Jiulian Technology's Non-Public Offering Not Exceeding 182 Million Yuan Approved; Guolian Minsheng Makes Contributions

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China Economic Net Beijing, March 17 — Jiulian Technology (688609.SH) announced that it received the “Exchange Review Opinion on the Issuance of Shares to Specific Targets by Guangdong Jiulian Technology Co., Ltd.” from the Shanghai Stock Exchange yesterday. The company’s application to issue shares to specific targets meets the issuance, listing, and disclosure requirements. The SSE will submit the application documents to the China Securities Regulatory Commission for registration after receipt.

Jiulian Technology states that the issuance of shares to specific targets through a simplified procedure can only proceed after receiving approval from the CSRC for registration. There is uncertainty about whether and when the CSRC will approve the registration. The company will disclose information in a timely manner based on the progress of this matter. Investors should be aware of investment risks.

On March 13, Jiulian Technology disclosed the “2025 Simplified Procedure for Issuance of Shares to Specific Targets Prospectus (Draft for Filing),” showing that the total funds raised will not exceed 181.77 million RMB, used for the Hongmeng ecosystem smart terminal and communication module R&D and industrialization projects, supplement working capital, and repay bank loans.

The issuance price is 8.28 RMB per share. The expected number of shares issued will not exceed 21.95 million (including this amount), and will not exceed 30% of the company’s total share capital before this issuance.

The recipients of this issuance are Zhang Jiaxuan, Ni Zhengshun, and China Securities Global Fund Management Co., Ltd. All recipients will subscribe with cash at the same price. There are no related-party relationships between the recipients and the company before or after this issuance. This issuance does not constitute a related-party transaction.

According to the “Unanimous Action Agreement” signed in March 2019 and the “Supplementary Unanimous Action Agreement” signed in December 2024, Zhang Qijun and Lin Rong are the company’s controlling shareholders and actual controllers. As of the date of the prospectus, Zhang Qijun holds 52,365,669 shares, accounting for 10.47%; Lin Rong holds 35,107,051 shares, accounting for 7.02%. Together, they directly hold 87,472,720 shares, representing 17.49% of the total share capital, and jointly control the voting rights of the same number of shares.

Based on the bidding results of this issuance, the number of shares issued is 21,952,898, not exceeding 30% of the company’s total shares before this issuance. After completion, the actual controllers Zhang Qijun and Lin Rong will jointly control 16.76% of the company’s total shares, remaining as the company’s actual controllers. This issuance will not change the company’s control.

Jiulian Technology’s sponsor for this issuance to specific targets is Guolian Minsheng Securities Co., Ltd., with Wang Lei and Liu Yuting as sponsoring representatives.

From 2022 to 2024, Jiulian Technology’s operating income was 2,402.746 billion RMB, 2,170.825 billion RMB, and 2,508.196 billion RMB, respectively. The net profit attributable to shareholders of the parent company was 60.401 million RMB, -1.992 billion RMB, and -1.418 billion RMB, respectively.

According to the “2025 Annual Performance Forecast of Guangdong Jiulian Technology Co., Ltd.,” the company expects a net loss attributable to the parent company’s owners in 2025, estimated between -227 million RMB and -190 million RMB. The net profit after deducting non-recurring gains and losses is expected to be between -210 million RMB and -177 million RMB.

Jiulian Technology was listed on the STAR Market of the Shanghai Stock Exchange on March 23, 2021, with an issuance of 1 billion shares at 3.99 RMB per share, with no old shares transferred. The sponsor (lead underwriter) was Minsheng Securities Co., Ltd. (now renamed Guolian Minsheng Securities), with Wang Jingfang and Li Dongmao as representatives.

The total funds raised from the initial public offering were 399 million RMB, with net proceeds of 345 million RMB. The prospectus disclosed on March 17, 2021, states that the company planned to raise 653.2124 million RMB for projects including expanding production of home network communication terminal devices, IoT mobile communication modules and industrialization platforms, 5G communication modules and platforms, upgrading the R&D center, and supplementing working capital.

The total issuance costs for the new shares were 53.5972 million RMB (tax-exclusive), including 35 million RMB for sponsorship and underwriting fees.

(责任编辑：关婧)