Xianhe establishes special accounts for managing raised funds

Xianhe Co., Ltd. announced the establishment of special accounts and the signing of tripartite supervision agreements for its raised funds. This follows the approval for the public issuance of convertible corporate bonds. The company raised CNY 2.05 bn from the issuance, with net proceeds totaling CNY 2.039 bn after underwriting and sponsorship fees. These funds were deposited into the company's raised funds regulatory account by the lead underwriter, Oriental Securities, on November 23, 2021.

To manage these funds, Xianhe has opened two new special accounts with Shanghai Pudong Development Bank Co., Ltd., Quzhou Branch. One account is designated for cash management of idle raised funds, while the second is for temporary replenishment of working capital using convertible bond raised funds.

The tripartite supervision agreements, signed with Shanghai Pudong Development Bank and Oriental Securities, outline the rights and obligations of all parties. These agreements ensure compliance with regulatory requirements and enhance the transparency of fund usage. These measures aim to protect investor interests and standardize the management and use of the company's raised funds.