[SMM Morning Meeting Summary: Premiums Decline, Downstream Purchasing Sentiment Improves] On May 21, spot prices of SMM #1 copper cathode against the 2506 contract for the current month were quoted at a premium of 200-350 yuan/mt, with an average quoted premium of 275 yuan/mt, down 115 yuan/mt MoM. Selling sentiment declined to 3.12 yesterday, primarily because some smelters did not directly sell their products. The market was dominated by low-price selling by import traders and traders holding warrants...

[Shanhe Technology Power Battery Project Fundraising Investment Concluded!] SMM has learned that on February 6, Shanhe Technology disclosed the meeting materials for the first extraordinary general meeting of shareholders in 2025. The company announced that the fundraising investment projects, "Construction Project of Automotive Powertrain Assembly Line System Integration Solution Based on Industrial Internet" and "NEV Battery Precision Structural Components Project," have reached their intended usable state. The company plans to conclude the aforementioned fundraising investment projects. To improve the efficiency of the use of raised funds, the company, based on its actual operating conditions, intends to permanently allocate the remaining raised funds of 58.4966 million yuan (tentative amount, including the net amount of accumulated financial income, bank deposit interest income after deducting bank handling fees, etc., with the final amount subject to the actual balance of the bank's special account on the transfer-out date) to supplement working capital for daily production and operational activities.