Zhejiang Rongtai(603119) 上海证券报·2025-04-01 18:08Fundraising Overview - Zhejiang Rongtai Electric Material Co., Ltd. has successfully completed its initial public offering (IPO) of 70 million shares at a price of 15.32 RMB per share, raising a total of 1,072.40 million RMB, with a net amount of 970.05 million RMB after deducting issuance costs of 102.35 million RMB [1][27]. - The company has signed a five-party supervision agreement for the special account of the raised funds, involving Singapore Rongtai Electric Material PTE. LTD, Glorymica Mexico, S.A. de C.V., Industrial and Commercial Bank of China Mexico Branch, and Dongxing Securities Co., Ltd. [1][5]. Special Account Management - A special fundraising account has been established at the Industrial and Commercial Bank of China Mexico Branch, specifically for the project of producing 500,000 sets of components for new energy vehicles [6][24]. - The balance of the special account was reported as 0 RMB as of March 31, 2025, and the funds are strictly allocated for the designated project [6][12]. Fund Usage Adjustments - The company has approved a delay in the project timeline for the annual production of 2.4 million sets of new energy vehicle safety components from December 2024 to December 2026, reallocating a total of 280 million RMB from this project to new projects [3][4]. - The adjustments were made to enhance the efficiency of fund usage while ensuring investor protection [2][4]. Cash Management Activities - The company has utilized temporarily idle raised funds to purchase structured deposit products from Hangzhou Bank, amounting to 150 million RMB, which has matured, returning the principal and generating a profit of 128,200 RMB [24][31]. - The cash management aims to improve the efficiency of fund usage without affecting the normal operation of fundraising investment plans [24][28]. Compliance and Reporting - The company is committed to adhering to relevant regulations regarding fundraising management and will ensure timely disclosure of information as required by the Shanghai Stock Exchange and the China Securities Regulatory Commission [30][36]. - The management of cash management products will be conducted in accordance with strict investment principles to safeguard the funds [33][34].