Core Viewpoint - Jiangsu Huahai Chengke New Materials Co., Ltd. has signed a tripartite supervision agreement for the storage of raised funds, ensuring compliance with regulations and protecting investor rights [1][2][3] Fundraising Overview - The company has received approval from the China Securities Regulatory Commission to issue shares and convertible bonds to raise up to 800 million RMB, with a net amount of approximately 781.71 million RMB after deducting issuance costs [2][3] - A total of 9,618,852 shares were issued at a price of 83.17 RMB per share, with the funds received on December 10, 2025 [2][3] Fund Management and Supervision Agreement - The company has established special accounts for the raised funds with several banks, including Zheshang Bank and China Construction Bank, and signed a tripartite supervision agreement with its financial advisor, CITIC Securities [3][5] - The special accounts are designated solely for specific projects, including advanced packaging materials production lines, and cannot be used for other purposes [5][10] - The financial advisor is responsible for ongoing supervision of the fund usage, conducting at least biannual audits of the fund's storage and usage [7][12] Specific Account Details - The special accounts have been opened with various banks, and the balances were reported as zero as of early December 2025 [5][10][19] - The agreements stipulate that any withdrawals exceeding 50 million RMB or 20% of the net raised funds must be reported to the financial advisor [9][13] Compliance and Reporting - The agreements require monthly account statements to be provided to the company and the financial advisor, ensuring transparency in fund management [8][21] - Any violations of the agreements by any party will result in liability for damages, and the agreements will remain effective until all funds are disbursed and accounts are closed [10][27]

Group 1: Market Dynamics - As of September 15, 2025, there were 16 new private placement projects added, a decrease of 10 projects compared to the previous period[6] - The number of terminated projects was 6, down by 4 projects from the previous period[6] - The approval rate for projects was 100%, with 10 projects approved by the review committee, an increase of 2 projects[17] Group 2: Fundraising and Valuation - The total fundraising amount for the three listed projects in the last two weeks was 11.281 billion yuan, a decrease of 32.21%[32] - The average price discount rate for the successful project "Fulede" was 13.26%, with a market price discount rate of 16.25%[32] - Zhongke Xingtou plans to raise up to 2.488 billion yuan for various projects, with a projected revenue growth rate exceeding 20% for 2024 and H1 2025[23] Group 3: Performance Metrics - The average absolute return for newly unlocked competitive projects was 33.82%, a decrease of 74.78 percentage points[32] - The average absolute return for pricing projects was 52.71%, down by 32.70 percentage points[32] - The average market price discount rate for pricing projects was 54.35%, an increase of 31.31 percentage points[32] Group 4: Risks - Risks include slower-than-expected review progress, stock price volatility in the secondary market, and changes in the pricing environment for private placements[32]