Capital Securities Co., Ltd
About Beijing Bayi Space Lcd Technology Co.Ltd(688181)
Verification opinions on the extension of some raised investment projects
Capital Securities Co., Ltd. (hereinafter referred to as "capital securities" or "sponsor") as a sponsor of Beijing Bayi Space Lcd Technology Co.Ltd(688181) (hereinafter referred to as " Beijing Bayi Space Lcd Technology Co.Ltd(688181) " or "company") for initial public offering of shares and listing on the science and innovation board and continuous supervision, according to the measures for the administration of securities issuance and listing sponsor business, the guidelines for the supervision of listed companies No. 2 - regulatory requirements for the management and use of raised funds of listed companies According to the requirements of relevant laws, regulations and normative documents such as the Listing Rules of Shanghai Stock Exchange's Kechuang board and the self regulatory guidelines for listed companies on Shanghai Stock Exchange's Kechuang board No. 1 - standardized operation, the delay of Beijing Bayi Space Lcd Technology Co.Ltd(688181) some raised investment projects has been verified, and the verification opinions are as follows:
1、 Basic information of raised funds
With the approval of the China Securities Regulatory Commission on Approving the registration of Beijing Bayi Space Lcd Technology Co.Ltd(688181) initial public offering of shares (zjxk [2019] No. 2696), and with the consent of Shanghai Stock Exchange, the company publicly issued 24118254 ordinary shares in RMB in December 2019, with a par value of 1.00 yuan per share, an issue price of 43.98 yuan per share and a total raised capital of 106072081092 yuan, The net amount of raised funds after deducting the issuance expenses is 97791107348 yuan. The availability of the above raised funds has been verified by Grant Thornton Certified Public Accountants (special general partnership) and a capital verification report (Grant Thornton Yan Zi (2019) No. 110zc0292) has been issued.
2、 Information on the projects with raised capital investment postponed this time
As of December 31, 2021, the projects under construction invested by the company through initial public offering and listing on the science and Innovation Board include the phase II project of annual output of 100 tons of liquid crystal materials for display, the Shanghai advanced materials research and development project, and the Zhejiang Shangyu electronic materials base project. Among them, the "phase II project of annual output of 100 tons of liquid crystal materials for display" is affected by epidemic prevention and control and the holding of the Beijing Winter Olympic Games and the winter Paralympic Games, As a result, the overall construction progress is delayed compared with the original plan, so it is proposed to postpone the project. By the end of 2021, the investment of the project is as follows:
The total investment amount of the raised funds is proposed to be used. As of December 31, 2021, the original planned project has reached the project (10000 yuan). The accumulated investment is from December 31 of the year to the expected use
Amount (ten thousand yuan) input amount (yuan) daily input progress status date
Display with an annual output of 100 tons
Liquid crystal material II 3097500309750011552613203 37.30% 2021
Phase I Project
3、 Details of the extension of this raised investment project
(I) reasons for the delay of this raised investment project
According to the prospectus for Beijing Bayi Space Lcd Technology Co.Ltd(688181) initial public offering of shares and listing on the science and innovation board, the construction part of the company's fund-raising project "phase II project with an annual output of 100 tons of liquid crystal materials for display" includes R & D and test center, testing center and shift dormitory. In addition, production equipment such as synthesis, purification and mixing shall be added according to the project construction scheme to make the production capacity of mixed liquid crystal eventually reach 100 tons / year.
As of December 31, 2021, the company has completed and reached the production capacity of mixed liquid crystal of 100 tons / year; The testing center has been successfully capped, the pile foundation construction of shift dormitory and R & D Test Center has been completed, and the main structure works of shift dormitory and R & D Test Center, the installation and commissioning of overall equipment, decoration works and the construction of roads and pipe networks in the plant still need to be completed.
The main reasons for the delay of this raised investment project are as follows:
First, the repeated covid-19 epidemic has delayed the implementation of the project. Covid-19 epidemic situation is repeated, and the project construction work is intermittent. During the construction period, the main labor personnel, materials and goods are transported from medium and high risk places, and the movement of different places is limited.
Second, the overall construction progress is delayed compared with the original plan due to the influence of factors such as the holding of Beijing Winter Olympic Games and winter Paralympic Games in the project area.
(II) postponement arrangement of this raised investment project
Based on the principle of prudence, combined with the actual progress and capital use of the current "phase II project of 100 tons of display liquid crystal materials per year", the company decided to adjust the date when the raised investment project reaches the expected usable state to June 2023 without changing the implementation subject, total investment and capital use of the raised investment project.
4、 Re demonstration of the continued implementation of some raised investment projects
In accordance with the relevant provisions of the guidelines for self discipline supervision of companies listed on the science and Innovation Board of Shanghai Stock Exchange No. 1 - standardized operation, the company continued to implement the project of "phase II project of liquid crystal materials for display with an annual output of 100 tons"
(I) necessity of project construction
1. Enhance the company's production capacity and improve the construction of relevant supporting facilities
With the continuous expansion of market demand and the gradual saturation of the company's production capacity, it is necessary to improve the production capacity of the company's liquid crystal materials. The company has completed and reached the production capacity of 100 tons / year of mixed liquid crystal in 2020, and implemented the "new project with an annual output of 100 tons of liquid crystal materials for display" with its own funds. It was successfully completed, accepted and put into operation in 2021. At present, the capacity of mixed liquid crystal reaches 200 tons / year. The substantial increase of production capacity requires further improvement of relevant supporting facilities. The supporting testing center of the raised investment project has been successfully capped, the pile foundation construction of shift dormitory and R & D Test Center has been completed, and the main structure works of shift dormitory and R & D Test Center, overall equipment installation and commissioning, decoration works and the construction of internal roads and pipe networks in the plant still need to be completed.
2. Improve the software and hardware level of the company's R & D platform
In order to strengthen the R & D of liquid crystal materials, OLED materials and other electronic materials, the company's R & D investment continues to increase, and the R & D personnel continue to increase. The demand for R & D sites and equipment is urgent. The construction of the raised investment project can greatly improve the software and hardware level of the company's R & D platform and provide strong support for the company's development in the field of new projects.
(II) feasibility of project construction
1. The project construction conforms to the direction of national industrial policy
The liquid crystal material industry is an important guarantee and support for the country to realize the structural transformation, industrial upgrading and technological progress of the flat panel industry. It is also an important measurement standard and strength embodiment of the information development level. The improvement of the production level of mixed liquid crystal materials is the core and foundation to improve China's display technology industry.
Therefore, the state has issued a series of major policies to support the development of the industry, which provides a policy basis for the development of China's display technology industry from the aspects of national development strategy, industrial cultivation and development incentive policy, scientific and technological talent training, innovation system construction and so on, and creates a good policy environment for the development of information industry.
2. The project construction is conducive to the company to seize market opportunities and enhance market influence
With the trend of global panel capacity transfer to mainland China, China has entered the peak stage of many high generation lines. 20192021 and the demand for mixed crystal in Chinese mainland is increasing in the next few years. The existing capacity scale and R & D platform of the company need to be improved.
3. It is conducive to further improve the company's R & D and innovation ability
The company adopts the R & D strategy of combining technology and market, and implements the R & D mode focusing on independent R & D. while continuously optimizing the production process of existing high-performance mixed crystal products, the company increases the R & D of non display liquid crystal materials, other display materials and other electronic materials, so as to provide a strong driving force for the company to continuously launch new products. (III) re argumentation conclusion
The company believes that the above raised investment projects comply with the company's strategic planning and still have the necessity and feasibility of investment. The company will continue to implement the above projects. At the same time, the company will pay close attention to relevant environmental changes and make timely arrangements for the investment of raised funds.
5、 Review procedures for implementation
The 14th meeting of the 4th board of directors and the 12th meeting of the 4th board of supervisors of the company considered and approved the proposal on the extension of some raised investment projects, and agreed that the company would adjust the time when the raised investment project "phase II project with an annual output of 100 tons of liquid crystal materials for display" reaches the scheduled usable state, and the planned date of reaching the scheduled usable state after the extension is June 2023, The independent directors expressed their independent opinions on the matter. 6、 Verification opinions of the recommendation institution
The sponsor consulted the construction schedule, resolutions of the board of directors, resolutions of the board of supervisors, opinions of independent directors, announcements to be disclosed and other materials provided by the company, and communicated with Beijing Bayi Space Lcd Technology Co.Ltd(688181) senior managers to understand the background, necessity and feasibility of the extension of the raised investment project.
After verification, the recommendation institution believes that:
1. The postponement of the raised investment project only involves the change of the date when the raised investment project reaches the expected usable state, does not involve the change of the project implementation subject, the investment purpose and investment scale of the raised funds, and there is no change or disguised change of the investment direction of the raised funds and other situations that damage the interests of shareholders;
2. The postponement of this raised investment project is the decision made by the company based on the actual situation of the raised investment project. The company has demonstrated the feasibility and necessity of the continued implementation of the raised investment project involved in the postponement. The project postponement is in line with the actual operation situation of the company and is reasonable;
3. The postponement of this raised investment project has been deliberated and approved at the 14th meeting of the 4th board of directors and the 12th meeting of the 4th board of supervisors of the company. The independent directors have expressed their independent opinions with explicit consent. The relevant deliberation procedures comply with the guidelines for the supervision of listed companies No. 2 - regulatory requirements for the management and use of raised funds of listed companies The provisions of laws, regulations and normative documents such as the Listing Rules of Shanghai Stock Exchange on the science and innovation board and the self regulatory guidelines for listed companies on the science and Innovation Board of Shanghai Stock Exchange No. 1 - standardized operation, as well as the company's management system for raised funds.
In conclusion, the recommendation institution has no objection to the extension of Beijing Bayi Space Lcd Technology Co.Ltd(688181) some raised investment projects.
(there is no text on this page, which is the signature page of the verification opinions of Capital Securities Co., Ltd. on the extension of Beijing Bayi Space Lcd Technology Co.Ltd(688181) some raised investment projects)
Sponsor representative:
Liuhong and Yuli
Capital Securities Co., Ltd
