Tianfeng Securities signs tripartite fund supervision agreement

Tianfeng Securities (SSE: 601162) announced it has signed tripartite supervision agreements for its raised funds with China Development Bank, Ping An Bank, and China Bank Hubei Branch, and Haitong Securities. The move follows the company's successful A-share issuance of 1,476,014,760 shares at a price of CNY 2.71 per share, raising gross proceeds of CNY 3,999,999,999.60. Net proceeds after deducting issuance expenses amounted to CNY 3,981,166,998.91, which have been fully transferred to designated accounts by June 12, 2025. The agreements, adhering to Shanghai Stock Exchange guidelines, outline the responsibilities of Tianfeng Securities, the banks, and Haitong Securities in managing and monitoring the usage of the funds, which will be primarily directed towards investment, wealth management, debt repayment, and working capital.