Shenwan Hongyuan Securities Underwriting and Sponsorship Co., Ltd. Review Opinion on Guoguang Electric Corporation's Continued Use of Partially Idle Raised Funds to Temporarily Supplement Working Capital
Shenwan Hongyuan Securities Underwriting and Sponsorship Co., Ltd. (hereinafter referred to as "Shenwan Hongyuan Underwriting and Sponsorship," or the "Sponsor") is the sponsor for Guoguang Electric Corporation (hereinafter referred to as "Guoguang Electric" or the "Company") in its 2023 private placement of shares. In accordance with the "Administrative Measures for Securities Issuance and Listing Sponsorship Business," the "Supervision Rules for the Management of Raised Funds by Listed Companies," the "Shenzhen Stock Exchange Listed Company Self-Regulatory Supervision Guidelines No. 13 - Sponsorship Business," and the "Shenzhen Stock Exchange Listed Company Self-Regulatory Supervision Guidelines No. 1 - Norms for the Operation of Main Board Listed Companies," among other relevant regulations, this report verifies the situation of Guoguang Electric's continued use of partially idle raised funds to temporarily supplement working capital. The details are as follows:
I. Basic Situation of Raised Funds
With the approval of the China Securities Regulatory Commission's "Approval on the Registration of Guoguang Electric Corporation's Private Placement of Shares" (Zheng Jian Xu Ke [2023] No. 1983), the Company was approved to issue 99,718,919 A shares at a par value of RMB 1.00 per share, with a placement price of RMB 13.88 per share. The total amount of raised funds was RMB 1,384,098,595.72. After deducting issuance-related expenses of RMB 8,723,558.20 (excluding tax), the net amount of raised funds was RMB 1,375,375,037.52. After deducting underwriting fees and sponsorship fees of RMB 5,500,000.00, the remaining balance of RMB 1,378,598,595.72 was transferred to the Company's designated account. The aforementioned raised funds were all received on December 14, 2023. The Company manages the raised funds in a special account. Tianheng Certified Public Accountants (Special General Partnership) audited the receipt of the raised funds and issued the "Capital Verification Report of Guoguang Electric Corporation" with the serial number Tianheng Yan Zi [2023] No. 00132. The Company has implemented special account storage management for the raised funds, and the board of directors has authorized management to sign tripartite and quadripartite custody agreements with the Sponsor and the banks where the raised funds are deposited.