Haitai New Light's Two Fundraising Investment Projects Delayed Again, Combined 378 Million Yuan Investment Progress Below 15%

Qingdao Haitai Xinguang Technology Co., Ltd. (Stock Code: 688677, Stock Name: Haitai Xinguang) announced on March 23 that the company’s 11th meeting of the 4th Board of Directors approved the “Proposal on the Delay of Certain Fundraising Investment Projects,” deciding to postpone the planned operational start date of the “Endoscope Medical Device Production Base Construction Project” and the “Marketing Network and Information Technology Construction Project” by another year, from the original plan of February 2026 to February 2027.

Delay of Fundraising Investment Projects

This is the third adjustment for these two projects after two previous delays in April 2024 and April 2025. According to the announcement, the investment progress of both projects is significantly behind schedule:

Reasons for Delay and Project Feasibility Analysis

The company stated that the delay is mainly due to active efforts since 2024 to plan and build overseas factories, especially after the implementation of US tariffs in 2025, which led to adjustments in domestic and international production divisions, slowing down domestic project progress. The announcement shows that in 2025, the export volume of the company’s medical endoscopes increased significantly, and efforts are ongoing to improve factory and production line construction in the US and Thailand.

Despite the delays, the company emphasizes that both projects remain necessary and feasible for continued implementation:

Endoscope Medical Device Production Base Construction Project: Benefiting from policies supporting domestic production of medical devices, the company has successfully registered multiple endoscope products and achieved sales. Internationally, the US subsidiary has been operating for six years, and the Thailand subsidiary was established in 2023 with local investment incentives, demonstrating effective overseas capacity deployment. The company has developed high-end products such as 4K ultra HD fluorescence laparoscopes and defogging endoscopes, which are expected to generate good market returns.

Marketing Network and Information Technology Construction Project: The company has completed the construction of seven sales centers within Shandong Province, expanding sales coverage to 15 key provinces nationwide in 2024. As product registration progresses, nationwide promotion is underway. The company plans to enhance doctors’ awareness through the construction of demonstration and training centers and strengthen overseas market expansion.

Use of Raised Funds Overview

Haitai Xinguang completed its initial public offering in February 2021, raising net funds of 694 million RMB. As of February 28, 2026, three out of five fundraising projects have been completed, with a total investment of 366 million RMB, representing an overall investment progress of 52.83%.

Review Process and Market Impact

The delay has been approved by the company’s Board of Directors. Guotai Haitong Securities, the sponsor, issued a clear verification opinion, stating that the delay is a prudent decision based on actual circumstances, does not change the use of raised funds, and will not have a substantial impact on project implementation or harm shareholders’ interests.

The company emphasizes that this delay will not significantly affect normal production and operations and aligns with the company’s long-term development plan. Market analysts note that Haitai Xinguang, as an important enterprise in the field of medical endoscopes, warrants ongoing attention for its overseas expansion and product R&D progress. Although project delays reflect challenges in implementation, they also provide greater flexibility for the company to respond to changes in the international trade environment.

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