Summary by Moomoo AI
Zhejiang Shibao Co., Ltd. (Zhejiang Shibao) announced on April 20, 2024 that it will use some of its idle raising funds for cash management to increase the company's earnings and get more returns for shareholders. The decision was adopted by the Company's 7th Board of Directors and Supervisory Board on April 19, 2024. Zhejiang Seabao's share fundraising total for this issue amounted to approximately RMB3.5 billion, net of issuance costs of approximately RMB 3.44 million. THE COMPANY PLANS TO USE IDLE RAISING FUNDS OF NO MORE THAN RMB 1 MILLION TO PURCHASE SAFE AND LIQUID INVESTMENT PRODUCTS. IT HAS CONDUCTED A THOROUGH AUDIT WITH SPONSOR KWANG SECURITIES CO., LTD. TO ENSURE THAT THIS WILL NOT AFFECT THE COMPANY'S DAY-TO-DAY OPERATIONS AND THE CONSTRUCTION OF THE FUNDRAISING INVESTMENT PROJECT. Referrer has no objection to this cash management issue.