Proyecto de financiamiento de 487 millones de Yifan Transmission pospuesto; CITIC Securities ejercerá como patrocinador en la salida a bolsa de 2021

China Economic Net Beijing, March 18 — Yifan Transmission (301023.SZ) disclosed last night an announcement regarding the postponement of its fundraising projects. The company held the second meeting of the fifth board of directors on March 16, 2026, where it approved the proposal for the delay of the fundraising projects. It agreed to extend the date for reaching the expected usable state of the “Energy Storage Deceleration Motor and RV Deceleration Motor Production Base Construction Project” and the “R&D Center Construction Project” to March 2027, based on the current progress of the fundraising investment projects. This postponement is within the authority of the board of directors and does not require shareholder approval.

According to the China Securities Regulatory Commission’s approval document “Approval for the First Public Offering of Wuxi Jiangnan Yifan Electric Drive Technology Co., Ltd.” (Securities Regulatory Permit [2021] No. 1867), the company was approved to issue 9,333,500 A-shares with a par value of RMB 1 per share, at an issue price of RMB 58.31 per share, raising a total of RMB 544,236,385. After deducting issuance costs, the net funds raised amounted to RMB 486,576,654. KPMG Huazhen LLP audited the fund receipt status on July 1, 2021, and issued the “Capital Verification Report” No. Tianjianyan [2021] No. 352.

As of December 31, 2025, the company had invested a total of RMB 107.44 million of the raised funds. The total committed investment for the “Energy Storage Deceleration Motor and RV Deceleration Motor Production Base Construction Project” was RMB 311.12 million, with a cumulative investment of RMB 86.09 million, representing 27.67% progress. The “R&D Center Construction Project” had a committed investment of RMB 53.95 million, with a cumulative investment of RMB 21.35 million, representing 39.58% progress. The total committed investment for both projects was RMB 365.07 million, with a cumulative investment of RMB 107.44 million, and a progress rate of 29.43%.

Regarding the reason for postponing the “Energy Storage Deceleration Motor and RV Deceleration Motor Production Base Construction Project,” Yifan Transmission stated that through resource integration and optimization, the company has effectively increased its existing capacity, which now meets customer order demands. To prudently use the raised funds and gradually advance project deployment, the company has planned capacity building based on actual order situations. Therefore, the date for the project to reach the expected usable state has been extended to March 2027 from the original plan of March 2026.

For the “R&D Center Construction Project,” Yifan Transmission explained that due to macroeconomic fluctuations domestically and abroad, and changes in market environment, the company has taken a more mature approach to project construction, aiming to control investment risks. The progress of procurement research, equipment selection, and project construction has been gradually advancing, leading to delays compared to the original schedule, and the project cannot reach the expected usable state by the planned date. Consequently, the date has been extended to March 2027 from the original plan of March 2026.

According to the announcement, the postponement of some fundraising projects is a cautious decision based on market conditions and project progress. The project entities, use of funds, and investment scale remain unchanged, and there are no significant changes in project feasibility. There is no alteration or covert change in the use of raised funds that would harm shareholders’ interests. The delay will not have a substantial impact on the company’s current production and operations.

CITIC Securities Co., Ltd., as the sponsor for Jiangnan Yifan’s (Note: Yifan Transmission’s previous stock abbreviation) initial public offering and listing on the ChiNext board, has reviewed the postponement of the company’s fundraising projects in accordance with relevant regulations, including the “Administrative Measures for Securities Issuance and Listing Sponsorship,” “Regulations on the Supervision of Fundraising by Listed Companies,” “Shenzhen Stock Exchange ChiNext Listing Rules (2025 Revision),” and “Guidelines for Self-Regulation of Listed Companies on the Shenzhen Stock Exchange No. 2—Standardized Operation of ChiNext Listed Companies (2025 Revision).”

After review, the sponsor believes that the proposal for postponing the fundraising projects has been approved by the second meeting of the fifth board of directors, has completed necessary legal procedures, and complies with relevant laws, regulations, and exchange rules. The postponement does not harm the interests of the company or shareholders. Therefore, the sponsor has no objection to the postponement.

On July 7, 2021, Jiangnan Yifan was listed on the Shenzhen Stock Exchange ChiNext, issuing 9.3335 million new shares at RMB 58.31 per share, with a total share capital of 37.3335 million shares after issuance.

The total funds raised in this issuance amounted to RMB 544 million, with net proceeds of RMB 487 million after deducting issuance costs, exceeding the originally planned net fund-raising amount by RMB 122 million. The prospectus previously disclosed that the company planned to raise RMB 365 million, mainly for the “Energy Storage Deceleration Motor and RV Deceleration Motor Production Base Construction Project” and the “R&D Center Construction Project.”

The sponsor for this issuance was CITIC Securities, represented by Xu Xingwen and Sui Yuyao. The total issuance expenses were RMB 57.6597 million, of which CITIC Securities received RMB 37.7358 million in sponsorship underwriting fees.

(责任编辑：蔡情)