Chenfeng Tech addresses stock issuance concerns, affirms funding

Zhejiang Chenfeng Technology (SSE:603685) has responded to the Shanghai Stock Exchange's inquiries regarding its planned stock issuance to specific targets. The company addressed concerns about the funding source and certainty for investor Ding Min's subscription, confirming the funds originate from Ding Min's personal and controlled entities, totaling approximately RMB 48.9 million and RMB 316.31 million respectively. Additionally, an agreement with a non-related individual, Lou Xi, provides up to RMB 200 million in guarantee. Chenfeng Tech also clarified the operational and financial performance of its new energy segment, citing RMB 165.74 million in revenue and RMB 28.69 million in net profit for 2024. The company also explained factors impacting power generation and customer acquisition within its grid projects.