Summary by Moomoo AI
Zhejiang Shibao Co., Ltd. announced on 16 April 2024 that it has signed a three- and four-party regulatory agreement with CITIC Bank, the Industrial and Commercial Bank of China, and the Bank of China to regulate the management of raising funds and protect the interests of investors. The agreement is based on a special object share issuance plan approved by the China Securities and Exchange Commission. The company issued about 3.3 billion shares with a total fundraising amount of about 3.5 billion yuan, net post-issuance costs of about 3.44 billion yuan. The funds raised will be used for technology transformation projects, smart steering system construction, line control technology R&D center projects and supplemental liquidity. THE COMPANY AND ITS SUBSIDIARIES HAVE SET UP SPECIAL ACCOUNTS TO MANAGE THESE FUNDS AND ARE SUPERVISED BY SPONSORSHIP AGENCIES TO DISTRIBUTE THE SECURITIES. The Agreement shall be effective from the date of signature until the exclusive funds are spent in full and in accordance with applicable law.