On the evening of March 1, Jucan Optoelectronics (referred to as "the company") released an announcement titled "Announcement on Changing the Raised Funds Investment Project and the Capital Increase of the Wholly-Owned Subsidiaries." The statement revealed that the company intends to adjust its fundraising investment plan and inject an additional 150 million yuan into its wholly-owned subsidiary.
According to the announcement, the original LED chip production R&D project by Jucan Optoelectronics Technology Co., Ltd. was scheduled to begin on May 8, 2015, with the company itself as the main executor. The total planned investment for the project was approximately 352.071 million yuan, with 149.5456 million yuan allocated for the initiative. The project aimed to produce 1.8 million high-end LED chips annually. However, as of now, the project has not been fully implemented, and the raised funds have not yet been utilized.
To enhance the efficiency of fund usage and align with the company’s business development strategy, Jucan Optoelectronics plans to replace the original project—“Jucan Optoelectronics Technology Co., Ltd. LED Chip Production R&D Projectâ€â€”with a new one: “Jucan Optoelectronic Technology (Suqian) Co., Ltd. LED Epitaxial Wafer and Chip Production R&D Project (Phase I).†This change does not involve any related-party transactions.
The new project, launched on January 5, 2018, is led by Jucan Suqian, the subsidiary responsible for execution. The total investment for this phase is 615.931 million yuan, including construction costs of 61.835 million yuan, construction period interest of 8.57 million yuan, and working capital of 34.503 million yuan. The first phase will use 145.5808 million yuan in raised funds (including derivative interest), with the remainder financed through bank loans.
In addition, Jucan Optoelectronics announced that after adjusting the fundraising project, it plans to increase the capital of the subsidiary by 150 million yuan. This will be funded partly through raised funds (including derivative interest) and some internal capital. Following the capital injection, the registered capital of Jucan Suqian will rise to 200 million yuan, with the company retaining full ownership.
Of the 150 million yuan, 127.9 million is intended to replace previous equipment purchases, while the remaining amount will be used for acquiring new equipment for Jucan Suqian. This move aims to strengthen the subsidiary's financial position, reduce risks, and improve operational efficiency.
Established on June 5, 2017, Jucan Suqian engages in research, development, production, and sales of lighting devices, display devices, optoelectronic products, LED substrates, and chips. It also offers technical services, import/export activities, and system engineering installation and maintenance for LED applications. Additionally, it provides energy management services under applicable regulations.
Jucan Optoelectronics emphasized that the change in the fundraising project did not alter the core investment direction or project content, maintaining alignment with the company’s primary business operations. There was no disguised reallocation of funds or harm to shareholder interests. By investing all raised funds (including derivative interest) along with some internal capital into Jucan Suqian, the company aims to bolster the subsidiary’s financial strength, optimize resource allocation, and support long-term strategic growth.
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