Verification Opinion of Zhejiang Zhaoshang Securities Co., Ltd. on Zhejiang Taotao Vehicle Co., Ltd.'s Use of Self-Funds for Project Payments
Zhejiang Zhaoshang Securities Co., Ltd. (hereinafter referred to as "Zhaoshang Securities" or "Sponsor") is the sponsor and continuous supervision institution for the initial public offering of Zhejiang Taotao Vehicle Co., Ltd. (hereinafter referred to as "Taotao Vehicle" or "Company"). In accordance with the "Regulations on the Supervision of Raised Funds by Listed Companies," "Shenzhen Stock Exchange GEM Stock Listing Rules," and "Self-Regulatory Guidelines No. 2 for Listed Companies on the Shenzhen Stock Exchange - Standardized Operations of GEM Listed Companies," Zhaoshang Securities has conducted a prudent review of Taotao Vehicle's use of self-funds to pay part of the investment project costs and the subsequent replacement with raised funds. The specific situation is as follows:
1. Basic Situation of Raised Funds
According to the approval document from the China Securities Regulatory Commission (CSRC) [2022] No. 2752 regarding the registration of the initial public offering of Zhejiang Taotao Vehicle Co., Ltd., the company publicly issued 27,333,600 ordinary shares at a price of RMB 73.45 per share, raising a total of RMB 2,007,652,900. After deducting various non-taxable issuance expenses of RMB 142,433,200, the actual net raised funds amounted to RMB 1,865,219,700. The raised funds were fully in place as of March 14, 2023, and Tianjian Accounting Firm (Special General Partnership) verified the funds' arrival on the same date, issuing the "Tianjian Verification [2023] No. 87" verification report. The company has opened a special account for raised funds, ensuring that the funds are stored in a dedicated account and has signed a "Tripartite/Four-party Supervision Agreement" with the bank and sponsor.
2. Investment Project Situation of Raised Funds
According to the "Prospectus for the Initial Public Offering of Zhejiang Taotao Vehicle Co., Ltd. and Listing on the GEM" and subsequent disclosures regarding the investment projects and usage plans for the oversubscribed funds, the specific situation of the investment projects funded by the raised funds is as follows: