Guoguang Electric reallocates funds to Vietnam project

Guoguang Electric (SZSE:002045) announced a shift in the application of its raised funds, initially intended for the automotive audio project, to the "Vietnam Base Audio Product Production Project." The total investment for the Vietnam project is estimated at CNY 66,104.78 million. This decision stems from evolving market dynamics and a strategic focus on expanding its overseas manufacturing capabilities in Southeast Asia to meet international client demands, particularly given the momentum in consumer electronics and new overseas orders. The company aims to leverage Vietnam's manufacturing advantages to enhance global supply chain efficiency. The changed use of raised funds will be submitted to a shareholders meeting for approval.