Zhejiang Shibao: Plans to raise no more than 1.394 billion yuan through a private share placement for projects such as automotive steer-by-wire systems.

Zhejiang Shibao announced that the company plans to issue A-shares to no more than 35 specific targets, raising a total of no more than 1.394 billion yuan. After deducting issuance expenses, the funds are intended for the industrialization construction projects of automotive steer-by-wire systems, the industrialization construction projects of the next-generation intelligent steering systems for passenger cars, the technological transformation projects of automotive electronics PPK products, the research and development capability enhancement projects of steer-by-wire and angle module systems, and to supplement working capital. This plan has been approved by the board of directors and will still require the approval of the shareholders meeting, review by the Shenzhen Stock Exchange, and registration with the China Securities Regulatory Commission.