Ningbo Huaxiang Electronic's share issuance accepted by Shenzhen Stock Exchange

Ningbo Huaxiang Electronic (SZSE:002048) announced on October 21, 2025, that its application for a non-public issuance of A-shares to specific subscribers for 2025 has been accepted by the Shenzhen Stock Exchange. The company plans to raise up to yuan 2.92bn to fund key projects, including the Wuhu Automotive Parts Intelligent Manufacturing Project, the Chongqing Automotive Interior Parts Production Base Project, the R&D Center Project, the Digital Transformation and Upgrade Project, and to supplement working capital.

The issuance is to no more than 35 specific investors, and the pricing date is the first day of the issuance period, with the price not less than 80% of the average trading price of the company's shares over the 20 trading days prior to the pricing date. The total number of shares issued will not exceed 30% of the company's total share capital before this issuance, which is 244,149,936 shares. All proceeds from the issuance, net of related expenses, will be used for the aforementioned projects.

The board of directors approved the issuance on June 13, 2025, and the general meeting of shareholders on July 7, 2025. The company's controlling shareholder is Fengmei Investment, with the ultimate controller being Zhou Xiaofeng, who directly and indirectly holds 45.92% of the company's shares. Post-issuance, Zhou Xiaofeng and his concert parties will control 35.32% of the company’s shares, with no change in control.