712: The subsidiary plans to publicly issue shares and list on the Beijing Stock Exchange

Mars Finance News, April 22—Qiyi Erbao announced that its controlling subsidiary, Tianjin Qiyi Erbao Mobile Communications Co., Ltd. (, abbreviated as “Jin Yitong Communications” ), plans to publicly issue shares to non-specific qualified investors and list on the Beijing Stock Exchange. Jin Yitong Communications plans to issue no more than 50,666,667 shares ( (excluding the over-allotment option) ). After deducting issuance costs, the total funds to be raised are expected to be used to invest in projects including R&D of dedicated communications equipment and construction of a headquarters base, as well as construction of production lines for rail-transit-dedicated communications equipment, among other projects, with a total planned use of raised funds of 400 million yuan. Following this issuance and listing, Qiyi Erbao will still be the controlling shareholder of Jin Yitong Communications, and Jin Yitong Communications will be included in the company’s consolidated financial statement scope. This matter has been reviewed and approved by the company’s board of directors, and still requires submission to the company’s annual general meeting of shareholders for approval. The announcement also notes that there is a risk that the application for this issuance and listing may fail to pass review or registration, as well as a risk that the public offering may fail. (Company Announcement)