Chunfeng Power adjusts convertible bond offering, boosts core business investment

Zhejiang Cfmoto Power (SSE:603129) has announced a revised plan for its convertible bond offering, reducing the proposed fundraising from 2.5 billion yuan to 2.178 billion yuan. The proceeds will be allocated across four key projects: the "Annual Output of 3 Million Motorcycle and Electric Vehicle Sets with Core Components R&D and Manufacturing New Project" (1.458 billion yuan), the "Marketing Network Construction Project" (450 million yuan), the "Information System Upgrade Project" (120 million yuan), and a "Replenishment of Working Capital Project" (150 million yuan). The reduction stems from a re-evaluation of non-capital expenditures from a previous fundraising.

The company's board of directors approved the revised proposals, including a feasibility analysis for the use of proceeds and an immediate return dilution and mitigation plan. The primary manufacturing project, located in Tongxiang City, Zhejiang Province, has secured land use rights and environmental assessment approvals. This strategic adjustment aims to optimize capital allocation and mitigate financial risks, aligning with Zhejiang Cfmoto Power's long-term development goals.