Stock code: 688608 Stock abbreviation: Hengxuan Technology Announcement No.: 2025-009

Hengxuan Technology (Shanghai) Co., Ltd

Announcement on the signing of a tripartite supervision agreement on the storage of special accounts for raised funds

The board of directors and all directors of the company guarantee that there are no false records, misleading statements or material omissions in the content of this announcement, and assume legal responsibility for the authenticity, accuracy and completeness of its content in accordance with the law.

First, the basic situation of the funds raised

On October 23, 2020, the China Securities Regulatory Commission issued the "About Agreeing to Hengxuanke

In the reply to the registration of the initial public offering of shares of Technology (Shanghai) Co., Ltd. (Zheng Jian Xu Xu [2020] No. 2752), Hengxuan Technology (Shanghai) Co., Ltd. (hereinafter referred to as the "Company") was approved to issue 30 million RMB ordinary shares to the public at an issue price of RMB 162.07 per share, and the total amount of funds raised in this offering was RMB 486,210.00 million, after deducting the issuance fee of RMB 103,318,800 excluding tax. The actual net amount of funds raised was RMB4,758,781,200, of which RMB2,758,781,200 was over-raised. Lixin Certified Public Accountants (Special General Partnership) has funds in place for the company's public issuance of new shares

The situation was verified, and on December 9, 2020, the "Capital Verification Report" was issued

[2020] No. ZA16018). In accordance with the regulations, the company has adopted a special account storage management for the raised funds, and the company has signed a tripartite supervision agreement on the raised funds with the sponsor institution and the bank supervising the special account for the raised funds, which is specific

For details, please refer to the Company's website on the Shanghai Stock Exchange on December 15, 2020 (www.sse.com.cn)

The "Announcement on the Listing of Hengxuan Technology's Initial Public Offering of Shares on the Science and Technology Innovation Board" was disclosed.

2. The signing of the Tripartite Supervision Agreement on the Storage of Special Accounts for Raised Funds and the opening of special accounts for raised funds

The company held the 14th meeting and the second meeting of the second board of directors of the company on October 24, 2024

At the 14th meeting of the Board of Supervisors, the "Proposal on the New Implementation Entities of Some Fundraising and Investment Projects" was reviewed and approved. In order to meet the actual development needs of fund-raising projects and improve the efficiency of the use of raised funds, the company plans to add wholly-owned subsidiaries Wenshi Technology (Shanghai) Co., Ltd. (hereinafter referred to as "Wenshi Technology") and Hengxuan (Xi'an) Integrated Circuit Co., Ltd. (hereinafter referred to as "Hengxuan Xi'an") as fund-raising projects "Development and Technology Reserve Project"

and authorize the company's management to open a special account for raising funds, sign a regulatory agreement for raising funds and handle other related matters. The company and the implementation entity of the new fundraising project will specifically transfer the raised funds required for the implementation of the fundraising project through internal exchanges, capital increase, etc., and other contents of the fundraising project will not be changed.

For details, please refer to the website of the Shanghai Stock Exchange (www.sse.com.cn) on October 25, 2024

Lu's "Announcement on the New Implementation Entities of Some Fundraising and Investment Projects" (Announcement No.: 2024-053).

In order to standardize the management and use of the company's raised funds, in accordance with the "Regulatory Guidelines for Listed Companies No. 2 - Regulatory Requirements for the Management and Use of Raised Funds by Listed Companies", "Guidelines for the Application of Self-Regulatory Rules for Listed Companies on the Science and Technology Innovation Board of the Shanghai Stock Exchange No. 1 - Standardized Operation" and other normative documents and the company's "Management System for Raised Funds" and other relevant regulations, the company, Wenshi Technology, Hengxuan Xi'an, China CITIC Bank Co., Ltd. Shanghai Branch and China Securities Co., Ltd. signed the "Financing Specialty".

Tripartite Regulatory Agreement on Household Storage. For details, please refer to the Company's announcement on the Shanghai Stock Exchange on November 21, 2024

Announcement on the Signing of a Tripartite Supervision Agreement on the Storage of Raised Funds in a Special Account (Announcement No.: 2024-059) disclosed on the website (www.sse.com.cn).

In January 2025, Wenshi Technology changed its name to Hengxuan Microelectronics (Shanghai) Co., Ltd. (hereinafter referred to as "Hengxuan

Xuanwei Electric"), the original news is that the tripartite regulatory agreement signed by Science and Technology needs to be re-signed, and the opening bank and account number remain unchanged. The opening of the special account for raised funds under the tripartite regulatory agreement is as follows:

Account opening entity, fundraising and investment project, opening bank, account number, special account balance

Hengxuan Microelectronics Development & Technology China CITIC Bank Co., Ltd. 8110201012201837632 3,506,070.24

Reserve Project Co., Ltd. Shanghai Yuan

branch

Note: The account balance is the account balance as of March 5, 2025.

3. The main content of the tripartite regulatory agreement

(a)

Party A: Hengxuan Technology (Shanghai) Co., Ltd

Hengxuan Microelectronics (Shanghai) Co., Ltd

The foregoing companies are collectively deemed to be Party A of this Agreement

Party B: China CITIC Bank Co., Ltd. Shanghai Branch

Party C: China Securities Co., Ltd

In order to standardize the management of Party A's raised funds and protect the rights and interests of investors, in accordance with relevant laws and regulations, as well as the Rules for the Listing of Stocks on the Shanghai Stock Exchange, the Rules for the Listing of Stocks on the Science and Technology Innovation Board of the Shanghai Stock Exchange, and the Shanghai Securities

Party A, Party B and Party C have reached the following agreement through negotiation on the Self-Regulatory Guidelines for Listed Companies on the Stock Exchange No. 1 - Standardized Operation, as well as the relevant provisions of Party A's fund-raising management system:

1. Party A has opened a special account for raising funds (hereinafter referred to as the "special account") with a 8110201012201837632 account number and a balance of RMB 3,506,070.24 as of March 5, 2025. The special account is only used for the storage and use of the funds raised by Party A's development and science and technology reserve projects and other raised funds for the project, and shall not be used for other purposes.

In the special account for raising funds, Party A can deposit part of the funds in the special account in the form of deposit receipts or other reasonable deposit methods according to actual needs. Party A shall promptly notify Party C of the specific amount, deposit method, deposit period and other information of the deposit receipt or other reasonable deposit method. The funds deposited in the above-mentioned certificates of deposit or other reasonable deposit methods shall not be pledged and cannot be transferred. Party A shall not directly withdraw funds from the above-mentioned deposit receipts or other reasonable deposit methods.

2. Party A and Party B shall jointly abide by the "Negotiable Instruments Law of the People's Republic of China", "Payment and Settlement Measures", "Measures for the Administration of RMB Bank Settlement Accounts" and other laws, regulations and rules.

3. As the sponsor of Party A, Party C shall designate a sponsor representative or other staff to supervise the use of Party A's raised funds in accordance with relevant regulations.

Party C undertakes to perform its sponsorship duties and continuously supervise the management of Party A's raised funds in accordance with the Administrative Measures for the Sponsorship Business of Securities Issuance and Listing, the Self-Regulatory Guidelines for Listed Companies on the Shanghai Stock Exchange No. 1 - Standardized Operation, the Self-Regulatory Guidelines for Listed Companies on the Science and Technology Innovation Board of the Shanghai Stock Exchange No. 1 - Standardized Operation, and the management system for raised funds formulated by Party A.

Party C may exercise its right of supervision by means of on-site investigation and written inquiry. Party A and Party B shall cooperate with Party C's investigation and inquiry. Party C shall conduct an on-site investigation on the deposit and use of Party A's raised funds at least once every six months.

4. Party A authorizes Dong Junfeng and Jia Xinghua, the sponsor representatives designated by Party C, to inquire and copy the information of Party A's special account at any time to Party B; Party B shall provide it with the required information about the special account in a timely, accurate and complete manner.

When the sponsor representative inquires about Party A's special account with Party B, he or she shall provide his or her legal identity certificate; Other staff members designated by Party C shall provide their legal identity certificates and letters of introduction from their units when inquiring about Party A's special account with Party B.

5. Party B shall issue a true, accurate and complete account statement to Party A on a monthly basis (before the 10th of each month) and send a copy to Party C.

6. The cumulative amount withdrawn by Party A from the special account for one time or within 12 months exceeds 50 million yuan and reaches the issuance

If the net amount of the total amount of funds raised by the bank after deducting the issuance expenses (hereinafter referred to as the "net amount of funds raised") is 20%, Party A shall notify Party C by fax and/or email in a timely manner, and provide a list of expenditures in the special account.

7. Party C shall have the right to change the designated sponsor representative in accordance with relevant regulations. If Party C changes the sponsor representative, it shall notify Party A and Party B in writing of the relevant supporting documents, and at the same time notify Party A and Party B of the contact information of the sponsor representative after the change. The change of the sponsor representative shall not affect the validity of this Agreement, and the authorization of Party A to Party C's sponsor representative as stipulated in Article 4 of this Agreement shall be inherited by the replaced sponsor representative.

8. If Party B fails to issue statements to Party A in a timely manner for three consecutive times, or fails to cooperate with Party C in investigating the special account, Party A may unilaterally terminate this Agreement and cancel the special account for raising funds on its own initiative or at the request of Party C.

9. If Party C discovers that Party A and Party B have failed to perform this Agreement as agreed, Party C shall promptly report in writing to the Shanghai Stock Exchange after learning the relevant facts.

10. If any party to this Agreement violates this Agreement, it shall be liable to the non-breaching party for breach of contract and compensate the non-breaching party for the losses suffered thereby.

11. This Agreement shall come into force from the date when the legal representatives of Party A, Party B and Party C or their authorized representatives sign and affix the official seal of their respective units or the special seal of the contract, and shall expire on the date when all the funds of the special account are fully disbursed and the account is cancelled according to law or the agreement of the three parties is terminated and the account is cancelled through consultation.

12. This Agreement shall be executed in eight copies, with Party A, Party B and Party C each holding one copy, and one copy each reported to the Shanghai Stock Exchange and the Shanghai Regulatory Bureau of the China Securities Regulatory Commission, and the rest shall be retained by Party A for future use.

The announcement is hereby made.

Board of Directors of Hengxuan Technology (Shanghai) Co., Ltd

March 8, 2025