 2023, raising a total of RMB 115.4 million, with a net amount of RMB 113.96 million after expenses [3] 4. Details of the Financial Products - The company has subscribed to structured deposit products from Bank of China, with a total investment of RMB 160 million [5] - The structured deposits have varying terms of 35 days and 37 days, with expected annualized returns ranging from 0.84% to 2.08% depending on market conditions [8][12] 5. Risk Control Measures - The company adheres to prudent investment principles, selecting reputable and capable institutions for investment products [6] - An internal audit department will oversee the use and custody of funds, ensuring compliance and timely reporting to the board [6][7] 6. Impact on Investment Projects - The cash management of idle raised funds will not affect the normal operation of investment projects or the use of raised funds, ensuring compliance with regulations [14][17] 7. Trustee Information - Bank of China, a publicly listed company, serves as the trustee for the structured deposits, with no related party relationships with the company [15]

Core Viewpoint - Shenzhen Jingwang Electronics Co., Ltd. has announced the use of idle raised funds for cash management, with a total amount not exceeding RMB 600 million for "Jing 23 Convertible Bonds" and RMB 70 million for "Jing 20 Convertible Bonds" [1][3]. Group 1 - The company’s board of directors approved the use of idle raised funds for cash management, with a validity period of 12 months from the date of approval [1]. - The company redeemed previously used idle raised funds from matured financial products, with a total principal of RMB 272 million and a total return of RMB 442,300 [3]. - The redeemed principal and returns have been fully returned to the special account for raised funds [3]. Group 2 - The company has disclosed its recent twelve-month usage of raised funds for entrusted financial management [4]. - The specific details of the financial management activities and their outcomes are available in the company's announcements on the Shanghai Stock Exchange [2].