Shulou(Shulou.com)11/24 Report--

Thank you, Mr. Air, a netizen of CTOnews.com, for your clue delivery! CTOnews.com news on December 7, San'an Optoelectronics issued a notice saying that at the 28th meeting of the 10th Board of Directors, the company examined and passed the "motion on using the raised funds to increase capital to wholly-owned subsidiaries" and agreed to use 6.9 billion yuan of the non-public offering funds raised in 2021 to increase capital to the company's wholly-owned subsidiary Hubei Sanan Optoelectronics Co., Ltd. (hereinafter referred to as Hubei Sanan). Used in Mini / Micro display industrialization project of Hubei Sanan Optoelectronic Co., Ltd.

It is reported that the Mini / Micro display industrialization project of Hubei Sanan Optoelectronics Co., Ltd. is implemented by Hubei Sanan, a wholly-owned subsidiary. As of the date of this announcement, the registered capital of Hubei Sanan is 3 billion yuan, and the paid-in capital is 507 million yuan. In order to promote the smooth implementation of the fund-raising project, the company plans to use the raised capital of 6.9 billion yuan to increase capital in Hubei Sanan. After the completion of the capital increase, the registered capital of Hubei Sanan will be changed to 3.3 billion yuan, and the rest of the capital increase will be included in the capital reserve. After the completion of this capital increase, Hubei Sanan has a registered capital of 3.3 billion yuan and is still a wholly-owned subsidiary of the company. The use of the raised funds to increase capital to Sanan, Hubei Province, is only used for the implementation of the fund-raising project, not for other purposes.

Sanan Optoelectronics said that the company used 6.9 billion yuan to raise funds from Hubei Sanan Capital increase Department, a wholly-owned subsidiary, to invest the company's private shares in the fund-raising project, so as to ensure the smooth implementation of the project, further enhance the company's Mini / MicroLED and other emerging high-end products capacity scale and sales share, promote product structure upgrading and transformation, and further implement the company's strategy. Improving the company's future operating performance and profitability is in line with the plan for raising funds, and there is no situation of changing the use of raised funds in disguise and harming the interests of the company and its shareholders.

The number of shares in this non-public offering is 509 million shares, raising 7.9 billion yuan. Fifteen institutions subscribed, of which Changsha Fuxin Industrial Investment Partnership, Xingzheng Global Fund and Guotai Junan received about 1.5 billion yuan, 1.426 billion yuan and 929 million yuan respectively.

CTOnews.com learned that San'an Optoelectronics's largest source of revenue is the LED business, including traditional LED products and high-end LED products. According to the financial report, in the first three quarters of this year, due to the repeated epidemic, shrinking consumer market demand and other factors, the sales of San'an Optoelectronics's traditional LED products are weak. Its revenue of 10 billion yuan in the current period increased by only 5.04%, compared with a net profit of more than 61% in the same period last year, down 23.27% from the same period last year.

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