Sifang New Materials announced that the company plans to use no more than 150 million yuan of idle raised capital to temporarily supplement working capital for business related to the main business. The period of use shall not exceed 12 months from the date of review and approval by the board of directors. The matter was reviewed by the 7th meeting of the Audit Committee of the 4th Board of Directors and the 8th meeting of the 4th Board of Directors. Up to now, the amount of 590 million yuan has not been returned from the company's temporary refunds using idle raised funds. The company's initial public offering of shares on March 4, 2021 raised a net capital of 1,235 billion yuan. The sponsor, Zhongyuan Securities, has no objection to the current use of idle fund-raising to make up the flow.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.