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According to Caixin News on November 28 (reporters Liu Jian and Wang Ping'an), because the office building in the fundraising project was not used as originally planned, instead being used as the office for the company headquarters without following the corresponding change procedures, the China Securities Regulatory Commission Chongqing Regulatory Bureau issued an administrative regulatory measure decision to Wangbian Electric (603191.SH) earlier this month, ordering corrections.

Wangbian Electric released a rectification report this evening, planning to permanently adjust the office building of the fundraising project 'Asia Vets Complete Electrical Equipment Industrial Base Construction Project' for use by the company's group headquarters personnel.

The aforementioned office building is part of the fundraising project for the company's initial public offering, called the 'Asia Vets Complete Electrical Equipment Industrial Base Construction Project' (hereinafter referred to as 'Asia Vets Project'), which was originally planned for use by the Asia Vets Project. According to the project feasibility report, the original planned investment for the office building was 22.4 million yuan, and on October 27, 2023, the investment amount was adjusted to 27.41 million yuan.

As of the end of June 2024, the actual investment in the project's office building reached 25.11 million yuan, achieving the predetermined usable status. However, the Chongqing Regulatory Bureau found during the inspection that the office building was not used as planned for the Asia Vets Project but was instead used for the office of Wangbian Electric's headquarters, and relevant change procedures were not followed.

On November 2, Wangbian Electric received the administrative regulatory measure decision from the China Securities Regulatory Commission Chongqing Regulatory Bureau, titled 'Decision on Ordering Corrections for Chongqing Wangbian Electric (Group) Co., Ltd.'

After a month of rectification, the company issued a rectification report this evening, planning to permanently adjust the 6263.34 square meters office building constructed for the 'Asia Vets Complete Electrical Equipment Industry Base Construction Project' for use by the group management headquarters personnel. This will be submitted for review and approval by the company's board of directors and supervisory board before being submitted to the shareholders' meeting and related information disclosure.

Wang Bian Electric stated that the number of functional staff at the group management headquarters will gradually increase, and the original office space can no longer fully meet the daily office needs of these personnel. At the same time, to improve the efficiency of asset utilization and the efficiency of office work for the group management headquarters functional personnel, thus enhancing the overall company effectiveness, combining the company's fundraising projects and the existing layout of production sites, the company intends to permanently adjust the office building constructed for the Asia Vets project for use by the group management headquarters functional personnel.

According to the data, Wang Bian Electric's main business is the research, development, production, and sales of power distribution, control equipment, and oriented silicon steel. Among them, the power distribution and control equipment business belongs to the electrical machinery and equipment manufacturing industry's power distribution and control equipment manufacturing sub-industry; the oriented silicon steel business belongs to the black metal smelting and rolling processing industry's steel rolling processing sub-industry.

In the first three quarters of this year, Wang Bian Electric achieved revenue of 2.374 billion yuan, a year-on-year increase of 20.61%; net income attributable to the parent company was 53.71 million yuan, a year-on-year decrease of 75.11%; and the non-recurring net income was 31.64 million yuan, a year-on-year decrease of 85.22%.