Guolian Securities Underwriting and Sponsorship Co., Ltd.
Review Opinion on the Postponement of Part of Sihui Fushi Electronic Technology Co., Ltd.'s Raised Fund Investment Projects
Guolian Securities Underwriting and Sponsorship Co., Ltd. (hereinafter referred to as the "Sponsor" or "Guolian Securities Underwriting and Sponsorship") is the sponsor for Sihui Fushi Electronic Technology Co., Ltd. (hereinafter referred to as the "Company" or "Sihui Fushi") in its 2023 issuance of convertible corporate bonds to non-specific targets. In accordance with the "Administrative Measures for Securities Issuance and Listing Sponsorship Business," "Supervision Rules for Raised Funds of Listed Companies," "Shenzhen Stock Exchange GEM Stock Listing Rules," and "Shenzhen Stock Exchange Listed Company Self-Regulatory Guidelines No. 2 - Norms for Operations of GEM Listed Companies," etc., the Sponsor has fulfilled its continuous supervision responsibilities and conducted a prudent review of the postponement of some of the Company's raised fund investment projects. The review findings and opinions are as follows:
I. Basic Situation of Raised Funds
As per the "Approval of the Registration of Sihui Fushi Electronic Technology Co., Ltd.'s Issuance of Convertible Corporate Bonds to Non-specific Targets" (Certificate of Approval No. [2023]1522) issued by the China Securities Regulatory Commission, the Company issued 5.70 million convertible corporate bonds on August 8, 2023, to non-specific targets, with a face value of RMB 100 per bond, raising a total of RMB 570.00 million. After deducting issuance expenses of RMB 7.7804 million, the net amount of raised funds was RMB 562.2196 million. These raised funds were remitted to the Company's designated special deposit account for raised funds on August 14, 2023. On August 14, 2023, Tianzhi International Certified Public Accountants (Special General Partnership) audited the capital verification of the raised funds from the issuance of convertible corporate bonds to non-specific targets by the Company and issued the "Capital Verification Report" with the serial number Tianzhiyezi [2023]43779.
The Company has deposited the aforementioned raised funds into the special account for raised funds and has signed the "Tripartite Supervision Agreement for Raised Funds" with the account-opening bank and the Sponsor.
II. Use and Custody of Raised Funds Investment Project Funds
(I) Fund Usage
As of December 31, 2025, the utilization of raised funds from the convertible corporate bonds issued by the Company to non-specific targets is as follows:
| Serial No. | Project Name | Total Project Investment (RMB Million) | Planned Raised Fund Investment (RMB Million) | Cumulative Investment (RMB Million) | Investment Progress |
|---|---|---|---|---|---|
| 1 | Annual Production of 1.5 Million Square Meters of High-Reliability PCB Expansion Project Phase I (Annual Production of 800,000 Square Meters of PCBs) | 44,802.97 | 43,500.00 | 23,817.95 | 54.75% |
| 2 | Supplementation of Working Capital (Note) | 13,500.00 | 12,721.96 | 12,737.91 | 100.13% |
| Total | 58,302.97 | 56,221.96 | 36,555.86 | 65.02% |
Note: The adjusted total investment for "Supplementation of Working Capital" is RMB 12.72196 million, and the cumulative investment as of the reporting date is RMB 12.73791 million. The excess of RMB 15.95 thousand is due to the use of interest income from the special account for raised funds for this project.