Zhongtian Technology shifts $290m surplus to new green cable project

Jiangsu Zhongtian Technology (SSE:600522) is reallocating $290,221,800.00 in surplus raised funds, including investment income, from its "Large-Size Optical Fiber Preform Intelligent Manufacturing Upgrade Project" to a new "Zhongtian Opto-Electronic Green Intelligent Cable Project (Phase I)." This strategic move, approved by the board on October 17, 2025, aims to optimize capital use and align with market demands for high-performance and special optical fibers.

The original project, part of the 2019 convertible bond issuance, had a planned investment of $947,227,700.00 and utilized $661,954,200.00. The new green intelligent cable project, with a total investment of $300,000,000.00, is projected to be operational by August 31, 2027. It will focus on producing 45,000 tons of high-conductivity and alloy special conductors and 16,000 kilometers of new energy aluminum alloy cables annually.

The change, which represents 7.40% of the total raised funds from the 2019 convertible bond offering, is subject to shareholder approval. Goldman Sachs (China) Securities Co., Ltd., as the sponsor institution, has reviewed the matter and found no objections, confirming compliance with relevant regulations and no adverse impact on the company's operations.