Minsheng Securities Co., Ltd. on the Delay of Certain Fundraising Investment Projects of Hangzhou Chuhuan Technology Co., Ltd.
Minsheng Securities Co., Ltd. (hereinafter referred to as "Minsheng Securities" or "the Sponsor") has conducted a prudent review of the delay in certain fundraising investment projects of Hangzhou Chuhuan Technology Co., Ltd. (hereinafter referred to as "Chuhuan Technology" or "the Company") in accordance with the requirements of relevant laws and regulations, including the "Regulations on the Supervision of Fundraising by Listed Companies" and the "Self-Regulatory Guidelines No. 1 for Main Board Listed Companies" issued by the Shenzhen Stock Exchange. The specific circumstances of the review are as follows:
I. Basic Situation of Fundraising
(1) Fundraising from Initial Public Offering
According to the approval from the China Securities Regulatory Commission regarding the initial public offering of Hangzhou Chuhuan Technology Co., Ltd. (Approval No. [2022] 1382), and with the consent of the Shenzhen Stock Exchange, the Company issued 20,093,500 ordinary shares (A shares) with a par value of RMB 1.00 per share at an issuance price of RMB 22.96 per share, raising a total of RMB 461,346,760.00. After deducting related issuance expenses of RMB 78,778,592.14, the actual net amount raised was RMB 382,568,167.86. The raised funds were transferred to the Company's special fundraising account on July 19, 2022. The funds have been audited by Tianjian Certified Public Accountants (Special General Partnership), which issued the "Capital Verification Report" (Tianjian Verification [2022] No. 372). The investment projects funded by the IPO and the fundraising usage plan are as follows:
| No. | Project Name | Total Investment | Fundraising Usage |
|---|---|---|---|
| 1 | Exhaust Treatment Equipment Production Line Project | 16,830.42 | 16,830.42 |
| 2 | Technology R&D Center and Information Collaboration Platform Construction Project | 7,163.50 | 7,163.50 |
| 3 | Supplementing Working Capital Project | 17,000.00 | 14,262.90 |
| Total | 40,993.92 | 38,256.82 |
(2) Storage of Fundraising
As of June 30, 2025, the Company has 2 special fundraising accounts and 1 notice deposit account. The storage situation of the fundraising is as follows: