Cosco Technology Adjusts Two Major Investment Projects, Adds New Implementation Entity and Extends Electronic Information Equipment Project to End of 2027

On March 18, Shenzhen Kesi Technology Co., Ltd. (Stock Code: 688788, Stock Abbreviation: Kesi Technology) announced that the company’s Seventh Meeting of the Fourth Board of Directors approved the proposal regarding changes, additions of implementation entities, and extensions for some fundraising projects. The adjustments involve the “R&D Technology Center Construction Project” and the “Electronic Information Equipment Production Base Construction Project,” including new implementation entities, changes in implementation methods, and project delays.

R&D Technology Center Construction Project: Shift from Purchase to Lease Focused on Three Major R&D Directions

The announcement states that Kesi Technology has decided to make several adjustments to the “R&D Technology Center Construction Project”: changing the implementation method from purchasing property to leasing property; adding Shenzhen Kesi Technology Co., Ltd. Xi’an Branch as an implementation entity; and updating some sub-projects with completion and content revisions. Future R&D efforts will focus on unmanned intelligent systems, wireless communication, and chip development.

The project implementation entities have been changed from the original Kesi Technology, Gao Xin Si Tong, Xi’an Kesi, and Shanghai Si Xin Intelligent to Kesi Technology, Kesi Technology Xi’an Branch, Gao Xin Si Tong, Xi’an Kesi, and Shanghai Si Xin Intelligent.

Regarding investment structure, the company has optimized and adjusted the internal investment allocation for this project:

The company states that the main reason for the change is that suitable R&D office and testing space has already been leased in Nanshan District, Shenzhen. To efficiently utilize existing resources and avoid duplicate investments, the implementation method has been changed from purchasing to leasing. Additionally, a branch was established in Xi’an to accommodate project progress, hence adding Kesi Technology Xi’an Branch as an implementation entity.

Electronic Information Equipment Project: New Subsidiary as Implementation Entity and Extension to End of 2027

For the “Electronic Information Equipment Production Base Construction Project,” Kesi Technology plans to add its controlling subsidiary Jiangsu Zhitunda Vehicle System Co., Ltd. as an implementation entity, and expand related content on special vehicle modification. The project completion date has been extended to December 2027.

The project implementation entities have been changed from the original Kesi Technology and Nanjing Sixin to Kesi Technology, Nanjing Sixin, and Zhitunda. The product plan now includes additional special vehicle modification services.

The investment structure adjustment is as follows:

The company states that, considering project procurement procedures, base construction preparations, equipment installation and debugging timelines, and project implementation progress, the deadline for the project to reach the planned usable state has been extended from December 2026 to December 2027.

Necessity of the Changes: Aligning with Industry Trends and Strengthening Independent Control Capabilities

In the announcement, Kesi Technology elaborates on the necessity of these adjustments, noting that the development trend of intelligent unmanned equipment is clear. Unmanned intelligent systems are moving from laboratory experiments to battlefield deployment, entering a new cycle of engineering standardization, large-scale deployment, and practical combat readiness. Meanwhile, the demand for high-performance, low-power, and highly reliable core chips in terminal devices is increasing. Conducting related R&D will help break through core component bottlenecks and improve overall system intelligence and performance.

Regarding the electronic information equipment project, the company states that current production sites are leased and scattered, which cannot meet future scale and integrated development needs. Building self-owned production bases will optimize process flows and production line configurations, improve production efficiency and product consistency, reduce long-term leasing costs, and mitigate capacity relocation risks.

Approval Procedures and Stakeholder Opinions

These changes to some fundraising projects, new implementation entities, and extensions have been approved by the company’s Seventh Meeting of the Fourth Board of Directors and are subject to shareholder approval. Independent directors have expressed clear approval, believing that these matters will help optimize resource allocation, improve the efficiency of fund use, and do not harm the interests of the company or minority shareholders. Zhongtian Guofu Securities Co., Ltd., the sponsor, has also issued a clear verification opinion with no objections.

Kesi Technology states that these project changes do not alter the nature or purpose of the fundraising projects, nor do they change the investment amount, and will not adversely affect the normal progress of the projects or the company’s operations. These adjustments are conducive to improving capital efficiency, optimizing resource allocation, and align with the company’s strategic planning and future development needs.

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