KangLongDa: Termination of fundraising projects and permanent replenishment of working capital
KangLongDa announced that the company has decided to terminate the "Annual Production of 2,400 Tons of Multifunctional, High-Performance, High-Strength, and High-Modulus Polyethylene Fiber Project" and will permanently supplement the remaining raised funds of 89.7245 million yuan into working capital. A total of 107 million yuan has been invested in this project, with an investment progress of 55.58%. The termination is mainly based on considerations of industry growth slowdown, intensified competition, and improving capital utilization efficiency. This matter still needs to be submitted for approval at the shareholders' meeting
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