Kape Biotech Plans to Use 9.4576 Million Yuan in Raised Funds to Offset Previously Advanced Personnel Expenses for Funded Investment Projects

On March 18, Guangdong KaiPu Biotechnology Co., Ltd. (Stock Code: 300639, Stock Abbreviation: KaiPu Biotech) announced that the company’s sixth board of directors approved the proposal to use raised funds to replace pre-paid personnel expenses for the fundraising projects. The company agreed to use the raised funds to replace 9,457,598.43 yuan (approximately 9.4576 million yuan) of personnel expenses for the fundraising projects that had been prepaid with its own funds within the past six months.

According to the announcement, KaiPu Biotech’s replacement action is based on bank requirements for salary payment accounts, aiming to improve capital efficiency and ensure compliance in salary payments. The company emphasizes that this operation will not affect the normal development of fundraising investment projects and daily operations, and there is no disguised change in the use of raised funds or harm to the interests of the company and shareholders.

Basic Information on Raised Funds

KaiPu Biotech raised a net amount of 1,027.4196 million yuan in 2020 through a targeted stock issuance. A total of 22,945,804 shares were issued to eight specific targets, including one of the actual controllers, directors, and executive vice president Mr. Guan Zhiseng, at an issue price of 45.76 yuan per share, raising a total of 1,050 million yuan. After deducting issuance costs (excluding tax) of 22.5804 million yuan, the net raised funds amounted to 1,027.4196 million yuan. These funds have been deposited into special accounts, and the company has signed a fund supervision agreement with the sponsor and the bank holding the funds.

Replacement Process and Historical Replacement

The company has established a standardized process for personnel payments and replacement of raised funds: the HR department compiles the list of personnel for the fundraising projects and submits payment requests; the finance department makes payments using its own funds; regularly, an equivalent amount is transferred from the raised funds special account to the subsidiary’s main account; a dedicated ledger records related transactions; and the sponsor is notified for supervision.

Board and Sponsor Opinions

The replacement was unanimously approved by all directors at the company’s board meeting. It is considered to comply with relevant regulations on the management of raised funds and falls within the authority of the board, so it does not require shareholder approval. CITIC Securities Co., Ltd., the sponsor, has verified this matter and believes that KaiPu Biotech’s replacement of raised funds complies with the “Administrative Measures for Securities Issuance and Listing Sponsorship Business” and “Guidelines for Supervision of Listed Companies No. 2,” among other laws and regulations, and has no objections.

KaiPu Biotech states that it will continue to strictly follow relevant regulations on the management of raised funds in the future, ensuring the legality and efficiency of fund use and guaranteeing the smooth implementation of fundraising projects.

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