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The Yellow River whirlwind will replenish the company’s working capital
I. Basic information on raised funds Approved by China Securities Regulatory Commission (CSRC) [2011] 464, the company issued 45,742,434 shares of RMB ordinary shares (A shares) at an issue price of RMB 14.21 per share. The total amount of funds raised by the company for non-public offering of shares was RMB 649,999,987.14, excluding the issuance expenses such as sponsorship underwriting expenses of RMB 23,749,999.26, and the net proceeds raised was RMB 626,249,987.88. Shenzhen Pengcheng Certified Public Accountants Co., Ltd. has verified the funds of the company's non-public offering of shares on April 22, 2011, and issued the Capital Verification Report (Shenpeng's test word [2011] 0127) Confirmation by inspection. II. Storage and Management of Raised Funds (I) Management of raised funds To regulate the management and use of funds raised by the company, improve the efficiency and effectiveness of the use of raised funds, prevent the use of funds, ensure the safe use of funds, and protect the interests of investors. According to the "Company Law of the People's Republic of China", "Securities Law of the People's Republic of China", "Regulations on the Management of Funds Raised by Listed Companies of the Shanghai Stock Exchange", and other relevant laws, regulations and regulatory documents, combined with the actual situation of the company, the company The “Administrative Measures for the Raised Funds of Henan Huanghe Cyclone (600172) Co., Ltd.†was formulated and approved by the first extraordinary shareholders meeting in 2010. According to the requirements of the “Administrative Measures for Raised Funds of Henan Yellow River Cyclone Co., Ltd.†and in combination with the company's operational needs, the company has stored a special account for the raised funds, and opened funds raised at CITIC Bank (601998) Co., Ltd. Zhengzhou Runhua Sub-branch. Special storage account (account), and in May 2011 signed the "raised funds account" with the sponsor institution CITIC Securities (600030) Co., Ltd., CITIC Bank Co., Ltd. Zhengzhou Runhua Branch (hereinafter referred to as "special bank") Store the Tripartite Supervision Agreement. (II) Storage of raised funds in bank accounts As of June 30, 2012, the storage balance of the bank's special account for non-public offering of raised funds was 6,904,357.78 yuan (including interest income of 3,609,868.35 yuan). III. Use and Balance of Raised Funds The net amount of funds raised by the company for this non-public offering was RMB 626.25 million. The annual investment of 12,000 tons of alloy powder production line project is 316.25 million yuan, and the construction period of the project is 12 months. The annual output of 12 million geological and mineral drilling and drilling superhard composite production line projects is planned to be 310 million. Yuan, the project construction period is 12 months; the planned investment amount of the two projects totals 626.25 million yuan. As of June 30, 2012, the “12,000 tons of alloy powder production line project†and “12 million geological and mineral drilling and drilling superhard composite production line projects†have reached the expected usable status. After the completion of the construction of the two projects, as of June 30, 2012, the actual use of raised funds was 6.2293 million yuan, deducting bank handling fees of 15,800 yuan, and the balance of funds was 6,904,400 yuan (including interest income of 3.609 million yuan), accounting for net proceeds. 1.10%. The details are as follows: IV. Main reasons for raising fund balances 1. The company has better controlled the cost of project construction and equipment procurement by strictly implementing the multi-supplier procurement system and project bidding methods. 2. During the construction of the project, under the premise of ensuring the quality of the project, the company further strengthened the project cost control, supervision and management in line with the principle of strict economy, reducing the total project expenditure. V. Explanation of the balance of raised funds for permanent replenishment of working capital Up to now, the company originally planned to raise funds for project investment to meet the project construction needs. As the company's business scale continues to expand, the company's demand for liquidity is growing. Adequate liquidity can enable the company to continuously expand sales and reduce production costs and increase market competitiveness. Therefore, the company plans to permanently replenish the company's working capital by raising RMB 6,904,400 of the non-public offering balance, which is mainly used to supplement the funds required for production and operation activities such as raw material procurement, thereby improving the efficiency of the use of raised funds, improving the company's operating performance, and realizing shareholders. Maximize the benefits. According to the relevant provisions of the “Regulations on the Management of Funds Raised by Listed Companies of the Shanghai Stock Exchangeâ€, the company is in compliance with the conditions for the use of surplus funds raised to permanently replenish working capital. VI. Relevant review and approval procedures 1. The 2nd Extraordinary Meeting of the 5th Board of Directors of the Company reviewed and approved the Proposal on Permanently Replenishing the Company's Working Capital with the Raised Funds. 2. The 8th meeting of the 5th Board of Supervisors reviewed and approved the Proposal on Permanently Replenishing the Company's Working Capital with Surplus Raised Funds. 3. Opinions of the company's independent directors: In the case that the company's fund-raising investment projects are all completed, the company will use a total of 6,904,400 yuan to replenish the company's working capital, which is in line with the Articles of Association and the listing of listed companies on the Shanghai Stock Exchange. The relevant provisions of the Regulations on Capital Management and the Measures for the Management of Raised Funds of Henan Huanghe Cyclone Co., Ltd. are conducive to improving the efficiency of the use of raised funds and saving the company's financial expenses, in line with the interests of the company and all shareholders. Therefore, the company agreed to permanently replenish the liquidity of the fundraising project funds. VII. Documents for reference 1. Resolutions of the 2nd Extraordinary Meeting of the 5th Board of Directors in 2012 2. Resolutions of the 8th Meeting of the 5th Board of Supervisors 3. Independent Opinions of the Independent Directors on the Company's Surplus Fund Raising Funds to Permanently Replenish the Company's Working Capital