Special Verification Opinion on the Storage and Use of Funds Raised by Zhejiang Taotao Vehicle Co., Ltd. for 2025
Zhejiang Taotao Vehicle Co., Ltd. (hereinafter referred to as "Taotao Vehicle" or "the Company") has undergone a verification process regarding the storage and use of funds raised in its initial public offering (IPO) and subsequent listing on the Growth Enterprise Market, conducted by Zhejiang Merchants Securities Co., Ltd. (hereinafter referred to as "Zhejiang Merchants Securities" or "the Sponsor"). This verification is in accordance with the "Regulations on the Supervision of Funds Raised by Listed Companies," the "Self-Regulatory Guidelines for Listed Companies on the Shenzhen Stock Exchange No. 2 - Standardized Operations of Growth Enterprise Market Listed Companies," and other relevant laws and regulations.
1. Basic Information on the Raised Funds
(1) Actual Amount Raised and Timing of Fund Receipt
According to the China Securities Regulatory Commission's approval (Zheng Jian Xu Ke [2022] No. 2752), the Company publicly issued 27,333,600 shares of RMB ordinary shares (A shares) at an issue price of RMB 73.45 per share, raising a total of RMB 200,765.29 million. After deducting underwriting and sponsorship fees of RMB 10,037.54 million, the net amount raised was RMB 190,727.75 million, which was transferred to the Company's fund supervision account by the lead underwriter, Zhejiang Merchants Securities, on March 14, 2023. After further deductions for sponsorship fees of RMB 943,400 and other related expenses totaling RMB 41,114,400, the net amount of funds raised was RMB 186,521.97 million. This amount has been verified by Tianjian Certified Public Accountants LLP, which issued a verification report (Tianjian Yan [2023] No. 87).
(2) Usage and Balance of Raised Funds
| Item | Amount (RMB 10,000) |
|---|---|
| Net amount raised (A) | 186,521.97 |
| Cumulative amount used to date (B1) | 134,320.26 |
| Remaining funds for liquidity (B2) | 13,973.87 |
| Net interest income (B3) | 3,800.57 |
| Current period usage (C1) | 16,994.69 |
| Current period interest income (C2) | 727.04 |
| Cumulative amount used to date (D1 = B1 + C1) | 151,314.95 |
| Remaining funds for liquidity (D2) | 13,973.87 |
| Total interest income (D3) | 4,527.61 |
| Remaining funds to be accounted for (E = A - D1 - D2 + D3) | 25,760.76 |
| Actual remaining funds (F) | 25,169.45 |
| Difference (G = E - F) | 591.31 |
Note 1: The Company’s third board meeting and the 2022 annual general meeting approved the proposal to permanently supplement working capital with the surplus funds of RMB 13,973.87 million from the IPO projects.
Note 2: The difference of RMB 591.31 million includes two parts: RMB 345.45 million from interest income and fee discrepancies before the cancellation of the special fund account, transferred to the general account for working capital; and RMB 245.86 million from foreign exchange losses and dollar exchange rate discrepancies.