Tuopu Group reallocates $400m for new smart manufacturing park

Ningbo Tuopu Group (SSE:601689) has updated on the utilization and management of its raised funds, including significant reallocations. As of October 15, 2025, the company has signed tripartite supervision agreements for its dedicated bank accounts, ensuring regulatory oversight of its capital. The agreements were made with Ningbo Yuxiang Smart Technology Co., Ltd., Ningbo Lingyu Touch Co., Ltd., and Guosen Securities Co., Ltd., covering accounts with zero balances as of the reporting date.

The company's raised funds include 2,488,972,641.53 yuan from a public convertible bond issuance in 2022 and 3,498,437,798.43 yuan from an A-share issuance in 2024. A notable change involves the reallocation of 300,000,000 yuan from the "Annual production of 3.3 million sets of lightweight chassis system construction project" and 100,000,000 yuan from the "Anhui Shouxian annual production of 300,000 sets of lightweight chassis system project and annual production of 500,000 sets of automotive interior functional parts project." These funds, totaling 400,000,000 yuan, are now directed towards the new "Ningbo Intelligent Manufacturing Industrial Park Project," which will focus on producing ASU and intelligent door drive systems.

Additionally, the company also disclosed a change in the "Ningbo Qianwan annual production of 1.1 million sets of automotive interior functional parts project and annual production of 1.3 million sets of thermal management system project" where 380,000,000 yuan in uninvested funds will be redirected to the "Thailand annual production of 1.3 million sets of thermal management system project." These adjustments highlight the company’s strategic shift in its investment priorities.