Linzhou Heavy Machinery cancels raised funds special account

Linzhou Heavy Machinery Group (SZSE:002535) announced the cancellation of its special account dedicated to managing funds raised through a non-public offering in 2015. The company had issued 82,444,444 shares at a price of CNY13.50 per share, raising gross proceeds of CNY1,112,999,994.00. After deducting issuance costs of CNY23,542,160.00, the net proceeds totaled CNY1,089,457,834.00. According to the company's statement, the funds have been fully utilized according to the planned purpose. The remaining balance of CNY2,589.4 was transferred to the company's general funds account before the special account was closed. Consequently, the trilateral supervision agreement with China Construction Bank, Linzhou Branch, and Huatai United Securities has been terminated.