Kingdomway adjusts fund use, appoints new secretary

Xiamen Kingdomway Group has approved using up to CNY 749,636,500 in raised funds to inject capital into and provide loans for its wholly-owned subsidiary, Inner Mongolia Kingdomway Pharmaceutical Co., Ltd. These funds will implement projects. The company is also adjusting the allocation of raised funds across its projects because actual net proceeds are less than originally planned, while ensuring no change in the fund's purpose. The adjusted net proceeds, after expenses, are CNY 1,281,258,656.44.

Additionally, Kingdomway will temporarily utilize up to CNY 500,000,000 of idle raised funds to supplement working capital for its main business operations for a period not exceeding 12 months. This is expected to save approximately CNY 11,050,000 in financial expenses over one year. These actions aim to optimize resource allocation and ensure the smooth progression of investment projects.

In a related development, the board of directors approved the appointment of Ms. Li Xiaofang as vice general manager and board secretary. She will serve until the end of the ninth board's term.