Core Viewpoint - The announcement reveals that Nanjing Mingkai plans to reduce its stake in Songyuan Safety, indicating potential changes in shareholder dynamics and liquidity in the market [1][2]. Shareholder Reduction - Nanjing Mingkai, holding 35,437,497 shares (7.50% of total shares), intends to reduce its holdings by up to 4,727,797 shares (1% of total shares) within three months after the announcement [1][2]. Financial Implications - Based on the closing price of 24.41 CNY per share on November 10, the cash raised from this reduction is estimated to be approximately 115 million CNY [2]. Control Structure - The actual controllers of Songyuan Safety are Hu Chanming, Shen Yanyan, and Hu Kaina, with Hu Chanming holding a 6.67% partnership in Nanjing Mingkai and serving as the executive partner [2]. Fundraising Plans - Songyuan Safety plans to issue convertible bonds to raise up to 965 million CNY, with net proceeds aimed at funding a project for producing 15.2 million automotive safety system components and supplementing working capital [2][3]. Project Investment Breakdown - The total investment for the automotive safety system project is 1.13285 billion CNY, with 675.5 million CNY allocated from the raised funds, and an additional 289.5 million CNY for working capital [3]. Previous Fundraising Activities - Since its listing on September 24, 2020, Songyuan Safety has raised a total of 747 million CNY through two fundraising rounds [5].

Core Points - The company, Songyuan Safety (300893.SZ), has approved a significant increase in the issuance of convertible bonds from a maximum of 275 million yuan to 965 million yuan [1] - The core project, "Annual Production of 15.2 Million Sets of Automotive Safety System Core Components Full Industry Chain Supporting Project," will see its planned investment from the raised funds increase from 275 million yuan to 675.5 million yuan, while the total investment remains unchanged at 1.13285 billion yuan [1] - An additional project for "Supplementing Working Capital" has been introduced, with an intended investment of 289.5 million yuan from the raised funds [1]