Joincare Pharmaceutical closes rights issue funds account

Joincare Pharmaceutical Group Industry (Joincare Pharmaceutical) has successfully completed the cancellation of its special accounts for rights issue proceeds. This follows the full utilization of funds raised through a rights issue approved by the China Securities Regulatory Commission (CSRC) in 2018. The total proceeds from this rights issue amounted to CNY 200,000.00, with an actual gross amount of CNY 171,599.38 after deducting issuance expenses of CNY 4,625.36. The net proceeds totaled CNY 166,974.02.

The funds, verified by Ruihua Certified Public Accountants on October 16, 2018, were managed in accordance with regulatory requirements and the company's internal policies. Following the completion of all investment projects funded by the rights issue and full deployment of the capital, Joincare Pharmaceutical proceeded with the formal closure of the associated special accounts.

The cancellation of these accounts also terminates the tripartite supervision agreements previously signed with China Minsheng Banking Co., Ltd. and various other banks for the management of the rights issue proceeds. This move streamlines the company’s financial management and concludes the regulatory oversight of these specific funds.