Summary by Futu AI
KYOTO LOGISTICS ANNOUNCED ON 16 MAY 2024 THAT AS OF 31 DECEMBER 2023, NET GLOBAL SALES AND FUNDRAISING FUNDS WERE APPROXIMATELY RMB22,945 MILLION AND UNACTIVATED BALANCE WAS APPROXIMATELY RMB5,303 MILLION. The net allocation and subscription raising was approximately RMB6,924 million and the outstanding balance was approximately RMB712 million. Due to the impact of the COVID-19 pandemic and the uncertain global macroeconomic outlook, KYOTO Logistics has taken a cautious approach to reducing internal management expenses, resulting in a failure to raise active funds on schedule. The Board of Directors has decided to extend the expected timetable for the net use of the raising funds and undertakes to use the unused funds for the business objectives set out in the Charter and Announcements and Circulars. The Board of Directors stated that the extension of the timetable would not have a material adverse effect on the Company's business and operations and would be in the best interests of the Company and its shareholders as a whole.