On November 15, the board of Alto Electronics agreed to use the raised funds to increase the capital of the subsidiaries Huizhou Alto and Nanjing Alto. It plans to use the raised funds allocated to the subsidiaries to raise capital for the fund investment projects, including 114 million for Huizhou Alto. Yuan, the capital of Nanjing Alto increased by 65.8 million yuan, totaling about 180 million.
The announcement shows that the company's capital increase for the above subsidiaries does not increase its registered capital, and all of the capital increase is included in the capital reserve as a capital premium and is exclusive to the company. The company's funds raised to the subsidiaries are accounted for as current accounts, and accounting treatment is included in the “other receivables†item. The current company's capital increase for the subsidiary Huizhou Alto and Nanjing Alto does not constitute a connected transaction, nor does it constitute a major asset restructuring.
Alto Electronics said that this capital increase for the company's subsidiaries is conducive to the smooth implementation of fund-raising investment projects, improving the asset structure of the subsidiaries, facilitating the development and expansion of the company's main business, and further enhancing the market's competitiveness. The source of this capital increase is the funds raised by the company's initial public offering.
According to the previous announcement, on June 8, 2011, Shenzhen Alto Electronics Co., Ltd. was approved to publicly issue shares, raising a total of RMB 336 million. On November 10, 2011, the special funds deposited in Nanjing Alto's raised funds and Nanjing Alto's funds deposited in the form of time deposit certificates totaled 114 million yuan and its interest was transferred to Huizhou Alto special account. This account is only used for the storage and use of funds raised by Huizhou Alto's “High-end LED Video Display System Project†and may not be used for other purposes.
The announcement shows that the company's capital increase for the above subsidiaries does not increase its registered capital, and all of the capital increase is included in the capital reserve as a capital premium and is exclusive to the company. The company's funds raised to the subsidiaries are accounted for as current accounts, and accounting treatment is included in the “other receivables†item. The current company's capital increase for the subsidiary Huizhou Alto and Nanjing Alto does not constitute a connected transaction, nor does it constitute a major asset restructuring.
Alto Electronics said that this capital increase for the company's subsidiaries is conducive to the smooth implementation of fund-raising investment projects, improving the asset structure of the subsidiaries, facilitating the development and expansion of the company's main business, and further enhancing the market's competitiveness. The source of this capital increase is the funds raised by the company's initial public offering.
According to the previous announcement, on June 8, 2011, Shenzhen Alto Electronics Co., Ltd. was approved to publicly issue shares, raising a total of RMB 336 million. On November 10, 2011, the special funds deposited in Nanjing Alto's raised funds and Nanjing Alto's funds deposited in the form of time deposit certificates totaled 114 million yuan and its interest was transferred to Huizhou Alto special account. This account is only used for the storage and use of funds raised by Huizhou Alto's “High-end LED Video Display System Project†and may not be used for other purposes.
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