Mingtai Aluminum shifts RMB 590m raised funds to new project

Henan Mingtai Aluminum Industrial Co., Ltd. (Mingtai Aluminum) announced the signing of a four-party supervisory agreement for its raised funds, effective November 6, 2025. This follows the company's decision on November 3, 2025, to adjust its capital allocation, re-directing RMB 590 million of raised funds from the "Automotive and Green Energy Aluminum Industrial Park Project" to a new "Annual 720,000-ton Aluminum-based New Material Intelligent Manufacturing Project" by its wholly-owned subsidiary, Henan Yirui New Material Technology Co., Ltd.

The company secured RMB 1,280,000,000.00 in a public offering of 100 million A-shares, with net proceeds of RMB 1,268,352,723.15 after deducting issuance costs. As of October 31, 2025, RMB 61,156,700 had been used for the "Annual 250,000-ton New Energy Battery Material Project," while RMB 405,262,600 of the original RMB 1,239,827,800 allocated to the "Automotive and Green Energy Aluminum Industrial Park Project" had been utilized, leaving RMB 903,017,900 remaining.

The new funds will be deposited into a dedicated account at Industrial Bank Co., Ltd., Zhengzhou Branch, under the supervision of Mingtai Aluminum, Henan Yirui New Material Technology Co., Ltd., Industrial Bank, and sponsor East Asia Securities Co., Ltd., in compliance with regulatory requirements.