Shiya Technology: Plans to increase capital to subsidiaries by RMB 1.398 billion

On April 23, Shiya Technology issued the "Announcement on the New Implementation Entities and Implementation Locations of Raised Investment Projects, and the Increase of Capital to Wholly-Owned Subsidiaries to Implement Raised Investment Projects."

The announcement shows that Shiya Technology plans to add Shiya Technology Co., Ltd. as one of the implementation entities of the "Ultra-High Resolution Silicon-based OLED Micro Display Device Production Line Expansion Project" and add corresponding implementation locations.

At present, the company's investment project "Ultra-high-resolution silicon-based OLED micro display device production line expansion project" is implemented by Hefei Shiya Display Technology Co., Ltd., and the company's investment project "R&D Center Construction Project" is implemented by Shiya Technology Co., Ltd., Hefei Shiya Display Technology Co., Ltd., and Shanghai Shiya Technology Co., Ltd.

In order to meet the actual development needs of the fundraising project, improve the efficiency of the use of raised funds and optimize resource allocation, the company has added Shiya Technology Co., Ltd. as the implementation entity of the "Ultra-High Resolution Silicon-based OLED Micro Display Device Production Line Expansion Project", and simultaneously added corresponding implementation locations.

Shiya Technology stated that the company’s new implementation entities and changes in implementation locations of the company’s fundraising projects are based on the company’s business development and actual project development needs. This adjustment will help improve the efficiency of the use of raised funds and ensure the economic benefits that the project should have.

At the same time, Shiya Technology plans to use the raised funds to increase the capital of its wholly-owned subsidiaries Shanghai Shiya Technology Co., Ltd. and Hefei Shiya Display Technology Co., Ltd. by 198 million yuan and 1.2 billion yuan respectively (a total of 1.398 billion yuan) to implement the investment projects. The shortfall will be paid with the company's own funds.

All relevant funds will be included in the registered capital of Shanghai Shiya Technology Co., Ltd. and Hefei Shiya Display Technology Co., Ltd., and the capital increase will be used for the implementation of the "Ultra-high-resolution silicon-based OLED micro-display device production line expansion project" and the "R&D center construction project". The company holds 100% equity in the above two companies.