Tongye Technology's 145 million yuan fundraising project has been completed, with plans to permanently allocate the remaining 14.45 million yuan to supplement working capital.

Shenzhen Tongye Technology Co., Ltd. (Security code: 300960, Stock abbreviation: Tongye Technology) released an announcement on March 26 stating that the company’s 13th meeting of the fourth session of the board of directors deliberated and approved the “Proposal on Completing Certain Funded Projects and Permanently Supplementing Working Capital with the Remaining Raised Funds.”

The announcement shows that the company’s initial public offering stock募集资金 investment project “Maintenance and Warranty Base and Service Outlets Construction and Upgrade Project” has been completed and has reached the scheduled usable condition. The company intends to complete this project and permanently supplement working capital with the remaining募集资金 of RMB 14.45 million.

Basic Information on Raised Funds

Tongye Technology completed its initial public offering stock on March 2021. The company issued 25.60 million shares, with an issue price of RMB 12.08 per share. The total raised funds amounted to RMB 30,924.80 million. After deducting issuance expenses of RMB 4,268.19 million, the actual net raised funds were RMB 26,656.61 million. The raised funds have been deposited in a dedicated account for dedicated management.

Overall Situation of the Raised Fund Projects

According to the company’s prospectus, the initial public offering stock raised funds were originally planned to be invested in five projects, and after adjustment, the total investment amount was RMB 26,656.61 million.

Funds Usage for the Project Being Completed This Time

As of December 31, 2025, the “Maintenance and Warranty Base and Service Outlets Construction and Upgrade Project” has reached the scheduled usable condition. The project is planned to投入募集资金 of RMB 54.41 million, and the actual累计投入 was RMB 43.74 million. The unpaid contract tail payments and warranty funds, etc., amount to RMB 1.48 million. Interest and fees, etc., amount to RMB 3.77 million. The remaining募集资金 is RMB 12.97 million.

The company plans to permanently supplement working capital with the unpaid contract tail payments, warranty funds, etc., and the remaining募集资金 combined amounting to RMB 14.45 million for this project. Relevant subsequent payments will be made by the company with its own funds.

Main Reasons for the Remaining Funds

The announcement states that the remaining募集资金 for this raised fund project mainly comes from three aspects: first, the company optimized its construction方案 and equipment procurement, and reduced equipment purchase costs through methods such as open bidding, multi-party price comparison, and centralized procurement; second, it strengthened project cost management and effectively lowered construction costs and expenses; third, it conducted cash management for idle募集资金, achieving certain cash management returns and interest income from deposits.

Completion of All Raised Fund Projects

After the completion of this “Maintenance and Warranty Base and Service Outlets Construction and Upgrade Project,” all raised fund investment projects from the company’s initial public offering have been fully implemented and have reached the scheduled usable condition. The company plans to permanently supplement working capital with the total of the remaining unpaid contract tail payments, warranty funds, and remaining募集资金 in the initial public offering stock募集资金 account, amounting to RMB 31.23 million.

As of December 31, 2025, the company’s initial public offering stock raised funds are held as follows:

Deliberation Procedures and Sponsor’s Opinion

The proposal has been approved by the company’s board of directors and still needs to be submitted to the shareholders’ meeting for approval. The company’s board of directors agrees to permanently supplement working capital with the remaining raised funds, and authorizes the company’s management to handle the matters related to the cancellation of the relevant raised funds special accounts.

The sponsor, China Merchants Securities Co., Ltd., believes that the matters concerning the completion of certain raised fund projects by Tongye Technology and the permanent supplementation of working capital with the remaining raised funds comply with relevant regulations and requirements, and are conducive to improving the efficiency of the use of raised funds. This also meets the company’s long-term development needs. There is no circumstance that would harm the interests of the company and all its shareholders, especially small and medium shareholders. The sponsor has no objections to this matter.

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