Core Viewpoint - Pan-Asia Micro透 (688386.SH) plans to raise up to 698.51 million yuan through a private placement of shares, with proceeds allocated for various projects including smart manufacturing upgrades and 6G communication technology [1][2]. Group 1: Fundraising Details - The total amount to be raised is capped at 698.51 million yuan, net of issuance costs, to be used for projects such as CMD product smart manufacturing upgrades, low dielectric loss FCCL flexible copper clad laminate industrialization for 6G communications, R&D center construction, and working capital [1]. - The issuance will consist of domestic listed ordinary shares (A-shares) with a par value of 1.00 yuan per share, and will be conducted through a private placement to no more than 35 specific investors [1][2]. Group 2: Shareholder Structure - As of the announcement date, Zhang Yun holds 25,364,907 shares, representing 27.87% of the company, while his associates hold 3,113,131 shares and 952,028 shares, representing 3.42% and 1.05% respectively, totaling 32.34% [3]. - After the issuance of up to 27,300,000 shares, the total share capital will increase to 118,300,000 shares, reducing Zhang Yun's ownership to 21.44%, while the combined control of Zhang Yun and his associates will decrease to 24.88% [3]. Group 3: Historical Context - On August 24, 2025, Pan-Asia Micro透's stock price reached a peak of 72.14 yuan per share, marking a historical high in nearly three years [4]. - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 16, 2020, raising 285 million yuan, with a net amount of 238 million yuan after issuance costs [4]. Group 4: Strategic Investors - The strategic placement investors include subsidiaries of the underwriting institution, Dongfang Securities, which received 875,000 shares valued at 14.25 million yuan, with a lock-up period of 24 months [5]. - Employee stock ownership plans allocated 1.75 million shares valued at 28.49 million yuan, also with a 24-month lock-up period [5].

Group 1 - Pan-Asia Micro透 announced a specific stock issuance approved by the board, targeting no more than 35 investors, with a maximum of 27.3 million shares to be issued, accounting for up to 30% of the total share capital before the issuance [1] - The issuance price will be no less than 80% of the average trading price over the last 20 trading days prior to the pricing date, aiming to raise approximately 699 million yuan [1] - The raised funds will be allocated to several projects, including intelligent manufacturing upgrades for CMD products (approximately 119 million yuan), industrialization of low dielectric loss FCCL flexible copper-clad laminates for 6G communications (approximately 216 million yuan), construction of a research center (approximately 154 million yuan), and replenishing working capital (approximately 209 million yuan) [1] Group 2 - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to a surge in stock prices for related listed companies [2]

Group 1 - The company, Jiangsu Pan Asian Microvent Tech Co., Ltd., plans to issue shares to specific investors, with a total fundraising amount not exceeding 698.51 million yuan (approximately 69.85 million) [21][24]. - The funds raised will be primarily used for the industrialization project of low dielectric loss flexible copper clad laminates (FCCL) for 6G communication, with a total project investment of 886.35 million yuan [21][24]. - The issuance will not exceed 27.3 million shares, which is 30% of the company's total share capital before the issuance [20][21]. Group 2 - The company aims to enhance its production capacity for CMD (Condensation Management Device) products, which have seen a compound annual growth rate of 101% in sales revenue from 2022 to 2024 [25][26]. - The CMD products are already applied in various automotive brands, including Mercedes-Benz, BMW, and Volkswagen, indicating strong market acceptance [28][29]. - The company has a robust intellectual property portfolio with 35 authorized patents related to CMD products, ensuring competitive advantages in the market [29]. Group 3 - The flexible copper clad laminates (FCCL) are crucial for high-frequency and high-speed flexible printed circuits (FPC), which are increasingly demanded in sectors like 5G/6G communication, aerospace, and new energy vehicles [10][14]. - The project aims to break the foreign monopoly on high-end FCCL products, responding to national strategies for material independence and supply chain stability [10][14]. - The company is positioned to meet the growing market demand for high-performance electronic materials, driven by advancements in technology and infrastructure [11][12].

Fundraising Plan - The company plans to raise a total of up to 698.51 million yuan through a targeted stock issuance, with the net proceeds allocated to projects including the CMD product intelligent manufacturing upgrade and the industrialization of low dielectric loss FCCL flexible copper-clad laminates [1] CMD Product Market Response - The CMD product sales revenue has shown a compound annual growth rate of 101% from 2022 to 2024, indicating strong market demand and growth potential [2] - The company aims to expand CMD production capacity to meet increasing market demand and avoid missing growth opportunities [2][3] Product Line Expansion - The company plans to update and expand its product line to address diverse customer needs across various application scenarios, including automotive, outdoor energy storage, security, consumer electronics, and photovoltaics [2][4] Automation and Production Process Improvement - The company intends to reduce reliance on manual labor by introducing advanced automation and intelligent production equipment, which will enhance production efficiency and product quality [3][4] Customer and Channel Resources - The company has established strong relationships with major automotive manufacturers, ensuring a steady demand for CMD products as they are integrated into various vehicle models [4] Technological Innovation and Intellectual Property - The company has developed a robust portfolio of 35 authorized patents related to CMD products, including 11 invention patents in China and 6 international patents, which supports its competitive edge in the market [5] Policy Support and Industry Trends - National policies promoting automotive consumption and manufacturing upgrades create a favorable environment for the company's fundraising projects, aligning with industry growth trends [5][6] FCCL Project Overview - The FCCL project aims to produce high-frequency, low-dielectric-loss flexible copper-clad laminates, which are essential for 5G/6G communications and other high-tech applications [6][7] Market Demand for FCCL - The demand for high-performance FCCL is increasing due to the rapid development of 5G/6G communications and the need for lightweight electronic products [7][8] Sustainable Development and R&D Center - The company plans to enhance its R&D capabilities by constructing a new R&D center, which will support ongoing innovation and the development of advanced materials [14][15] Financial Impact of Fundraising - The fundraising will optimize the company's capital structure, reduce debt levels, and enhance financial stability, thereby improving its ability to manage risks [19][20]

Core Viewpoint - Pan-Asia Microelectronics (688386.SH) plans to raise a total of no more than 698.51 million yuan through a private placement of shares, with the net proceeds intended for various projects including smart manufacturing upgrades, 6G communication materials, R&D center construction, and working capital [1] Group 1 - The total amount to be raised is capped at 698.51 million yuan [1] - The net proceeds after deducting issuance costs will be allocated to specific projects [1] - The projects include CMD product smart manufacturing upgrades and the industrialization of low dielectric loss FCCL flexible copper-clad laminates for 6G communications [1] Group 2 - Additional funding will be directed towards the construction of a research and development center [1] - A portion of the funds will also be used to supplement working capital [1]