Guangdong Jushen Logistics Co., Ltd. (hereinafter referred to as "the Company" or "Jushen") held the 24th meeting of the second board of directors on May 12, 2021, and approved the proposal on using part of the raised funds to increase capital for wholly-owned subsidiaries. The Company agreed to use the raised funds to increase capital by ¥36.37 million for Guangdong Jushen Warehousing Co., Ltd. (hereinafter referred to as "Jushen Warehousing"), ¥97 million for Changji Jushen Logistics Co., Ltd. (hereinafter referred to as "Changji Jushen"), and ¥62.3 million for Qinzhou Jushen International Logistics Co., Ltd. (hereinafter referred to as "Qinzhou Jushen") for investment projects. The relevant details are announced as follows:
1. Basic Information on Raised Funds
The Company’s initial public offering of ordinary shares (A shares) was approved by the China Securities Regulatory Commission (CSRC) (Approval No. [2021] 1117) and agreed upon by the Shenzhen Stock Exchange. The Company publicly issued 32,242,000 shares at a price of ¥15.09 per share, raising a total of ¥486.53 million. After deducting issuance costs of ¥53.47 million, the net amount raised was ¥433.06 million. The raised funds have been verified by Tianjian Accounting Firm (Special General Partnership), which issued the verification report on April 23, 2021.
2. Basic Situation of Raised Funds
According to the prospectus for the initial public offering of Guangdong Jushen Logistics Co., Ltd., the investment projects and the planned use of raised funds are as follows:
| No. | Project Name | Implementing Unit | Total Investment | Amount of Raised Funds |
|---|---|---|---|---|
| 1 | Jushen Zhudong Land Port Project | Changji Jushen | 299.87 million | 223.90 million |
| 2 | Qinzhou Port Logistics Park Project | Qinzhou Jushen | 130.08 million | 97.12 million |
| 3 | Supply Chain Management IT Upgrade | Jushen Warehousing | 48.71 million | 36.37 million |
| 4 | Supplement Working Capital | Jushen | 101.34 million | 75.66 million |
| Total | 580.00 million | 433.06 million |
3. Basic Situation of Capital Increase
The investment project for the Jushen Zhudong Land Port will be implemented by Changji Jushen, with an increase of ¥97 million in capital. After the increase, Changji Jushen's registered capital will be ¥100 million, and the Company will still hold 100% equity. The investment project for the Qinzhou Port Logistics Park will be implemented by Qinzhou Jushen, with an increase of ¥62.3 million in capital. After the increase, Qinzhou Jushen's registered capital will be ¥100 million, and the Company will still hold 100% equity. The investment project for the Supply Chain Management IT Upgrade will be implemented by Jushen Warehousing, with an increase of ¥36.37 million in capital, of which ¥6.37 million will be used for the new registered capital, and ¥30 million will be used for the paid-in capital. After the increase, Jushen Warehousing's registered capital will be ¥68.37 million, and the Company will still hold 100% equity.