GCL System Integration Technology Co., Ltd.
Announcement on the Termination of Raised Fund Investment Projects, Permanent Supplementation of Working Capital with Surplus Funds, and Cancellation of the Special Account for Raised Funds
The company and its board of directors guarantee the truthfulness, accuracy, and completeness of the information disclosed, and that there are no false records, misleading statements, or significant omissions.
GCL System Integration Technology Co., Ltd. (hereinafter referred to as the "Company" or "GCL System Integration") held the 27th meeting of the Sixth Board of Directors on August 7, 2026, and reviewed and approved the "Proposal on Terminating Raised Fund Investment Projects, Permanently Supplementing Working Capital with Surplus Raised Funds, and Cancelling the Special Account for Raised Funds." The Company's 2020 non-public offering of shares raised fund investment projects (hereinafter referred to as "Raised Fund Investment Projects"), namely the "Hefei GCL System Integration 15GW Photovoltaic Module Project" and the "Wuhu GCL 20GW (Phase I 10GW) High-Efficiency Battery Cell Manufacturing Project," have all reached a state where they can be used as intended. The Board of Directors agreed to terminate these projects and permanently supplement working capital with the surplus raised funds of RMB 30,019.39 million (including interest, wealth management income, and a portion of outstanding contract payments; the actual amount is subject to the balance of the special account on the day of fund transfer), for the Company's daily operating activities. Concurrently, the relevant special accounts for raised funds will be cancelled. The remaining portion of outstanding contract payments for the Raised Fund Investment Projects will be paid with self-owned funds.
In accordance with the "Supervision Regulations for Raised Funds of Listed Companies," "Shenzhen Stock Exchange Listed Company Self-Regulatory Guidelines No. 1 - Standardized Operation of Main Board Listed Companies," and other relevant regulations, this matter still needs to be submitted for approval by the Company's shareholders' meeting before implementation. Shenwan Hongyuan Securities Underwriting and Sponsorship Co., Ltd. (hereinafter referred to as the "Sponsor") has issued a clear opinion of consent. The relevant matters are hereby explained as follows:
I. Basic Situation of Raised Funds
As approved by the China Securities Regulatory Commission's "Approval on Approving the Non-Public Offering of Shares by GCL System Integration Technology Co., Ltd." (Zhengjian Xu Ke [2020] No. 1763), the Company was permitted to issue no more than 30% of the total share capital before the issuance to no more than 35 specific targets through a non-public offering. The Company was approved to issue no more than 1,524,533,040 new shares. Based on the subscription situation of the final investors, the Company actually issued 773,230,764 shares of RMB ordinary shares (A shares) to 14 specific targets, including Peixian Economic Development Zone Development Co., Ltd. The total amount of raised funds was RMB 2,512,999,983.00. After deducting the value-added tax exclusive issuance expenses of RMB 21,382,075.35, the net amount of raised funds from this issuance was RMB 2,491,617,907.65, which has been deposited by the lead underwriter Shenwan Hongyuan Securities Underwriting and Sponsorship Co., Ltd. into the special account for raised funds opened by the Company at the Suzhou New District Branch of China Everbright Bank. The issuance of shares was verified by Suya Jincheng Certified Public Accountants (Special General Partnership) in the "Capital Verification Report" (Suya Yan [2021] No. 2) dated January 6, 2021.
As of July 31, 2026, the usage of raised funds for the Company's raised fund investment projects is as follows: