Jinhong Fashion delays fundraising projects, adjusts investment amounts
Jinhong Fashion Group (SSE:603518) announced the postponement of its "Intelligent Manufacturing, Smart Retail and Supply Chain Collaboration Information Platform" and "All-Channel Marketing Network Upgrade Project" development timelines. The decision, approved by the board, requires shareholder approval. These shifts come as the company adapts to evolving market conditions. While the overall investment for these projects remains unchanged, Jinhong plans to reallocate funds among sub-projects to boost efficiency. For the "Intelligent Manufacturing" platform, funds will now be concentrated on ERP and 020 platforms. The extended timelines aim to ensure strategic alignment and effective capital deployment. The "All-Channel Marketing Network" project will focus on upgrading existing stores and developing new concept stores rather than investing heavily in unproven technologies. The expected completion dates for both projects have been pushed to February and March 2028 respectively. As of December 31, 2024, the cumulative use of funds from convertible bonds was RMB 681.16 million, and the cumulative use of funds from non-public offerings was RMB 425.61 million.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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