On the evening of March 1, Jucan Optoelectronics released an announcement titled "Announcement on Changing the Raised Funds Investment Project and the Capital Increase of the Wholly-Owned Subsidiaries." The company revealed its intention to modify the allocation of raised funds and inject an additional 150 million yuan into its wholly-owned subsidiary. This move aims to enhance the efficiency of fund utilization and align with the company’s long-term business strategy.
Originally, the LED chip production R&D project was set to begin on May 8, 2015, and was led by Jucan Optoelectronics Technology Co., Ltd. The total planned investment for this project amounted to approximately 352.071 million yuan, with 149.5456 million yuan allocated specifically for the initiative. The project aimed to produce 1.8 million high-end LED chips annually. However, as of now, the construction has not been fully completed, and the raised funds have not yet been utilized.
To optimize fund usage, the company decided to shift the focus of the fundraising from the original LED chip production R&D project at Jucan Optoelectronics Technology Co., Ltd. to a new project: “Jucan Optoelectronic Technology (Suqian) Co., Ltd. LED epitaxial wafer and chip production R&D project (Phase I).†This change is not considered a related-party transaction and remains in line with the company’s core business direction.
The new project, established on January 5, 2018, is managed by Jucan Suqian. It has a total investment of 615.931 million yuan, including 61.835 million yuan for construction, 8.57 million yuan for interest during the construction period, and 34.503 million yuan for working capital. Phase I of the project will utilize 145.5808 million yuan in raised funds (including derivative interest), with the remaining amount to be covered through bank loans.
In addition, Jucan Optoelectronics plans to increase the capital of Jucan Suqian by 150 million yuan. The funding will come from both raised capital (including interest) and some of the company's own funds. After the capital increase, the registered capital of Jucan Suqian will rise to 200 million yuan, with Jucan Optoelectronics retaining full ownership.
Of the 150 million yuan, 127.9 million is intended to replace previously purchased equipment, while the remaining portion will be used for acquiring new equipment for Jucan Suqian. This move is expected to strengthen the subsidiary’s financial position, reduce risks, and improve operational efficiency.
Jucan Suqian, established on June 5, 2017, engages in a wide range of activities, including research and development, manufacturing, and sales of lighting and optoelectronic devices, LED chips, and related technologies. It also handles import and export operations and provides technical services and system engineering support.
Jucan Optoelectronics emphasized that the change in the fundraising project does not alter the fundamental purpose or content of the original investment. It remains closely aligned with the company’s main business and does not harm shareholder interests. By investing both raised funds and part of its own capital into Jucan Suqian, the company aims to reinforce its subsidiaries’ financial strength, optimize resource allocation, and support long-term strategic growth.
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