Jereh Oilfield Services sets up special accounts for raised funds

Yantai Jereh Oilfield Services Group Co., Ltd. (Jereh Oilfield Services) has announced the opening of special bank accounts for its raised funds and the signing of tripartite supervision agreements. This follows the approval of its non-public issuance of RMB ordinary shares, which raised a net amount of yuan 2,487,483,821.84. The funds were received on June 23, 2022, and verified by Zhongxi Certified Public Accountants.

The company previously received approval to change the use of a portion of its raised funds on January 18, 2024, reallocating the remaining balance from the "New Energy Intelligent Fracturing Equipment and Core Components Industrialization Project" to the "Oil and Gas Technology Services Project." As of November 30, 2023, the original project’s remaining raised funds balance, including interest and wealth management income, was yuan 758,205,000.00. Additionally, on June 25, 2025, the company approved a resolution to extend the completion date for both the Digital Transformation Phase I Project and the Oil and Gas Technology Services Project to December 31, 2027.

To enhance oversight, Jereh Oilfield Services and its wholly-owned subsidiary, Yantai Jereh Oilfield Equipment Technology Co., Ltd., have opened four special bank accounts across Hua Xia Bank and Zheshang Bank. These accounts, with a current balance of yuan 0.00, are designated for specific projects like Digital Transformation Phase I and Oil and Gas Technology Services. The tripartite supervision agreements involve the company, the custodian banks, and Guosen Securities Co., Ltd., ensuring compliance with relevant regulations for fund management and investor protection.