Gelonghui, December 3rd丨Shanghai Baolong Automotive Corporation (603197.SH) announced that according to the funding utilization plan for this fundraising project, the implementation entity of the fundraising project "Intelligent Manufacturing Expansion Project for Air Suspension Systems" is the company's wholly-owned subsidiary Hefei Baolong, with wholly-owned subsidiaries Anhui Longwei and Toposi. To ensure the smooth implementation of the fundraising project, the company intends to use the raised funds to further invest 450 million yuan and 355 million yuan in the wholly-owned subsidiaries Hefei Baolong and Ningguo Baolong respectively, and through the wholly-owned subsidiary Ningguo Baolong, use the raised funds to further invest 275 million yuan and 80 million yuan in the wholly-owned subsidiaries Anhui Longwei and Toposi to implement the fundraising project.
This capital increase will be carried out in instalments. After the capital increase is completed, the registered capital of Hefei Baolong and Ningguo Baolong will change from 848 million yuan and 280.8 million yuan to 1298 million yuan and 635.8 million yuan respectively, remaining wholly-owned subsidiaries of the company; the registered capital of Anhui Longwei and Toposi will change from 200 million yuan and 150 million yuan to 475 million yuan and 230 million yuan respectively, still being wholly-owned subsidiaries of the company.
The company implements the fundraising project through capital increase in its subsidiaries. After the completion of this capital increase, the financial strength and operational capacity of the entities implementing the fundraising project will be further enhanced, which will help accelerate the implementation of the fundraising project, benefit the company's overall strength and industry competitiveness, and promote the company's high-quality development.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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