Summary by Moomoo AI
On 19 April 2024, Zhejiang Shibao adopted a written motion of the Board of Directors and Supervisory Board to temporarily supplement liquidity with a period of 12 months using idle fundraising of not more than RMB14,290 million. This is designed to improve the efficiency of the use of funds and reduce financial costs, and to ensure that it does not affect the normal course of the fundraising investment project. The company has previously issued shares to specific audiences with a total raised amount of approximately RMB3.5 billion, net post-issuance costs of approximately RMB3.44 million. The funds raised will mainly be used for four investment projects, including the Automotive Intelligent Steering System Technology Modification and R&D Centre. THE COMPANY EMPHASIZES THAT THE USE OF IDLE CAPITAL IS LIMITED TO PRODUCTION ACTIVITIES RELATED TO THE MAIN BUSINESS AND MAY NOT BE USED FOR NEW SHARE DISTRIBUTIONS, APPLICATIONS OR TRANSACTIONS OF SHARES AND THEIR DERIVATIVES. The use of the funds raised by the sponsoring institution is without objection.