Huayou Cobalt completes share offering projects, boosts working capital

Zhejiang Huayou Cobalt (SSE: 603799) announced the completion of its 2021 non-public offering of shares investment projects. The company's board approved allocating the remaining funds of approximately CNY 58,555.34 million to permanently supplement working capital, supporting daily operations. As of April 1, 2025, the projects had utilized CNY 540,514.78 million of the raised funds. The remaining balance accounts for 9.83% of the total net proceeds from the offering. The decision was approved by the board and supervisory committee and does not require shareholder approval, in accordance with Shanghai Stock Exchange guidelines. Remaining contract payments will be made using the company's own funds. The proceeds were initially allocated to projects including a 45,000-tonne nickel project, a 50,000-tonne high-nickel ternary precursor project, and headquarters R&D.