Minsheng Securities Co., Ltd. (hereinafter referred to as "Minsheng Securities" or "the Sponsor") is the ongoing supervisory sponsor for Guangdong Jushen Logistics Co., Ltd. (hereinafter referred to as "Jushen" or "the Company"). In accordance with the relevant laws and regulations, including the "Regulatory Guidelines No. 2 for Listed Companies - Management and Use of Raised Funds" and the "Self-Regulatory Guidelines No. 1 for Listed Companies on the Shenzhen Stock Exchange - Standard Operations for Main Board Listed Companies," Minsheng Securities has conducted a review of Jushen's use of part of the temporarily idle raised funds to supplement working capital. The review opinions are as follows:
- Basic Situation of Raised Funds
According to the China Securities Regulatory Commission's approval of Guangdong Jushen Logistics Co., Ltd.'s initial public offering (Approval No. [2021] 1117), the Company publicly issued 32,242,000 ordinary shares (A shares) with a par value of RMB 1.00 per share at an issue price of RMB 15.09 per share. The total amount raised was RMB 486,531,800, with net proceeds of RMB 433,059,700 after deducting issuance costs of RMB 53,472,100. The raised funds were fully received on April 23, 2021, and the receipt of funds was verified by Tianjian Accounting Firm (Special General Partnership), which issued Verification Report No. Tianjian [2021] 7-33 on April 23, 2021.
- Progress of Investment Projects Using Raised Funds
(a) Status of Investment Projects
As of June 30, 2023, the usage of raised funds from the Company's initial public offering is as follows:
| Project Name | Total Investment | Amount Invested from Raised Funds | Amount Invested as of June 30, 2023 | Remaining Balance of Raised Funds |
|---|---|---|---|---|
| Jushen Zhudong Land Port Project | 29,987.31 | 22,390.16 | 14,012.92 | 8,377.24 |
| Qinzhou Port Logistics Park Project | 13,007.70 | 9,712.26 | 5,733.09 | Completed |
| Supply Chain Management IT Upgrade | 4,871.18 | 3,637.09 | 262.33 | 3,374.76 |
| Working Capital Supplementation | 10,133.82 | 7,566.46 | 7,566.46 | 0.00 |
| Total | 58,000.00 | 43,305.97 | 27,574.80 | 11,751.99 |