Shenzhen Vate New Material Co., Ltd. Announcement on Authorizing the Board of Directors to Handle Small and Quick Financing Matters
The Company and all members of the Board of Directors guarantee that the information disclosed is true, accurate, and complete, and contains no false records, misleading statements, or major omissions.
Shenzhen Vate New Material Co., Ltd. (hereinafter referred to as the "Company") held the 14th meeting of the Fifth Board of Directors on April 20, 2026, and reviewed and passed the "Proposal on Authorizing the Board of Directors to Handle Small and Quick Financing Matters," which is subject to the approval of the Company's shareholders' meeting. In accordance with the "Administrative Measures for Registration of Issuance of Securities by Listed Companies," the "Shenzhen Stock Exchange Listing Review Rules for Issuance of Securities by Listed Companies," and the "Shenzhen Stock Exchange Implementation Rules for Business of Issuance and Underwriting of Securities by Listed Companies," etc., the Company's Board of Directors hereby proposes that the shareholders' meeting authorize the Board of Directors to decide on the issuance of shares to specific targets, with a total financing amount not exceeding RMB 300 million and not exceeding 20% of the net assets at the end of the most recent fiscal year. The authorization period shall be from the date of approval by the 2025 annual shareholders' meeting to the date of the 2026 annual shareholders' meeting. The specific details are hereby announced as follows:
I. Specific Content of This Authorization
(I) Confirmation of Whether the Company Meets the Conditions for Issuing Shares to Specific Targets Through Simplified Procedures (hereinafter referred to as "Small and Quick Financing")
Authorize the Board of Directors to, in accordance with the "Company Law," "Securities Law," "Administrative Measures for Registration of Issuance of Securities by Listed Companies," and other laws, regulations, normative documents, and the "Articles of Association," conduct self-inspection and verification of the Company's actual situation and related matters, and confirm whether the Company meets the conditions for issuing shares to specific targets through simplified procedures.
(II) Type, Number, and Par Value of Shares to Be Issued
Ordinary shares (A shares) with a total financing amount not exceeding RMB 300 million and not exceeding 20% of the net assets at the end of the most recent fiscal year, with a par value of RMB 1.00 per share. The number of shares issued shall be determined by dividing the total amount of raised funds by the issue price, and shall not exceed 30% of the Company's total share capital before the issuance.
(III) Issuance Method, Issuance Targets, and Arrangements for Placement to Existing Shareholders
This issuance of shares will be conducted through non-public offering to specific targets using simplified procedures. The issuance targets shall be no more than 35 qualified specific targets, including legal persons, natural persons, or other legally established investment organizations recognized by the regulatory authorities. If a fund management company, securities company, qualified foreign institutional investor, or RMB qualified foreign institutional investor subscribes with more than two products under its management, it shall be deemed as one issuance target; if a trust company acts as an issuance target, it can only subscribe with its own funds. The final issuance targets will be determined by the Company's Board of Directors in consultation with the sponsor (lead underwriter) based on the bidding quotation. All issuance targets for this issuance of shares will subscribe in cash.