Xinxiang Chemical Fibre Co.Ltd(000949) about
Special report on the use of previously raised funds
1、 Previous fund raising
With the approval of the reply on the approval of Xinxiang Chemical Fibre Co.Ltd(000949) non-public Development Bank shares (zjxk [2021] No. 610) issued by the China Securities Regulatory Commission, Xinxiang Chemical Fibre Co.Ltd(000949) (hereinafter referred to as "the company" or "the company") issues no more than 377296814 RMB common shares (A shares) by means of non-public offering, and the issue price is no less than 4.21 yuan per share. As of June 10, 2021, the company has actually issued 209071729 RMB ordinary shares (A shares) to the public, with the actual issuance price of RMB 4.74 per share and the total amount of raised funds of RMB 991 million. After deducting the issuance expenses (including tax amount) of RMB 18932400 such as underwriting fee, recommendation fee, verification fee, lawyer fee and issuance registration fee, the actual net amount of raised funds is RMB 972067600. The availability of the above funds has been verified by Daxin Certified Public Accountants (special general partnership) and a capital verification report of Daxin Yan Zi [2021] No. 1600003 has been issued. The time for the raised funds to be deposited into the special account is June 10, 2021. The initial deposit amount is 973.2 million yuan (including verification fee, lawyer's fee, issuance registration fee and other issuance expenses (including tax amount) of 1132400 yuan). As of March 31, 2022, the fund balance in the special account for the previously raised funds of the company is 80143200 yuan.
The storage of raised funds is as follows:
Monetary unit: RMB 10000
Name of raised fund storage project as of 2022
Bank name fund amount balance as of December 31
Zhongyuan Bank Co., Ltd. has an annual output of 100000 tons of high-quality super
Sixinxiang Branch Sales Department 410700101 Guangxi Yuegui Guangye Holdings Co.Ltd(000833) 03 fine denier spandex fiber project phase I 8810676801432 project
Zhongyuan Bank Co., Ltd. 410700101 Guangxi Yuegui Guangye Holdings Co.Ltd(000833) 03910000
Si Xinxiang branch business department supplementary working capital
Total 9720676801432
2、 Actual use of the previously raised funds
As of March 31, 2022, the company has accumulated 89699200 yuan of raised funds, including 805999200 yuan for "phase I project of 100000 tons of high-quality ultra-fine denier spandex fiber project" and 91 million yuan for supplementary working capital. See "Annex 1: comparison table of the use of raised funds" in this report for details.
3、 Changes in raised funds
The investment projects, total investment, implementation place and implementation method of the company's raised funds have not been changed, and there is no transfer and disposal of the investment projects of raised funds.
4、 Advance investment and replacement of investment projects with raised funds
In consideration of progress, the company has invested in the first phase of the project with an annual output of 100000 tons of high-quality ultra-fine denier spandex fiber with self raised funds. As of July 1, 2021, the company has invested 6712554 million yuan in advance. After the raised funds were in place, the proposal on using the raised funds to replace the pre invested project funds was deliberated and adopted at the 15th meeting of the 10th board of directors and the 12th meeting of the 10th board of supervisors on July 6, 2021. The company replaced the pre invested funds of 6712554 million yuan, which has been verified by Daxin Certified Public Accountants (special general partnership), And issued the audit report of replacing self raised funds invested in raised funds projects with raised funds (Daxin zhuanshen Zi [2021] No. 1600043).
Ping An Securities Co., Ltd., the sponsor of the company, issued verification opinions on the company's use of raised funds to replace self raised funds invested in raised funds investment projects in advance. The use and replacement of raised funds comply with laws and regulations, and strictly fulfill the obligation of information disclosure.
5、 Use of idle raised funds
(I) use and savings of raised funds
According to Xinxiang Chemical Fibre Co.Ltd(000949) the feasibility analysis report on the use of funds raised by non-public development banks in 2020 (Revised Version), the total investment of "phase I project of 100000 tons of high-quality ultra-fine denier spandex fiber project" is 104803 million yuan. The construction period is from September 2020 to March 2022, and the construction period is 18 months. As of February 28, 2022, the company has completed the relevant construction of the project and reached the expected usable state.
The total amount of funds raised for the "super denier fiber project" was 320000 tons, accounting for 320000% of the total amount of funds raised for the "super denier fiber project" as of March 2024.
(II) reasons for unused raised funds
1. In order to improve the use efficiency of the company's funds and reduce the use cost of funds, during the implementation of the raised funds investment project, the company uses the bank acceptance bill to pay the payable project funds, equipment procurement funds and other funds involved in the raised funds investment project according to the actual situation, and retains some project quality assurance funds, resulting in some savings of the raised funds;
2. During the implementation of the project, the company strictly abides by the relevant provisions on the management of raised funds, uses the raised funds in the principle of rationality, effectiveness and prudence on the premise of ensuring the benefits of the project, strictly implements the budget management, strengthens the control, supervision and management of costs in all links of project construction, and reasonably reduces costs.
(III) use plan and arrangement of the remaining raised funds
In view of the fact that the project invested by raising funds has reached the expected usable state, in order to reasonably allocate funds and improve the use efficiency of the raised funds, combined with the current operation situation of the company, the company plans to permanently supplement the working capital with the surplus raised funds of RMB 801432 million from the "phase I project of 100000 tons per year high-quality ultra-fine denier spandex fiber project" of the project invested by raising non-public shares for the daily business activities of the company.
6、 Unused fund balance of the previously raised funds
As of March 31, 2022, the special account for raised funds had generated a total interest income of 5.0748 million yuan, and the initial net amount of raised funds was 97.206 million yuan, totaling 9771424 million yuan. A total of 896992 million yuan had been used and the balance was 801432 million yuan.
On April 6, 2022, the 20th meeting of the 10th board of directors of the company deliberated and adopted the proposal on closing projects invested by raising funds and permanently supplementing the surplus raised funds with working capital. According to the guidelines for the supervision of listed companies No. 2 - Requirements for the supervision of the management and use of raised funds of listed companies According to the self regulatory guidelines for listed companies of Shenzhen Stock Exchange No. 1 - standardized operation of listed companies on the main board and the relevant management systems of the company, the surplus funds (including interest income) involved in this proposal are less than 10% of the net funds raised for the project, which is within the scope of the deliberation power of the board of directors and does not need to be submitted to the general meeting of shareholders for deliberation.
On April 21, 2022, the company transferred the fund balance of 80295200 yuan (including 151900 yuan of interest income in April 2022) in the special account of raised funds to the general account of the company for permanent replenishment of working capital, and the special account of raised funds has been cancelled. Annex 1: comparison table of use of raised funds
Annex 2: comparison table of realized benefits of projects invested with raised funds
Xinxiang Chemical Fibre Co.Ltd(000949) board of directors may 19, 2022
Annex 1:
Comparison table of use of raised funds
(as of March 31, 2022)
Monetary unit: RMB 10000
Total raised funds: 9910000 total used raised funds: 8969992
Total amount of raised funds used in each year:
Total funds raised for change of purpose: - 2021: 8921985
Proportion of total funds raised for changing purposes: - 2022: 480.07
The total investment amount of the raised funds of the investment project can make the accumulated investment amount of the raised funds reach the actual investment reservation on the deadline
Amount before and after raising and status of raising day sequence commitment investment actual investment commitment commitment actual investment commitment period after collection commitment period (or the difference between the investment amount of the cut-off capital project, the investment amount of the project, the investment amount of the non promise amount, the investment amount of the project on the end date, and the completion degree of the investment amount)
Annual output 10
10000 tons high 10000 tons high
Quality super quality super 2022 1 fine denier ammonia fine denier ammonia 881067 Suzhou Jinhong Gas Co.Ltd(688106) 768059992881067 Suzhou Jinhong Gas Co.Ltd(688106) 768059992801432
Project I project I
Phase I Project
2 supplementary flow supplementary flow 910 Dare Power Dekor Home Co.Ltd(000910) Dare Power Dekor Home Co.Ltd(000910) Dare Power Dekor Home Co.Ltd(000910) Dare Power Dekor Home Co.Ltd(000910) Dare Power Dekor Home Co.Ltd(000910) Dare Power Dekor Home Co.Ltd(000910) 000 - not applicable to working capital
Total 972067697206768969992972067697206768969992801432
Note: as of March 31, 2022, the special account for raised funds had generated a total interest income of 5.0748 million yuan, and the initial net amount of raised funds was 9720676 million yuan, a total of 9771424 million yuan. A total of 896992 million yuan had been used and the balance was 801432 million yuan.
Annex 2:
Comparison table of realized benefits of investment projects with raised funds
(as of March 31, 2022)
