Core Viewpoint - Zhejiang Hailiang Co., Ltd. has announced the cancellation of a special account for raised funds related to its convertible bond issuance, reallocating the remaining funds for working capital purposes [5][6]. Group 1: Fundraising Overview - The company was approved by the China Securities Regulatory Commission to publicly issue convertible bonds totaling RMB 315 million, with a net amount of RMB 312.84 million after deducting issuance costs [1]. - The raised funds are designated for various projects, including the construction of a copper and copper alloy rod production line and several other manufacturing projects [2]. Group 2: Fund Management - The company has implemented a dedicated account management system for the raised funds to ensure proper supervision and usage, in compliance with regulatory requirements [3][4]. - A tripartite supervision agreement was signed with several banks to manage the raised funds effectively [4]. Group 3: Account Cancellation - The board of directors approved the completion of the "annual production of 60,000 tons of intelligent manufacturing line for air conditioning and refrigeration pipes" project, allowing the remaining funds to be used for permanent working capital [5]. - The balance of the special account for the aforementioned project has been transferred to the company's general funds, and the account has been closed [6].

Core Viewpoint - Zhejiang Hailiang Co., Ltd. plans to use up to 80 million yuan of idle raised funds to temporarily supplement working capital, with a usage period not exceeding twelve months from the board's approval date [1][10][12] Group 1: Fundraising and Usage - The company has raised a total of 315 million yuan through the issuance of convertible bonds, with a net amount of 312.84114 million yuan after deducting issuance costs [1] - The raised funds are allocated for various projects, including the construction of copper and copper alloy rod production and the expansion of precision copper tube production lines [2] - The company has implemented special account management for the raised funds to ensure their proper use [2] Group 2: Previous Fund Usage - In previous instances, the company has used idle raised funds to temporarily supplement working capital, including 125.6 million yuan in 2019 and 99.3 million yuan in 2020, with all funds returned to the special account by the specified deadlines [5][6] - The company has also permanently supplemented working capital with surplus funds from completed projects, including 102.62708 million yuan in 2019 and 58.6 million yuan in 2021 [3][6] Group 3: Current Fund Usage Proposal - The current proposal allows for the use of up to 80 million yuan of idle funds for operational activities, ensuring that the original purpose of the raised funds remains unchanged [10][11] - The estimated savings on financial costs from this temporary fund usage is projected to be 2.4 million yuan based on the current bank loan interest rate [10] - The company commits to not engaging in risk investments or providing financial assistance to entities outside its subsidiaries during the fund usage period [10][11] Group 4: Approval and Verification - The board of directors has approved the proposal for using idle funds, adhering to necessary legal procedures [11][12] - The sponsor institution has verified that the fund usage aligns with regulations and does not harm shareholder interests [11][12]