Verification Opinion on the Storage and Usage of Fundraising by Benxi Steel Plate Co., Ltd. for 2025
Guotai Junan Securities Co., Ltd. (hereinafter referred to as "Guotai Junan Securities" or "the Sponsor") is the sponsor for Benxi Steel Plate Co., Ltd. (hereinafter referred to as "Benxi Steel Plate" or "the Company") for its public issuance of convertible bonds in 2019. In accordance with the requirements of the "Regulations on the Management of Sponsorship for Securities Issuance and Listing," "Shenzhen Stock Exchange Stock Listing Rules," and "Regulations on the Supervision of Fundraising by Listed Companies," Guotai Junan Securities has conducted a verification of the storage and usage of funds raised by Benxi Steel Plate for 2025. The verification results are as follows:
1. Basic Situation of Fundraising
(1) Actual Amount Raised and Fund Arrival Time
According to the China Securities Regulatory Commission's approval (Zheng Jian Xu Ke [2020] No. 46), the Company was authorized to publicly issue convertible bonds with a total face value of RMB 6.8 billion, with a term of 6 years. The total amount raised was RMB 6,800,000,000.00, and after deducting underwriting and sponsorship fees of RMB 40,800,000.00 (including input tax of RMB 2,309,433.96), the net amount raised was RMB 6,759,200,000.00. The funds were fully received on July 6, 2020, as detailed below:
| Bank Name | Account Number | Arrival Date | Amount (RMB) |
|---|---|---|---|
| Industrial and Commercial Bank of China, Benxi Branch | 0706000429221039790 | 2020-7-6 | 1,016,200,000.00 |
| Industrial and Commercial Bank of China, Benxi Branch | 0706000429221039666 | 2020-7-6 | 2,000,000,000.00 |
| Bank of China, Benxi Branch | 294779711909 | 2020-7-6 | 833,000,000.00 |
| China Construction Bank, Benxi Branch | 21050165410300000275 | 2020-7-6 | 1,416,000,000.00 |
| GF Securities, Benxi Branch | 9550880026369600223 | 2020-7-6 | 335,000,000.00 |
| GF Securities, Benxi Branch | 9550880026369600133 | 2020-7-6 | 199,000,000.00 |
| Agricultural Bank of China, Benxi Branch | 06405201040030442 | 2020-7-6 | 960,000,000.00 |
| Total | 6,759,200,000.00 |
The above funds have been verified by Lixin Certified Public Accountants (Special General Partnership), which issued verification report No. ZB11494. The Company manages the raised funds under a special account storage system.
(2) Usage and Surplus of Raised Funds
As of December 31, 2025, the Company has cumulatively invested RMB 1,410,000.00 in the fundraising project "High-grade High-magnetic Non-oriented Silicon Steel Project" (of which the amount invested in previous years was RMB 1,410,000.00, and the amount invested this year was RMB 0). The net interest income after deducting fees was RMB 3,282.70, and the balance of the fundraising account was RMB 381,254.65. Other fundraising projects, including "Steel Plant No. 8 Casting Machine Project," "Iron Plant No. 5 Blast Furnace Capacity Replacement Project," "Special Steel Electric Furnace Upgrade Project," "CCPP Power Generation Project," and "Steel Plant No. 4-6 Converter Environmental Renovation Project," have been basically completed. On April 2, 2025, the Company held the 35th meeting of the 9th Board of Directors, which approved the proposal to conclude some fundraising projects and permanently supplement the surplus fundraising of RMB 87,017.62 million (specific amount subject to the bank's interest balance on the day of fund transfer) into working capital for daily operations, while canceling the relevant special fundraising accounts.