Guolian Aquatic closes fundraising accounts after share issuance, project termination

Zhanjiang Guolian Aquatic Products Co., Ltd. recently announced the completion of the cancellation of all its dedicated fundraising accounts. This follows the issuance of 221,238,938 shares to 15 specific investors at RMB 4.52 per share, generating gross proceeds of RMB 999,999,999.76. After deducting underwriting and sponsorship fees, and other related expenses (excluding VAT) of RMB 18,331,074.47, the net proceeds received by the company were RMB 981,668,925.29. The receipt of these funds was verified by Zhonghuan Certified Public Accountants (Special General Partnership) on November 25, 2022.

The company implemented a system of dedicated accounts for fundraising, in compliance with regulatory requirements, and signed tripartite supervision agreements with its underwriters and banks. This ensured funds were used for designated purposes and facilitated oversight by the sponsor institution and independent directors.

The cancellation of the accounts follows the company's decision to terminate several fundraising investment projects and permanently use the corresponding funds to supplement working capital. These decisions were approved at various board meetings and shareholder general meetings in 2025. As of the disclosure date, all dedicated fundraising accounts have been successfully closed, and the related supervision agreements with the sponsor institution and opening banks have been terminated.