Poly Chan intends to change the LED chip project to raise funds, 150 million capital subsidiary

Yesterday (1) evening, poly Chan photoelectric (hereinafter referred to as "the company") announced that the company intends to change investment projects to raise funds and a wholly owned subsidiary of capital 150 million yuan.

According to the announcement, "poly Chan photoelectric Polytron Technologies Inc LED chip production research and development project" project time is May 8, 2015, the implementation of the main poly Chan photoelectric Polytron Technologies Inc. The project plans a total investment of about 352 million 107 thousand yuan, which intends to use the funds raised 145 million 445 thousand and 600 yuan, with an annual output of high-end LED chip project content 1 million 800 thousand. At present, the project construction work has not been fully carried out, to raise funds not yet put into use.

In order to raise funds to improve efficiency, combined with the specific requirements of the business development strategy and project construction company, the company intends to fund-raising project "poly Chan photoelectric Polytron Technologies Inc LED chip production research and development project to poly Chan photoelectric technology (Suqian) Limited LED epitaxial wafer chip production, R & D projects (a)". The change of investment projects does not constitute a connected transaction.

"Poly Chan photoelectric technology (Suqian) Co., Ltd. LED epitaxial wafer chip production, R & D projects (a)" project time is January 5, 2018, the implementation of the main poly Chan photoelectric technology (Suqian) Co., Ltd. (hereinafter referred to as "Suqian poly Chan"). The total investment is 659 million 931 thousand yuan, including construction investment of 616 million 853 thousand yuan, the construction period interest 8 million 575 thousand yuan, 34 million 503 thousand yuan of liquidity. The first phase intends to use the funds raised 145 million 800 thousand and 800 yuan (including derivative interest), the rest of the solution to apply for loans to banks by way of self financing.

In addition, poly can photoelectricity also announced that the company intends to change investment projects to raise funds, plans to invest 150 million yuan in Suqian poly Chan, the source of funds to raise all the funds (including derivative interest) and some of its own funds. After the capital increase, the registered capital of Suqian poly Chan will be changed to 200 million yuan, the company still holds 100% shares. 127 million 490 thousand yuan in 150 million yuan to be used in the replacement company in pre equipment purchase balance intended for Suqian poly Chan other new equipment procurement funds.

Data show that poly Chan Suqian was established in June 5, 2017, the business scope includes: lighting device, display device, photoelectric device assembly, R & D, production and sales, LED, LED of the patterned substrate, LED chip R & D, production, sales and technical services; self and agent all kinds of goods and technology import and export business (the state enterprise or prohibit the import and export of goods and technology, except); LED application system engineering installation, commissioning and maintenance; energy management contract (in accordance with the law shall be subject to the approval of the project, approved by the relevant departments before carrying out business activities).

Poly bright photoelectric said that this equity investment projects change, no substantive change to raise funding for the implementation of the project and content, highly consistent with the company's main business, there is no change in disguise, to raise funds to invest in the case of damage to the interests of shareholders. At the same time, all to raise funds (including interest bearing) and part of its own funds to the capital increase into a wholly owned subsidiary of Suqian poly Chan, is conducive to the enhancer of the company's capital strength, reduce financial risk, optimize the allocation of resources, improve management efficiency, in line with the company's long-term development strategy and planning.

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