Truchum adjusts subsidiary's Beijing Stock Exchange IPO plan

Anhui Truchum Advanced Materials & Technology (SZSE:002171) disclosed adjustments to the IPO plan of its holding subsidiary, Hunan Topower Tech, for its listing on the Beijing Stock Exchange. The changes primarily concern the use of proceeds from the offering. Originally, the funds were intended for the "Smart Thermal Equipment R&D and Digital Production Base Construction Project," "Metal-Based 3D Printing Products and Thermal Equipment Core Component Expansion Project," "R&D Testing Center Construction Project," and "Supplementary Working Capital." Following the adjustment, the sole project listed is the "Smart Thermal Equipment R&D and Digital Production Base Construction Project." The company affirmed that if the actual net proceeds fall short of the project's needs, Topower Tech will address the shortfall with its own funds. Similarly, any excess funds will be managed according to applicable laws and regulations. The board of directors approved these adjustments on May 26, 2025, noting that it falls within the scope of the authorization granted by the shareholders' meeting. The company cautioned investors about potential risks, including the possibility of failing to pass the Beijing Stock Exchange's listing review or the China Securities Regulatory Commission's registration.