NONGFA Seed Industry intends to use 290 million yuan of raised funds to replace self-raised funds that were previously invested

On March 17, China National Seed Industry Group Co., Ltd. (Stock Code: 600313,简称: Nongfa Seed) announced that the company plans to use RMB 289,907,754.71 of raised funds to replace the pre-invested funds in the fundraising project and the paid issuance expenses. This replacement complies with the regulation that replacements should be made within six months after the funds are received.

Basic Information on Raised Funds

The announcement shows that, with approval from the China Securities Regulatory Commission Document [2025] 2966, Nongfa Seed issued 79,175,306 A-shares to specific targets at a price of RMB 5.14 per share, raising a total of RMB 406,961,072.84. After deducting RMB 4,487,754.71 in non-tax issuance costs, the net raised funds amount to RMB 402,473,318.13.

All the funds were fully received by January 22, 2026, and an “Capital Verification Report” was issued by Beijing Dadi Taihua Certified Public Accountants. The company has deposited the funds into a dedicated account and signed a fund supervision agreement with the sponsor and the depository bank.

Fund Investment Projects

According to the company’s previously disclosed fundraising prospectus and plan, the raised funds will be invested in the following projects:

The announcement states that after deducting issuance costs, the company will adjust the “Supplementary Working Capital” amount based on actual fundraising, to ensure the smooth implementation of the investment projects.

Pre-investment of Self-raised Funds

Pre-investment of Fund Projects

As of March 10, 2026, the company has pre-invested in the fundraising projects with its own funds as follows:

Payment of Issuance Expenses

The total issuance expenses for this fundraising amount to RMB 4,487,754.71 (excluding VAT). As of March 10, 2025, the company has paid part of these expenses with its own funds, detailed as follows:

Note: Since stamp duty is declared annually and automatically deducted from the main account, the RMB 101,740.27 will be replaced accordingly. Therefore, the proposed replacement of issuance expenses includes stamp duty.

Review Procedures and Special Opinions

On March 17, 2026, Nongfa Seed held the 58th meeting of the seventh board of directors, approving the “Proposal on Using Raised Funds to Replace Pre-invested Funds in the Fundraising Project and Paid Issuance Expenses.” This matter falls within the company’s board approval authority and does not require shareholder approval.

The announcement indicates that the replacement of funds occurred within six months of the funds being received, complying with the “Regulations on the Supervision of Raised Funds by Listed Companies” and the “Shanghai Stock Exchange Listed Companies Self-Regulation Guidelines No. 1—Standard Operations.”

The sponsor has verified that the company has completed the necessary review procedures for this replacement, which complies with relevant regulations. It does not affect the normal progress of the investment projects, nor does it involve changing or disguising the use of raised funds or harming shareholders’ interests. The sponsor has no objections.

The accounting firm’s verification opinion states that the company’s management prepared the special explanation, which truthfully reflects the actual situation as of March 10, 2026, regarding the replacement of pre-invested funds and paid issuance expenses with raised funds.

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