Sanhua Intelligent Controls reallocates funds for future growth

Zhejiang Sanhua Intelligent Controls (SZSE:002050) announced plans to close out two prior fundraising projects and reallocate the remaining capital. The initial projects included a CNY 148,700,000 investment in a commercial refrigeration and air conditioning intelligent control components project, of which CNY 124,662,71 was invested. The second project involved a CNY 69,800,000 investment in high-efficiency energy-saving refrigeration and air conditioning control components technology upgrades, of which CNY 44,844.90 was invested. After accounting for interest and investment income, the company will reallocate CNY 30,688,490 (pending final audit) into the "Zhejiang Sanhua Intelligent Drive Future Industry Center" through a capital increase in its subsidiary, Zhejiang Sanhua Intelligent Drive Co., Ltd. An additional CNY 30,972,620 (pending final audit) will be used to replenish working capital for daily operations. To facilitate this reallocation, Sanhua will close existing dedicated accounts. The initiatives align with Sanhua's strategic shift towards intelligent manufacturing and expanding into sectors like new energy vehicles and robotics. The company plans to build a 152,900-square-meter facility on 109.092 mu of newly acquired land in Hangzhou Qian Tang district. This project supports Sanhua's twin strategy in refrigeration, heat management, and robotics.