Haitai Xinguang proposes to use 4.7992 million yuan of raised funds to replace self-raised funds that were previously invested.

Qingdao Haitai Xinguang Technology Co., Ltd. (Stock Code: 688677, Stock Abbreviation: Haitai Xinguang) held the 11th meeting of the 4th Board of Directors on March 23, 2026, during which it approved the proposal for using raised funds to replace pre-invested self-raised funds. According to the announcement, the company plans to use 4.7992 million RMB of the raised funds to replace the self-raised funds previously invested by the company and its subsidiaries (Omark America NV and Omark Thailand) in the fundraising projects.

The announcement shows that this replacement of raised funds does not require submission to the shareholders’ meeting for approval. The company’s sponsor, Guotai Haitong Securities Co., Ltd., has issued a clear and unopposed verification opinion on this matter.

Basic Information on Raised Funds

Approved by the Science and Technology Innovation Board Stock Listing Committee of the Shanghai Stock Exchange on September 29, 2020, and approved by the China Securities Regulatory Commission on January 12, 2021, with the “Approval for the Registration of the Initial Public Offering of Shares by Qingdao Haitai Xinguang Technology Co., Ltd.” (Securities Regulatory License [2021] No. 90), the company publicly issued 21,780,000 RMB ordinary shares at a price of 35.76 RMB per share.

The total amount of funds raised was 778,852,800.00 RMB. After deducting underwriting fees (excluding VAT) of 61,529,371.20 RMB and other issuance expenses (excluding VAT) of 23,807,177.13 RMB, the net proceeds amounted to 693,516,251.67 RMB. The funds were received on February 22, 2021, and audited by Ernst & Young Hua Ming LLP.

Adjustment of Fundraising Projects

According to the company’s initial public offering prospectus, the raised funds were originally planned to be invested in five projects, with a total investment of 917.1763 million RMB, and a planned utilization of 862.3705 million RMB of the raised funds.

The company made adjustments to some of the fundraising projects on April 24, 2024, and April 24, 2025, including postponements, increasing implementation entities, and changing locations. After the adjustments, the total planned use of raised funds for the projects is 693.5163 million RMB.

Pre-investment of Self-Raised Funds

Since 2024, the company has actively planned and built overseas factories. By the end of February 2026, subsidiaries Omark America NV and Omark Thailand had invested approximately 70 million RMB in factory renovations and equipment procurement. Since these procurement projects require foreign currency payments, and the company has not opened dedicated raised fund accounts for overseas subsidiaries, the subsidiaries used their own accounts to make payments to improve fund utilization efficiency.

According to Article 15, Paragraph 2 of the “Regulations on the Supervision and Administration of Raised Funds by Listed Companies” (CSRC Announcement [2025] No. 10), “During the implementation of raised fund investment projects, in principle, funds should be paid directly from the raised funds. For personnel salaries, purchase of overseas products and equipment, etc., if direct payment from raised funds is genuinely difficult, replacement can be carried out within six months after payment using self-raised funds.”

From September 25, 2025, to February 28, 2026, the company used self-raised funds of 4.7992 million RMB to pre-invest in the fundraising projects, intending to replace this amount with raised funds.

Review Opinions and Special Comments

The company’s board of directors approved this fundraising fund replacement proposal. Guotai Haitong Securities Co., Ltd., the sponsor, verified that the use of raised funds to replace pre-invested self-raised funds has been approved by the company’s board of directors, followed necessary decision-making procedures, and complies with relevant laws, regulations, and normative documents. This replacement does not conflict with the implementation plan of the overseas subsidiaries’ fundraising projects, and does not affect the normal progress of the projects. There is no concealment of the use of funds or harm to shareholders’ interests, especially minority shareholders. The sponsor has no objections to this matter.

The board of Qingdao Haitai Xinguang Technology Co., Ltd. stated that the company will strictly follow relevant regulations to ensure the legality and effectiveness of the use of raised funds.

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