Wanan Technology Board Passes Multiple Proposals to Allocate 10.76 Million Yuan in Surplus Raised Funds to Supplement Working Capital and Increase Capital Investment of 80 Million Yuan to Subsidiary

[Finance Website News] On March 17, Zhejiang Wanan Technology Co., Ltd. (Stock Code: 002590, Stock Abbreviation: Wanan Technology) announced the resolution of the 28th meeting of the sixth board of directors. The meeting approved several important proposals, including the completion of the fundraising project and the use of remaining funds, as well as capital increases for controlling subsidiaries.

The announcement shows that this board meeting was held on March 17, 2026, through a combination of on-site and teleconference voting. Nine directors were eligible to vote, and all nine participated. The meeting was chaired by Chairman Mr. Chen Feng. The procedures for convening and holding the meeting complied with the Company Law and the Articles of Association, making the resolutions legally valid.

Completion of Fundraising Project with 10.7647 Million Yuan Surplus for Permanent Capital Supplement

The meeting approved the proposal titled “Complete the fundraising project and permanently supplement the surplus funds to improve liquidity.” The voting results were 9 in favor, 0 against, and 0 abstentions. According to the announcement, the company’s targeted share issuance project has reached the usable stage. The board agreed to use approximately 10.7647 million yuan of remaining funds and the interest generated thereafter (the exact amount will be based on the actual transfer date) to permanently supplement working capital, supporting the company’s daily operations.

This proposal still requires approval from the company’s shareholders’ meeting. After the funds are withdrawn from the dedicated account, the related fund supervision agreement will be terminated.

Total Capital Increase of 80 Million Yuan to Strengthen Capital Power of Controlling Subsidiaries

Meanwhile, the board approved the proposal for capital increase, agreeing that the company and its controlling subsidiary Anhui Wanan Auto Parts Co., Ltd. (“Anhui Wanan”) will jointly increase capital in the controlling subsidiary Anhui Wanan Zhisheng Automotive Chassis System Co., Ltd. (“Wanan Zhisheng”).

After this capital increase, Wanan Technology will hold 32.22% of Wanan Zhisheng, and Anhui Wanan will hold 62.22%. The company, through direct and indirect means, will hold a total of 94.44% of Wanan Zhisheng, further strengthening control and resource integration of its core subsidiaries.

The company stated that the above capital increase will help enhance Wanan Zhisheng’s capital strength and operational capacity, supporting its business development and market expansion. Details are disclosed in a separate announcement on the China Securities Journal (www.cninfo.com.cn) on the same day.

Supporting documents show that the board resolution has been officially archived. Market analysts believe that by optimizing the use of raised funds and strengthening the capital structure of subsidiaries, Wanan Technology will further improve its overall operational capability and core competitiveness.

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