Shennan Circuits cancels non-public offering proceeds account

Shennan Circuits announced the cancellation of its designated account for the proceeds from its non-public offering of shares, approved on December 11, 2023. The offering, which involved 23,694,480 shares, raised CNY2,549,999,937.60 before expenses. With net proceeds of CNY2,529,664,782.94, the funds were primarily earmarked for the manufacturing of IC substrate products and supplementing working capital.