Zhejiang Shibao reallocates funds, extends project completion dates

Zhejiang Shibao Company Limited’s board approved proposed adjustments to investment amounts for certain fund-raising projects and an extension for others, both subject to shareholder approval. The company plans to reallocate RMB40,000,000 from "The automotive intelligent steering system and key components development project" to "The annual production of 600,000 automotive intelligent steering system technology transformation project."

This will increase the investment in the latter project from RMB90,000,000 to RMB130,000,000 and decrease the former from RMB144,087,700 to RMB104,087,700, while keeping the total committed investment amount unchanged.

The company also proposes to extend the completion date for both projects from December 31, 2025, to December 31, 2026. This extension does not change implementation entities, use of proceeds, or project scope.

As of December 4, 2025, the company had invested RMB9,258.73 (102.87% progress) in the 600,000 automotive intelligent steering system technology transformation project and RMB2,673.34 (18.55% progress) in the automotive intelligent steering system and key components development project, from initial allocations of RMB9,000.00 and RMB14,408.77, respectively. The total cumulative amount invested across all projects funded by proceeds was RMB21,299.28, representing 61.90% of the total committed RMB34,408.77.