Xihua Technology: Plans to raise 25 million RMB to borrow from subsidiaries to implement projects.

XiHua Technology announced that the company plans to use the funds raised from its initial public offering to provide interest-free loans of up to 25 million yuan to its wholly-owned subsidiary, Jiangsu XiHua Foundry Co., Ltd., for the research and development project of key core components of the wind turbine main gearbox. The loan term is from the actual borrowing date to the completion of the project, and can be repaid in installments, in advance, or extended. Earlier, the company raised 1.01 billion yuan in its initial public offering, with a net amount of 926 million yuan. Due to the fundraising amount being lower than planned, the company has adjusted the investment amount for the fundraising projects. This matter has been approved by the board of directors and the audit committee, and the sponsor has no objections.