GGEC has opened a special account for cash management of raised funds and signed a tripartite supervision agreement

GGEC announced that, with the approval of the China Securities Regulatory Commission, the company will issue stocks to specific targets, raising funds of 1.375 billion yuan on December 14, 2023, which will be stored in a special account. Recently, the company opened a special settlement account for cash management of the raised funds at the Guangzhou Dongfeng Middle Road Securities Business Department of China Galaxy Securities. This account is solely for the cash management of idle raised funds. The company has analyzed the systemic and operational monitoring risks that investments may face and has formulated corresponding control measures. Using idle funds for cash management does not affect the fundraising projects and normal operations, and can also improve fund efficiency and returns. The company also disclosed the main content of the tripartite supervision agreement, which will be effective from the date of signing until the special account is closed, with the obligations of the sponsor institution lasting until December 31, 2025