Hengmingda's 743 million yuan fundraising project has been postponed to June 2027, with less than 17% of the invested funds utilized.

【Shenzhen News】Suzhou Hengmingda Electronic Technology Co., Ltd. (Securities Code: 002947, abbreviation: “Hengmingda”) released an announcement on March 20 stating that the company’s 2nd meeting of the 4th session of the board of directors considered and approved the resolution titled “Proposal on Postponing Projects Using Raised Funds.” The company decided to adjust the expected date for the “Huizhou Hengmingda Intelligent Manufacturing Base Construction Project” to be brought into planned use to June 30, 2027. The project originally planned to invest 743 million yuan in raised funds; by the end of 2025, only 122 million yuan had been invested, representing 16.36% of the planned investment amount.

Slow Progress in the Use of Raised Funds

The announcement shows that Hengmingda completed a share issuance to specific targets in July 2024, and the net proceeds from the raised funds were 743 million yuan, all of which were used for the “Huizhou Hengmingda Intelligent Manufacturing Base Construction Project.” The project has a total investment of 1,175 million yuan, plans to invest 1,160 million yuan from the raised funds, and the actual amount of raised funds used is 743 million yuan.

As of December 31, 2025, the project had cumulatively invested 122 million yuan of the raised funds, and the funds utilization rate is only 16.36%.

Reasons for Postponement: Constraints from the Geographic Environment and Planning Optimization

Hengmingda stated that this postponement is mainly due to two factors: first, some portions of the geographic environment around the second-phase raised-funds investment project site do not yet meet the basic safety construction conditions, and relevant departments are addressing the issues progressively; second, in order to seize market opportunities brought by cutting-edge technology iterations, the company further optimized the factory building planning and functional layout of the project, which led to an extended project implementation schedule.

The company emphasized that this adjustment only involves project progress. The implementation entities of the raised-funds investment projects, the uses of the raised funds, and the total investment amount will not change. There is no situation that would harm the company’s or shareholders’ interests.

Raised Funds Storage Situation

As of December 31, 2025, the company had 7 dedicated accounts for raised funds, with a total raised-funds balance of 638 million yuan. Of this, 400 million yuan is used for structured deposits. The specific storage details are as follows:

Safeguards and Impact Assessment

The company said that the uninvested raised funds will mainly be used for investment in project construction works, equipment procurement and installation, etc. The company will strengthen supervision over the construction progress of the raised-funds investment projects, coordinate resources appropriately, and proceed with the subsequent construction in an orderly manner.

The announcement states that this project postponement will not cause any material adverse impact on the company’s normal production and operations, and it is consistent with the company’s long-term development plan. This matter has been approved by the board of directors, and both the independent directors and the sponsor/investment bank, Guolian Minsheng Securities (Guolian Minsheng Securities Co., Ltd.) Co., Ltd., have issued consent opinions.

Hengmingda focuses on the R&D, production, and sales of consumer electronics functional components, consumer electronics protective products, and consumer electronics protective film for outer boxes. The postponement of the Huizhou intelligent manufacturing base construction project may have some impact on the company’s future capacity expansion plans.

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Responsible editor: Xiao Lang Express