Fuxin Technology's Three Major Fund-Raising Projects Completed; Proposes to Permanently Supplement Working Capital with Surplus Funds of 61 Million Yuan

On March 18, Guangdong Fuxin Technology Co., Ltd. (Stock Code: 688662, Stock Abbreviation: Fuxin Technology) announced that the company’s three major fundraising projects have been completed, and plans to permanently use the remaining 61.003 million yuan of raised funds to supplement working capital for daily operations.

The announcement states that on March 18, 2026, Fuxin Technology held the seventh meeting of the fifth board of directors, during which it approved the proposal on the completion of fundraising projects and the permanent use of remaining funds to supplement working capital. The three major fundraising projects—“Semiconductor Thermoelectric Devices and System Industrial Upgrade Project,” “Semiconductor Thermoelectric Complete Machine Production Capacity Expansion Project,” and “R&D Center Construction Project”—have officially concluded.

Use and Remaining Funds of Raised Capital

Fuxin Technology completed its initial public offering in March 2021, raising a total of 344.3566 million yuan, with a net amount of 307.5747 million yuan. As of February 28, 2026, the three projects have been completed, and surplus funds have been generated.

According to statistics, the total remaining funds from these three projects amount to 61.003 million yuan. The company plans to use all of this to permanently supplement working capital.

Analysis of Reasons for Remaining Funds

The announcement indicates that the remaining funds mainly come from three sources: first, the company strictly controlled costs, optimized resource allocation, and reasonably reduced project investments during implementation; second, the company managed temporarily idle raised funds through cash management, earning interest income and investment returns; third, some unpaid contract balances and other payments will be settled with the company’s own funds after project completion.

It is noteworthy that through the implementation of these fundraising projects, Fuxin Technology has established an annual production capacity of 33 million thermoelectric devices, 9 million thermoelectric system sets, and 2 million thermoelectric complete machines. The key process technologies and production equipment levels have been significantly improved.

Funding Usage Plan and Review

According to the announcement, the company intends to permanently use the remaining 61.003 million yuan of raised funds to supplement working capital for daily operations. Before the funds are transferred out, pending payments will continue to be paid from the remaining balance in the fundraising account; after transfer, any remaining payments will be paid with the company’s own funds. After the transfer, the relevant fundraising account will be closed, and the escrow agreement for the account will be terminated.

This matter has been reviewed and approved by the company’s Audit Committee and Board of Directors and does not require shareholder approval. Zhongtai Securities Co., Ltd., the sponsor, issued an unqualified verification opinion, stating that the decision-making process for this matter is compliant and there are no circumstances of covertly changing the use of raised funds or harming the interests of the company and shareholders.

Fuxin Technology states that permanently using the remaining funds to supplement working capital will improve capital utilization efficiency and is consistent with the company’s actual operational needs and long-term development plan.

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