Shenzhen Zeshang Technology Co., Ltd. Announcement on Opening a Special Account for Raised Funds and Signing Four-Party and Five-Party Supervision Agreements
The company and all members of the board guarantee that the information disclosed is true, accurate, and complete, with no false records, misleading statements, or significant omissions.
1. Basic Information on Raised Funds
According to the approval from the China Securities Regulatory Commission regarding the initial public offering of Shenzhen Zeshang Technology Co., Ltd. (Approval No. [2023] 1022), the company publicly issued 32,170,300 ordinary shares (A shares) at a price of RMB 57.66 per share in July 2023, raising a total of RMB 1,854,939,500. After deducting issuance costs of RMB 165,692,100 (excluding VAT), the actual amount raised was RMB 1,689,247,400. The raised funds were received in July 2023. This fund receipt has been verified by Rongcheng Accounting Firm (Special General Partnership) with Verification Report No. [2023] 518Z0096. The company has implemented special account management for the raised funds.
2. Opening of Special Account and Signing of Supervision Agreements
On July 31, 2025, the company held the ninth meeting of the third board of directors and the eighth meeting of the third supervisory board, where it approved the proposal to use part of the oversubscribed funds amounting to RMB 180,294,700 (or equivalent foreign currency) for the construction of the "Vietnam Smart Manufacturing Production Base Project," expanding the company's main product line and enhancing product categories to meet market and customer demands. This proposal was approved at the third extraordinary general meeting of shareholders held on August 18, 2025.
On February 3, 2026, the company held the fifteenth meeting of the third board of directors, where it approved the proposal to open a special account for raised funds and sign supervision agreements to facilitate the smooth progress of the "Vietnam Smart Manufacturing Production Base Project." The management was authorized to handle the establishment of the special account and sign the supervision agreements. Recently, the company opened a special account for raised funds, which will be used solely for the storage and management of funds for the "Vietnam Smart Manufacturing Production Base Project" and will not be used for non-raised funds or other purposes. Supervision will be strictly implemented in accordance with relevant laws, regulations, and normative documents.
The details of the special account opened are as follows:
| No. | Account Holder | Bank | Special Account Number | Fund Project Name |
|---|---|---|---|---|
| 1 | ZESUM TECHNOLOGY (SINGAPORE) PTE. LTD. | China Merchants Bank Co., Ltd. | OSA755984462032000 | Vietnam Smart Manufacturing Production Base Project |
| 2 | VIETNAM ZESUM TECHNOLOGY COMPANY LIMITED | Agricultural Bank of China, Hanoi Branch | USD Account: 5138611422<br>VND Account: 5138616422 | Vietnam Smart Manufacturing Production Base Project |
To standardize the management and use of raised funds and protect the legitimate rights and interests of investors, in accordance with the Shenzhen Stock Exchange's "Self-Regulatory Guidelines No. 2 for Listed Companies on the Growth Enterprise Market" and other relevant laws and regulations, the company and its subsidiary ZESUM TECHNOLOGY (SINGAPORE) PTE. LTD. signed a "Four-Party Supervision Agreement" with the sponsor Minmetals Securities Co., Ltd. (hereinafter referred to as "Minmetals Securities"), and the bank storing the special account, China Merchants Bank Co., Ltd. Additionally, the company and its subsidiaries ZESUM TECHNOLOGY (SINGAPORE) PTE. LTD. and VIETNAM ZESUM TECHNOLOGY COMPANY LIMITED signed a "Five-Party Supervision Agreement" with Minmetals Securities and the Agricultural Bank of China, Hanoi Branch.