Hi-Target reallocates 122m yuan in remaining project funds to working capital

Guangzhou Hi-Target Navigation Tech (SZSE:300177) has concluded its raised-fund investment projects initiated in 2020, permanently transferring the remaining funds of approximately 122.30 million yuan to supplement working capital. This decision, approved by the board and awaiting shareholder consent, follows the projects reaching their intended operational status and aims to enhance capital efficiency and meet daily operational needs. The company's lead underwriter, Industrial Securities, confirmed the completion and fund reallocation align with regulatory requirements and shareholder interests.

Initially, Guangzhou Hi-Target Navigation Tech raised 509,999,927.67 yuan, with a net amount of 500,626,265.53 yuan after deducting issuance costs. Projects included "Emergency Management Platform based on Spatiotemporal Intelligent Technology," "High-precision GNSS Application Technology R&D Center," and "Intelligent Driving High-precision Positioning Software and Hardware Product R&D and Industrialization Project." Due to a lower net raised amount, certain projects were adjusted or terminated, with remaining funds reallocated to the acquisition of partial equity in Guangdong Mantianxing Cloud Information Technology Co., Ltd. and the "Intelligent Driving High-precision Positioning Software and Hardware Product R&D and Industrialization Project."

The total remaining raised funds of 122.30 million yuan consist of 37.99 million yuan from project savings and 24.7754 million yuan from interest and wealth management income. The company emphasized that this move is a prudent decision driven by actual production and operational needs, aiming to reduce financial costs without altering the original investment direction or harming shareholder interests. The corresponding special accounts for raised funds will be closed following the transfer.