Yunnan QuakeSafe Seismic Isolation Technologies Co Ltd Class A

Zhenan Technology has reduced the proposed fundraising amount for its 2026 share placement to specific investors from no more than 741 million yuan to no more than 630 million yuan. After deducting issuance expenses, the proceeds will be used entirely to replenish working capital and repay bank loans. The subscribers are Ning Huaxiang, one of the company's co-actual controllers, and Dongchuang Shuzhi, an entity jointly controlled by actual controllers Ning Huaxiang and her husband Zhou Jianqi. Each will contribute no more than 315 million yuan and subscribe for no more than 23.2083 million shares. The company completed a change of control in October 2025, and the actual controllers currently hold an 18.12 percent stake through Huachuang Sanxin. This issuance will further strengthen their control. Zhenan Technology stated that after the new actual controllers took over, it will continue to drive the transformation of its seismic isolation and reduction business toward high-quality development, and will leverage their resources in high-end manufacturing to opportunistically deploy computing-power-related high-end manufacturing and supporting industries, creating a second growth curve. The company's net profit attributable to shareholders of the parent company was negative 41.1342 million yuan in 2023, negative 141 million yuan in 2024, and negative 117 million yuan in 2025, marking three consecutive years of losses. If cost-reduction and efficiency measures or new business expansion fall short of expectations, the risk of continued losses remains.