Jingfeng Mingyuan smart LED lighting chip project postponed

On the evening of June 28, Jingfeng Mingyuan issued an announcement announcing that it would adjust the internal structure of some of the company's IPO-raised projects and postpone the development and industrialization of smart LED lighting chips until June 2024.

It is reported that Jingfeng Mingyuan is a power management driver chip design company. Its main business is the design, development and sales of analog semiconductor power management chips. The company's existing products include LED lighting driver chips, motor driver chips, AC/DC power supply chips, DC/DC power supply chips, etc.

In September 2019, Jingfeng Mingyuan successfully raised 873 million yuan in its initial listing. After deducting issuance expenses, the actual net raised funds was 788 million yuan, which was invested in general LED lighting driver chip development and industrialization projects, smart LED lighting chip development and industrialization projects, and product research and development and process upgrade funds.

Among them, the "General LED Lighting Driver Chip Project" has been closed in August 2022, and the remaining raised funds will be used to permanently supplement the company's working capital; the "Product R&D and Process Upgrading Fund" has been closed in March 2023.

The "Intelligent LED Lighting Chip Development and Industrialization Project" has raised an investment of 241 million yuan. The project plans to improve the existing intelligent LED lighting driver chip product structure, enhance the integration of intelligent functions carried by the product, and strengthen the product's marketing capabilities.

Jingfeng Mingyuan stated that in order to further improve the efficiency of the use of raised funds, based on the implementation plan and actual operational needs of the raised investment project, the company plans to make internal structural adjustments to the raised investment project "Smart LED Lighting Chip Development and Industrialization Project" to reduce construction investment and increase implementation costs.

In addition, the company fully considered the project implementation progress and after careful judgment, Jingfeng Mingyuan decided to extend the time for the smart LED lighting chip project to reach the scheduled usable state from October 2023 to June 2024, provided that the investment purpose and investment scale of the raised funds do not change.

Jingfeng Mingyuan stated that this adjustment of the fundraising project will help improve the efficiency of the use of raised funds and optimize the company's resource allocation. It will not lead to changes and adjustments in the main business, will not have a major adverse impact on the company's current and future production and operations, and is in line with the company's long-term development requirements.