On June 29, Guangdong Sanxiong Aurora Lighting Co., Ltd. issued the “Announcement on the Use of Raised Funds to Increase Capital to Full-Funded Subsidiariesâ€, stating that the eighth meeting of the third board of directors reviewed and approved the use of raised funds to the wholly-owned subsidiary. The company's proposal to increase capital, the company intends to use the raised funds of 80 million yuan to Guangdong Sanxiong Aurora Lighting Technology Co., Ltd. (hereinafter referred to as "Sanxiong Technology") to increase capital.
The "Announcement" shows that, approved by the China Securities Regulatory Commission on the approval of the approval of the initial public offering of shares by Guangdong Sanxiong Aurora Lighting Co., Ltd., Sanxiong Aurora publicly issued 70 million shares of ordinary shares at an issue price of 19.30 yuan per share. The net amount of actual proceeds raised from the issuance expenses was RMB 1.266 billion.
According to the disclosure of “Guangdong Sanxiong Aurora Lighting Co., Ltd. initial public offering of shares and listing in the GEM prospectusâ€, Sanxiong Aurora raised funds to invest in the following projects:
(Unit: 10,000 yuan)
In addition, Sanxiong Aurora’s seventh meeting of the third board of directors held on May 24th reviewed and approved the “Proposal on Increasing the Implementation Subjects of Some of the Company’s Fundraising Projects and Changing the Implementation Locationsâ€, and agreed to increase the wholly-owned subsidiary Sanxiong Technology as “R&Dâ€. The implementation body of the Center Expansion and Upgrade Project, Sanxiong Technology intends to use no more than 80 million yuan to raise investment funds for R&D center expansion and upgrade and technology research and development investment.
The "Announcement" pointed out that this time Sanxiong Aurora Capital Increase plans to use the raised funds of 80 million yuan to increase capital to Sanxiong Technology, of which 10 million yuan is used to increase the registered capital, 70 million yuan is included in the capital reserve; after the capital increase is completed, the registration of Sanxiong Technology The capital has increased from 50 million yuan to 60 million yuan, and it is still a wholly-owned subsidiary of Sanxiong Aurora.
At the launch of Sanxiong Aurora Home Furnishings at the beginning of this year, Zhang Yutao, chairman of Sanxiong Aurora, said that in the next three years, Sanxiong Aurora’s business objective is to actively seize the opportunity of industry development and rapidly expand the production capacity of the company’s LED lighting products and intelligent lighting products. The company's research and development strength, as well as the expansion and improvement of the company's marketing network channels, consolidate and enhance the existing market position of Sanxiong Aurora in the lighting industry.
Sanxiong Aurora said that the use of raised funds to increase the capital of Sanxiong Technology is based on the actual operational needs of the fundraising project, which is conducive to coordinating the R&D resources of each subsidiary, leveraging their respective advantages to optimize resource allocation, speed up research and development, and create more efficient R&D. The system will improve the efficiency of the use of raised funds and ensure the smooth implementation of fund-raising investment projects, which is in line with the plan for the use of raised funds and is in the interests of the company and all shareholders.
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