Verification Opinion of Guolian Minsheng Securities on the Postponement of Certain Fundraising Investment Projects of Hengtai Electromechanical Co., Ltd.
Guolian Minsheng Securities Co., Ltd. (hereinafter referred to as "the Sponsor") acted as the sponsor for the initial public offering and listing of Hengtai Electromechanical Co., Ltd. (hereinafter referred to as "Hengtai Electromechanical" or "the Company"). In accordance with the relevant regulations including the "Administrative Measures for the Sponsorship of Securities Issuance and Listing," "Shenzhen Stock Exchange Stock Listing Rules," and "Self-Regulatory Guidelines for Listed Companies No. 1 - Standardized Operations of Main Board Listed Companies," the Sponsor conducted a prudent verification of the postponement of certain fundraising investment projects by Hengtai Electromechanical Co., Ltd. The specific circumstances of the verification are as follows:
1. Basic Situation of Fundraising
According to the China Securities Regulatory Commission's approval (Zheng Jian Xu Ke [2022] No. 2817), the Company publicly issued 16,166,800 shares of ordinary shares (A shares) at a par value of RMB 1 per share, with an issue price of RMB 46.81 per share, raising a total of RMB 756,767,908.00. After deducting issuance expenses of RMB 68,399,144.00, the net amount raised was RMB 688,368,764.00. The funds were fully in place by February 14, 2023, verified by Tianjian Certified Public Accountants (Special General Partnership), which issued Verification Report No. Tianjian Yan [2023] No. 48. To standardize the management and use of the raised funds, the Company has implemented special account storage for the funds and signed a fundraising fund supervision agreement with the sponsor and the bank where the funds are stored.
2. Status of Fundraising Usage and Storage
As of December 31, 2025, the usage and balance of the raised funds are as follows:
| Item | Amount (RMB 10,000) |
|---|---|
| Net amount of raised funds (A) | 68,836.88 |
| Cumulative amount incurred by the end of the period (B) | 25,701.57 |
| Net interest income (C) | 3,046.09 |
| Remaining raised funds (D=A-B+C) | 46,181.40 |
| Actual remaining raised funds (E) | 46,181.40 |
| Difference (F=D-E) | 0.00 |
Note: The above data is unaudited. As of December 31, 2025, the balance of the raised funds is RMB 46,181.40 million (including cumulative net interest income of RMB 3,046.09 million). Among them, the balance in the special account for raised funds is RMB 14,881.40 million, the balance of large time deposits purchased with raised funds but not yet due is RMB 17,000.00 million, and the balance of structured deposits not yet due is RMB 14,300.00 million.
3. Actual Investment Situation of Fundraising Projects
As of December 31, 2025, the specific investment situation of the fundraising projects from the Company's initial public offering is as follows:
| Project Name | Total Investment Amount | Fundraising Investment Amount | Cumulative Amount Paid | Cumulative Payment Ratio | Implementing Entity |
|---|---|---|---|---|---|
| Intelligent Manufacturing Project for 3 Million Large-Pitch Conveyor Chains | 55,153.97 | 52,072.14 | 24,213.34 | 46.50% | Hengtai Chain |
| Research and Industrialization Project of Unloading Elevators | 9,884.56 | 9,332.24 | 1,333.50 | 14.29% | Hengtai Conveying |
| Construction Project of Lifting Equipment Technology R&D Center | 7,872.38 | 7,432.50 | 154.73 | 2.08% | Hengtai Electromechanical |
| Total | 72,910.91 | 68,836.88 | 25,701.57 | 37.34% | - |
Note: "Cumulative amount paid" refers to the actual amount paid using the raised funds as of December 31, 2025, excluding amounts under signed contracts but not yet paid.